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Credit Karma shows Transunion and Equifax of 714. I'd like to transfer as much as I can to the new card. I'm just trying to get interest charges down as much as I can so I can start getting things paid down. My current balance/limit ratios are:
Discover - 93%
Capital One - 87%
Capital One - 53%
My total balance is close to 20k. My TU credit score on Discover is 720. I just want some options on getting this paid down as fast as possible.
@Anonymous wrote:My total balance is close to 20k. My TU credit score on Discover is 720. I just want some options on getting this paid down as fast as possible.
IMHO, I dont think with your UT that high you’re going to be able to get any CC approval, and especially with a CL large enough. You may have to look into a personal loan to consolidate. Also call Discover and Cap 1 and ask for an APR reduction.
@Anonymous wrote:My total balance is close to 20k. My TU credit score on Discover is 720. I just want some options on getting this paid down as fast as possible.
20K is a bit much to try to aim for a new BT card but it's possible. Geting a 2nd Disco though to BT to would work for anything but same lender BT. As for pulling cash as a BT to your checking with Disco that doesn't usually kick in for at least 6 payments after opening a new account.
I would hit your lenders up for a CLI first and formost to boost your scores a bit more before pulling the trigger on a new card to increase your odds of approval e.g Chase balance to limit denial. A couple of HP's to drop your %'s isn't going to hurt as much as the interest you're paying already.
Once/If you get the CLI's you have to let them cycle through and report or ask each of them to do an off cycle report update.
In the meantime spend some time looking at your best options to BT. The one that comes to mind is Amex ED that has a $0/0% for 12 months but, the cap on that is $7500. Other than Amex portentially BOA for the 18 month option. A google search should yield some other options as well for the longer term 0% periods and then circle back here to research what each is going to look for in scores and which CR they'll pull. It's possible to balance out the HP's across the CRA's if you do your homework.
Wouldn't a Credit Union like Langley/BECU/Unify be a better option for B/t with no balance transfer fee & upto 15 mos 0% APR.
If you qualify for BBT SP for Bright Card its so much better.
I just cleaned up DW credit for b/t ; Now wondering with her 750+ Tu/EQ scores & 2% util plus AAoA of 4 yrs which b/t cards or lightstream kind of debt consolidation loans will work. Who to apply first with zero inquiries on TU/EQ.
EX has one Collection account so that makes Chase/BofA/Amex/Discover/Citi/FirstTechCU/BBVA/Cap1 eliminated. (all pull EX). So my best bet is EQ/TU pulls only. Debt is nearly $10k + $15k and only with DW's Credit can i get a very competitive rate for 36 mos. (Assuming no POI request). Synvovus/Citizens/BBT/SunTrust/Langley CU pull EQ. Barclays/US Bank is TU.
Not too familiar with Credit Union Pulls for EQ/TU.
@Anonymous wrote:
@Anonymous wrote:My total balance is close to 20k. My TU credit score on Discover is 720. I just want some options on getting this paid down as fast as possible.
20K is a bit much to try to aim for a new BT card but it's possible. Geting a 2nd Disco though to BT to would work for anything but same lender BT. As for pulling cash as a BT to your checking with Disco that doesn't usually kick in for at least 6 payments after opening a new account.
I would hit your lenders up for a CLI first and formost to boost your scores a bit more before pulling the trigger on a new card to increase your odds of approval e.g Chase balance to limit denial. A couple of HP's to drop your %'s isn't going to hurt as much as the interest you're paying already.
Once/If you get the CLI's you have to let them cycle through and report or ask each of them to do an off cycle report update.
In the meantime spend some time looking at your best options to BT. The one that comes to mind is Amex ED that has a $0/0% for 12 months but, the cap on that is $7500. Other than Amex portentially BOA for the 18 month option. A google search should yield some other options as well for the longer term 0% periods and then circle back here to research what each is going to look for in scores and which CR they'll pull. It's possible to balance out the HP's across the CRA's if you do your homework.
Just got a mailing from Fifth Third bank... says I'm pre-approved for a card. Not that I'm going to apply for it, but what does pre-approved mean?
@Anonymous wrote:Just got a mailing from Fifth Third bank... says I'm pre-approved for a card. Not that I'm going to apply for it, but what does pre-approved mean?
Means you met credit qualifications set by them, but doesn’t mean you will be approved. If you apply on the HP the high balances may come up against you or may not.