@Anonymous wrote:Hey everyone, I am on here to see if I am thinking in the right mind in my situation. I have three credit cards all totaling together an available limit of $15,000. I experienced a job loss with only one of my credit cards being close to maxed out while the others with no balance. My Chase Freedom (the card with the balance) has a $4k limit and I have 2 more months of my 0% APR no interest. As unfortunate as it sounds, I am going to be looking up to my credit cards to help me pay my $500 rent. So here is my plan: I want to apply for more credit (like get a Citi Double Cash or a Capital One Quicksilver), do a balance transfer of my $4k onto the new card, and start a whole new 0% interest period.. Just for a few months until I can actually find some work. I plan on buying pre-paid debit cards with my CC and doing a money order to my bank account to help pay for my rent temporarily. I am confident after those 9 (or 15) months I will have money to pay the whole balance off. As of right now, I can only make my monthly payment.
Here is what my credit file looks like:
740 Experian and Equifax score
2 EX inquiries, 3 EQ
No lates
No negative remarks
1 year, 6 month AAoA
22% credit utilization
With my utilization, what are my chances of getting approved with a decent limit?
P.S. Even though I am unemployed, I am still going to list my $23,000 salary under income.
Here's something to add to your list of considerations:
If you put on your application today that you are employed by company XYZ, and for some reason this whole plan goes sideways and you look to BK to help you out from what sounds like your plan to accumulate or otherwise juggle a significant amount of revolving debt, the CCC is going to go into your file with a microscope and determine that you did not have an employer today. The cards you add, and the existing debts you transfer to them, will NOT be dischargable in BK.
Your first step should be to consider where you can cut expenses, how you can rustle up some money to pay those basic expenses, and pay minimums on your Freedom card, even if it goes to an interest bearing situation.
Good luck!
@Anonymous wrote:Speaking of the Venture card... I'm not really a traveler, but I heard they give good starting limits even with high utilization? I also read on here that someone said if you are going to take the three hard pulls with the Quicksilver, get the Venture at the same time? How would you accomplish this? Wouldn't you get 6 hard pulls in total?
Quicksilver offers $100 sign up bonus after $500 spent in 3 months.
Venture offers 20,000 points ($200 travel credit) after $1,000 spent in 3 months.
I mean... That's pretty much equivalent to $300 rewarded to me since I am 98% sure to spend $1.5k in three months with my rent. Would a kind folk(s) like to explain to me the hard pull scenario with both of these cards together?
I preface this with YMMV:
By applying for both cards on the same day, many have been able to get 1 set of triple pulls. Sometimes you'll get a double set of triple pulls and then the CRAs will remove the second set. Since you're looking for a CC that offers a 0% promo, I'm not sure the Venture CC is right for you. Add that to the fact that you state you aren't really a traveler, I'm not sure that's the right CC for you. Although travel expenses is pretty broad.
Sorry to hear about the job loss. Good luck!
@NRB525 wrote:
@Anonymous wrote:Hey everyone, I am on here to see if I am thinking in the right mind in my situation. I have three credit cards all totaling together an available limit of $15,000. I experienced a job loss with only one of my credit cards being close to maxed out while the others with no balance. My Chase Freedom (the card with the balance) has a $4k limit and I have 2 more months of my 0% APR no interest. As unfortunate as it sounds, I am going to be looking up to my credit cards to help me pay my $500 rent. So here is my plan: I want to apply for more credit (like get a Citi Double Cash or a Capital One Quicksilver), do a balance transfer of my $4k onto the new card, and start a whole new 0% interest period.. Just for a few months until I can actually find some work. I plan on buying pre-paid debit cards with my CC and doing a money order to my bank account to help pay for my rent temporarily. I am confident after those 9 (or 15) months I will have money to pay the whole balance off. As of right now, I can only make my monthly payment.
Here is what my credit file looks like:
740 Experian and Equifax score
2 EX inquiries, 3 EQ
No lates
No negative remarks
1 year, 6 month AAoA
22% credit utilization
With my utilization, what are my chances of getting approved with a decent limit?
P.S. Even though I am unemployed, I am still going to list my $23,000 salary under income.
Here's something to add to your list of considerations:
If you put on your application today that you are employed by company XYZ, and for some reason this whole plan goes sideways and you look to BK to help you out from what sounds like your plan to accumulate or otherwise juggle a significant amount of revolving debt, the CCC is going to go into your file with a microscope and determine that you did not have an employer today. The cards you add, and the existing debts you transfer to them, will NOT be dischargable in BK.
Your first step should be to consider where you can cut expenses, how you can rustle up some money to pay those basic expenses, and pay minimums on your Freedom card, even if it goes to an interest bearing situation.
Good luck!
Having worked in BK for a brief period, I don't recall ANY CCCs doing anything of the sort. And considering if the OP applied in the next few days, I doubt they'll have enough information to conclusively state that the OP stated income from a job that s/he lost a few days/a week before applying.
I get that no one wants to encourage the OP to lie about his/her income, but I think we should also be truthful about the possible consequences of doing so.
Good luck!
Having worked in BK for a brief period, I don't recall ANY CCCs doing anything of the sort. And considering if the OP applied in the next few days, I doubt they'll have enough information to conclusively state that the OP stated income from a job that s/he lost a few days/a week before applying.
I get that no one wants to encourage the OP to lie about his/her income, but I think we should also be truthful about the possible consequences of doing so.
I'm no BK expert but by the above statement you've provided, shouldn't that also apply to the OP with regard to income on the application given the information s/he shared upthread? Shouldn't that truthful statement be also promoted in reverse? I can't speak for the OP or his situation but submitting a credit card loan application with said income information is considered fraud.
Yes, and it has, more than once. Did you miss that part? And the OP has stated that s/he feels that this is their best option, so I don't see how now lying about potential consequences is helpful.