Assistance, please

[Anonymous]

Fico scores are above 6.86.  Current credit card companies will not lower interest rates.  Have applied to other companies to transfer balances and access lower APR and 0% on transfers and purchases for first 12 months.  Been denied twice by two different card companies.  Want to start paying down the debt, but can't seem to find a credit card company that will let me transfer.  Every time I submit an application, doesn't that hurt my credit ratings? Any suggestions?  Thanks

[Anonymous]

Don't inq all over the place.  If you've tried the biggest lenders to find 0% balance transfer offers, you've probably exhausted the market right now.  Lenders are wary of people playing this game, especially since what's going on with credit in 2007.  I would just try to make your payments best you can if nobody is willing to lower aprs, try again to lower it in a few months.  Or possibly obtain a secured loan.   If your car is paid off, use it for collateral and get a cheaper rate at your local credit union.  Probably your best option if balance transfers aren't being solicited to you.

[Ausfarm]

You may want to try a social lending website like prosper.com.  Maybe try to apply for a loan at an interest rate lower than the interest rates being charged by your cc.  Also, there's always the old-fashioned way of paying them off: start w/ the cc w/ the highest interest rate.  Every month pay the minimum on all your other cards and throw any extra money you can at the cc w/ the highest interest rate.  When that is paid off go to the cc w/ the next highest interest rate, etc.  Continue to ask for reduced rates.  As you pay off your cards it's all the more likely that you'll get them to reduce your interest rates.  In the mean time, try going to a cash-only system.

Message Edited by Ausfarm on 11-27-2007 01:02 PM

[Anonymous]

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Ausfarm wrote:

You may want to try a social lending website like prosper.com.  However, if you can't get the financing you'll need to pay the cards off, then you'll just have pay them off the old-fashioned way.  Start w/ the cc w/ the highest interest rate.  Every month pay the minimum on all your other cards and throw any extra money you can at the cc w/ the highest interest rate.  When that is paid off go to the cc w/ the next highest interest rate, etc.  Continue to ask for reduced rates.  As you pay off your cards it's all the more likely that you'll get them to reduce your interest rates.  In the mean time, try going to a cash-only system.

Message Edited by Ausfarm on 11-27-2007 01:00 PM

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I should follow that advice.  I know all about aprs, but I haven't even looked at what ANY of my rates are at.  I just pay my cards randomly.  $200 here, $300 there, $100 here.  I should be looking at what the highest rates are, but I'm just so lazy!

[Anonymous]

Is it an issue of the utilization on your current cards being high?  If so, before someone else will take you on, as the PP said, you will have to pay down the balances.  If you can get them all below 50% of the balances, you have a better shot.

Message Edited by Brammy on 11-27-2007 04:19 PM

[Anonymous]

I think with scores of 686 or higher, there's a good shot of getting a secured loan for the amount of the debt at a good rate.  They're not too concerned about util if score is good and you specifically state it's for consolidation, a loan officer would be understanding.

[Anonymous]

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Brammy wrote:

Is it an issue of the utilization on your current cards being high?  If so, before someone else will take you on, as the PP said, you will have to pay down the balances.  If you can get them all below 50% of the balances, you have a better shot.

Message Edited by Brammy on 11-27-2007 04:19 PM

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Bringing down util makes a big difference! When my util started dropping, my existing cards started offering promo rates. Although I didn't have to app for a new card to get BT offers, I still needed to free up those cards that offer promos.

[Anonymous]

PenguinGeek wrote:

Bringing down util makes a big difference! When my util started dropping, my existing cards started offering promo rates. Although I didn't have to app for a new card to get BT offers, I still needed to free up those cards that offer promos.

That's definitely true.  They want to lure you into running up balances.  I hate shopping around for rates.