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Balance Transfer Credit Card - Poor Credit

joshk716
Member

Balance Transfer Credit Card - Poor Credit

Hello everyone! Doing some research for a good friend of mine. Right now he has 3 Capital One cards with $1500 limits each, he owes about $1000 on each. He also has a Chase card with a limit of $6k and owes around $5300 on it. These are all very high interest cards (17%+). Right now he is paying about $150 to each card monthly but I told him a BT card might be a better bet to save him on the interest. His FICO credit is around 660, any recommendations on companies that would offer him a card with a high enough limit to cover all of these (8k) and some type of promotional APR?

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1 REPLY 1
Heatt99
Regular Contributor

Re: Balance Transfer Credit Card - Poor Credit

How about a consolidation loan? Or a CC from a credit union.

 

Getting approved for another line of credit with high utilization usually gets approved based on consolidation or high income, with an ability to pay back loan.

 

$450 a month is a high payment, one would try avalanche or snowball method. After 6 month to a year and only 1 card having a high utilization go for another card to balance transfer.

 

JMO, hope the experts chime in with more info

 

GL

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