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I am looking at applying for a CC through Navy Federal Credit Union and doing a balance transfer from her account to mine, absorbing the debt and taking sole responsibility for it. Can that be done, is that actually possible?
Between my wife and I we've paid down two of our smaller credit cards and we're about to finish a third one in a month, leaving us two more balances to pay off. The way the debt is staggered between us, I'll be debt free on my end but on hers she'll have a car loan, student loans and two accounts with the local bank.Our next goal would be to work on the two credit cards through the bank, one which has actually been cancelled so I'm not sure how that is treated via our credit. Does that mean it's categorized as a loan that being paid down? Both accounts are over 7k, both with the same bank.
We've already talked to the bank, I can get on the bank CC that is still considered a CC as an authorized user.
Ideally I'd do a BT then get on that CC as an authorized user to help lower my CC utilization and she'd have the great credit by then to look into dealing with the second balance, the closed CC or personal loan or whatever it's categorized as now.
Do you have any thoughts on how best to tackle something like this? Is there perhaps a better way to juggle this?
@omgitsMatt wrote:I am looking at applying for a CC through Navy Federal Credit Union and doing a balance transfer from her account to mine, absorbing the debt and taking sole responsibility for it. Can that be done, is that actually possible?
We've transferred balances between us, but not wth NFCU. In our case, her FICO was about 100 points higher than mine (830 vs. 735), but she has very little income. We felt it was worth trading some of her score to raise mine, so got a new card in her name with 0% BT promo for 15 months, and BTed several of my balances to it. Now her score is in the 750 range while mine is around 780. Barring any catastrophes, they should both continue to increase over the next couple of years until the balances are paid off.
I think you would need to do it with an account in your name, not one where you are an AU.
@omgitsMatt wrote:I am looking at applying for a CC through Navy Federal Credit Union and doing a balance transfer from her account to mine, absorbing the debt and taking sole responsibility for it. Can that be done, is that actually possible?
Between my wife and I we've paid down two of our smaller credit cards and we're about to finish a third one in a month, leaving us two more balances to pay off. The way the debt is staggered between us, I'll be debt free on my end but on hers she'll have a car loan, student loans and two accounts with the local bank.Our next goal would be to work on the two credit cards through the bank, one which has actually been cancelled so I'm not sure how that is treated via our credit. Does that mean it's categorized as a loan that being paid down? Both accounts are over 7k, both with the same bank.
We've already talked to the bank, I can get on the bank CC that is still considered a CC as an authorized user.
Ideally I'd do a BT then get on that CC as an authorized user to help lower my CC utilization and she'd have the great credit by then to look into dealing with the second balance, the closed CC or personal loan or whatever it's categorized as now.
Do you have any thoughts on how best to tackle something like this? Is there perhaps a better way to juggle this?
Yes you can do it. No problem.
If using Discover, Citi or Bank of America credit cards for BTs. You can transfer the funds directly to your bank account and pay off what ever you want to. It doesn't matter whose name it is in. Used Citi and Discover recently, the funds were in my account the next business day after initiating the transfers.
@omgitsMatt wrote:
What specific cards if you dont mind me asking? Know where I can read more about that?
In my case there were two cards in my wife's name. 1) Citi double cash - did 4 balance transfers on the Citi web site to accounts in my name. 2) BOA Platinum Plus MC - deposited a BT check into our checking account, paid my accounts from there.