Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

[Sk323i]

Hello, 

My wife has a card with 7K balance - that has been 0% for past 18 months. 

It is about to hit 22% APR.

We fell behind due to Covid and reduced income. 

I applied for a new credit card - with 0% - through my credit union - which uses ELON Financial - if anyone is familiar with them. 

I got denied due to: "Too many Accounts Opened this Year".

I assume this is because I got student loans this year, and I got both my car and house re-financed this year. 

So it looks like I have 3 new major tradelines opened this year. 

I have good income, and low debt - and my middle score is 690 - so I feel as if I am in a good place. 

Do you think if I apply with another lender (IE: US Bank, who held my mortgage previously before I refinanced it) - they will approve, even if the other lender denided it? I hear US Bank also uses "ELON" Financial, so not sure if the outcome will be any different. 

Do you think if I wait until January - I will get approved?

I'm really trying to avoid this 22% APR, and really want to do this Balance Transfer ASAP - and take advantage of 0% offers. 

Its really stupid that I have nearly a 700 credit score, and make 100K a year, and cant even get approved for a credit card. 

[Brian_Earl_Spilner]

U.S. Bank owns Elan. You'll be denied for the same reasons. Have you tried looking at other banks like Citi, Discover, etc.?

[Sk323i]

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@Brian_Earl_Spilner wrote:

U.S. Bank owns Elan. You'll be denied for the same reasons. Have you tried looking at other banks like Citi, Discover, etc.?

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I have had a charged off and settled account with Citi appox. 5 years ago. So probably not in good standing with them. 

I will check out Discover for their 0% offers. 

Do you know if they use Household income on their applications?

If they use Household income - I may have my wife apply first - to see if she can get approved for 0%. 

She is not currently working - but like I said, our household income is over 100K, because of my income.

Also need to know if I can Balance Transfer from her card to my Discover card if they approve. 

Its sometimes a gray area with lenders - there is no clear documentation on this, and I end up getting mixed messages from the lenders.

I am not an authorized user on her account - it's her card, but she has lost her income.

[Harvey26]

@Sk323i  Did you wife charge off with Citi or just you? If not then I would look at Citi , Bank Of America or Penfed Credit Union. Discover has been known here lately to request 4506-T forms to verify income I would hate for her to get approved and then they close the card because she used household income or maybe another local credit union you have in your area that has good BT offers. I would check to make sure they do their own loan decisioning and not a third party 

[Remedios]

Using household income is perfectly fine as long as you filed taxes jointly, and the income you list on the application matches  last tax return that lender would be able to request. 

[vic6string]

Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.

[Sk323i]

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@vic6string wrote:

Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.

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What is BB&T ?

im in Arizona.

what other eligibility requirements should I look up ?

[randomguy1]

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@Sk323i wrote:

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@vic6string wrote:

Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.

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What is BB&T ?

im in Arizona.

what other eligibility requirements should I look up ?

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No, not available in AZ. 

Do you belong to any credit unions? Both Wells and BofA have balance transfer options. Could help if you have a pre-existing relationship. 

[Sk323i]

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@randomguy1 wrote:

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@Sk323i wrote:

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@vic6string wrote:

Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.

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What is BB&T ?

im in Arizona.

what other eligibility requirements should I look up ?

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No, not available in AZ. 

Do you belong to any credit unions? Both Wells and BofA have balance transfer options. Could help if you have a pre-existing relationship. 

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My only credit union is Desert Financial and they use ELAN.

im trying avoid ELAN.

I have an address in California - my parents address that I lived at for many year and still receive mail at. should I try to use California address for BB&T.

do Discover or BofA or Wells have Pre-qualification websites that do soft pulls?

i stopped getting offers in the mail - so it seems like no one wants to offer me anything.

seems unusual because my credit score is 690 and my income is high. 

[KatSoDak]

BofA Bankamericard Platinum may be an option for a $7k balance transfer. Not sure how long they are offering 0%Apr for though. 

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@Sk323i wrote:

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@randomguy1 wrote:

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@Sk323i wrote:

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@vic6string wrote:

Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.

---

What is BB&T ?

im in Arizona.

what other eligibility requirements should I look up ?

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No, not available in AZ. 

Do you belong to any credit unions? Both Wells and BofA have balance transfer options. Could help if you have a pre-existing relationship. 

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My only credit union is Desert Financial and they use ELAN.

im trying avoid ELAN.

I have an address in California - my parents address that I lived at for many year and still receive mail at. should I try to use California address for BB&T.

do Discover or BofA or Wells have Pre-qualification websites that do soft pulls?

i stopped getting offers in the mail - so it seems like no one wants to offer me anything.

seems unusual because my credit score is 690 and my income is high. 

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