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@zarour24 wrote:Thank you, if AA occurs and accounts are shut down, how does that read on a credit report? Closed Account?
Account Closed by Creditor.
If the balance is high when the account is shut down, your card will always be maxed out. Example: CL $0. Balance $9.3K. And I think this still negatively affects your Aggregate UT. However, as long as you continue making the minimum payment, it will not go to collections.
If the balance is $0, it will read "Paid as Agreed," but still Closed by Creditor.
I would like to increase how much I pay, but with finance charges, its not moving as fast as I'd like. Though the debt is large, its not unmanageble. I would just like to get into a more favorable position. Its a short term goal and I'm not too concerned with keeping the limits once everything is transfered. If I'm balance chased, so be it.
None of the debt is currently in my name, so my options should be as good as they can be at this time to apply for new TLs.
I'm am very lucky to get the family support I do, as for being a slippy slope, the only thing I can see is if for some reason the income stops. Though it is unlikey, it is a consideration to get the debt into my name and preserve others credit if something were to happen.
@zarour24 wrote:
OP, please use the "Quote" button on reply box or reference the remarks you are replying to in the thread since replying in general makes it more difficult to understand your answers in the context of a multi-party conversation. Thanks!
*Select "Reply" below the remark you are answering,
then look for the "quote" button and it will reference
those particular remarks in the thread.
@zarour24 wrote:I would appreciate some guidance on how to get an additional 160K in CLs to bring my total to 200kHow would you go about achieving this goal of 200K and 115K Balance Transfer?
All the previous answers are right on target.
This just isn't going to happen.
And you don't seem to understand that
credit card BTs are not for six-figure balances.
High credit lines are earned over many years with a lender.
Nobody goes from $40K TCL to $200K TCL overnight.
That is a 5x increase in your limits!! Unheard of.
High credit lines are normally given to people who have demonstrated great trust over long periods of time.
If a lender allows someone to put huge balances on cards, it is normally because they have worked up to those balances, they are spending and paying off large balances month-after-month on time, and have shown they can afford to do so. They don't get high-limit cards and then transfer high balances.
No lender is going to feel comfortable approving you with a line of credit, and then having some huge balance transfer debt which was not indicated on the credit report they pulled for the approval show up on your card.
I agree that you need to just tighten your belt and pay this debt down more for awhile. Maybe you can transfer some to BT offers very slowly over time but most of it will just need to be paid down. With your income, you should be able to afford to do so.
@zarour24 wrote:
Moving the debt out of their names will also improve their ability to do this cycle again in the future - if needed.
I am not sure what you are up to but I don't understand why you would have your relatives charge these kind of high limits on high interest rate cards. Seems like if that was your only option it wasn't a well thought out plan.
I have $350k of limits but I don't carry a balance.
Amex has plan it feature which they have offers of 0 fees from time to time. But this isn't balance transfers. Citi constantly sends me BT checks but I think they charge fees. I know NFCU had 0 percent transfer with not fees before. I think there is an Amex card that offers 0 percent introductory rate with 0 percent fees. I get 30k limits with Amex. Not sure what they will give you but no harm in applying.
@zarour24 wrote:Thank you for your reply, I really appreciate your input. I haven't found the info I'm looking for online, and can only get that from someone like you who has experienced it - Your signiture tells a good story!
I understand that limits can be reduced after they are given and I'm running a fine line here. The balances I currently have are all on interest baring cards between 16 and 23%. The terms are I pay the debts as if they were my own cards - no time limit. I would like to get them off interest to pay them off more quickly, be more economical and ultimatly be fully responsible for the debt. Though I can "afford" to leave everything as is, I'd rather not waste if I dont have to! Here is the break down:
Creditor Limit Balance AmEx 18,700.00 13,710.00 Barclays 15,000.00 10,031.00 BofA 27,600.00 22,510.00 Cap1 10,000.00 9,287.00 Chase 51,300.00 38,462.00 Citi 14,300.00 10,255.00
Chase 33,000 10,000.00
Moving the debt out of their names will also improve their ability to do this cycle again in the future - if needed.
How would you tackle this?
Which of these has the highest APR? First step would be to look at paring that down with a BT to NFCU. It doesn’t clear everything but is a start. Snowball type of plan.
You say that you make $180k and scores in the 750's - yet you have no property - and have a secured $500 line with Cap One? Something is not adding up here