My Plan to Reach 200K in CLs and BT 115k

[2GreenThumbs]

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@tussking wrote:

The safest and smartest move IMO is to go to the family member who has some equity in their residence (if). You can get a HELOC at a very low APR and then use it as needed. This will allow you to still amass new credit lines and pay off the current debt.

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This suggestion made me cringe.  As a family member who was asked to use my home as collateral, this is something that I personally would not consider at all.  While OP has generous family already, the debt they incurred for OP is unsecured.  Throw a HELOC in there, and now you're talking about securing the debt with a home.  

This would be a hard pass from me.  

[HeavenOhio]

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@zarour24 wrote:

I've seen Chase lower limits on a family member by 15% - they did not have the same income though. I think your right on the app spree after Chase approvals. 

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Income doesn't save people from adverse action. My bet was that the family member had a balance that wasn't being paid down fast enough.

[zarour24]

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@HeavenOhio wrote:

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@zarour24 wrote:

I've seen Chase lower limits on a family member by 15% - they did not have the same income though. I think your right on the app spree after Chase approvals. 

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Income doesn't save people from adverse action. My bet was that the family member had a balance that wasn't being paid down fast enough.

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They were approved for 3 cards, Freedom, Disney and I dont recall the last but co-branded. We merged them and had a limit of 75k. They didnt have large cards at the time and kept low balances, if any. We made a 56k transaction same day as the approval and had 4 other cards approved. A week or two later it was balance chased to 56K and now at 51k. They even offered a Balance Transfer offer last month  on the existing card which I used.

[vpae]

OP, so you don't have any property you can refi or take out a heloc? Anything else to liquid? I'm not sure if it was mentioned but have you tried looking at personal loans? Debt consolidation loans?

Something other than CC? Anything?

[zarour24]

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@vpae wrote:

OP, so you don't have any property you can refi or take out a heloc? Anything else to liquid? I'm not sure if it was mentioned but have you tried looking at personal loans? Debt consolidation loans?

Something other than CC? Anything?

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I dont own any real estate or have any valuable assest I could sell or put up as collateral. I'm researching Personal Loans. I have no experience with them. I've looked at Sofi and Lightstream. I see the advertised low APRs but in my limited search I've mostly seen people getting around 12%. Thats still better then where I'm at and would put the risk all under me, its not quite my 0% goal. Though I will apply and see what rate and limit I get when I do all my apps. Thank you for the suggestion!

[Anonymous]

After reading through this entire thread I would seriously caution you against possibly tanking your personal credit. If these cards are flagged and shutdown you will risk not being able to get credit with these lenders for years to come because trust me they all have a internal systems that aren't very forgetful.

If these cards were genuinely used for business then you need to seek credit for the business. Albeit will be personally guaranteed but risk is different on business credit cards. New businesses sometimes carry high balances because of the need to fund the business in the beginning.

I would suggest only applying for the 1 NFCU card on the personal side.

Then possibly applying for an Ink card every 60 days until you procure all 3. If I remember correctly only 2 come with 0% promo offers for the first 12 months. Again I wouldn't balance transfer more than 50% of the limit to each card. Business credit cards aren't looked upon the same as personal cards when you carry a balance so they might not be balanced chased so easily. 3rd I'd apply for the AMEX BBC or BBP as the same 0% promo for the first 12 months is available. 

I applied for the BBC last week and upon approval was offered the option to BT up to 75% of the credit limit so it's definitely possible to transfer higher than $5k but of course I didn't need the BT. 

Those business cards can help you to get some of the debt under a lower interest rate but will probably have a significantly lower credit limits than you're wanting.

Finally, you would still be under 5/24 when you're actually ready to build your personal profile because business cards won't count against 5/24. Personally, I'd look into the loan if you're just wanting to get the cards paid off faster but again caution you towards getting too much on your personal credit at one time.

[marmaladepie]

Don’t forget the 3-5% balance transfer fees on 115k. And that you typically can’t transfer balances from two accounts at the same bank.
My head hurts.

[CreditInspired]

OP
I’m actually worried about the position your family is in. So, I’m asking, do you have a life insurance policy so that if god-forbid, something happens, there is enough money to payoff these family members’ cards, or they’re in for some serious struggle for a debt not created by them.

If you don’t have a policy, I think you should seriously consider getting one. Just my 2cents.

[Aim_High]

 ... Basically, the more I think about it, this thought emerges ... 

     

   My Plan to Reach 200K in CLs and BT 115k