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

CreditSweeper
Established Contributor

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


@zarour24 wrote:

Thank you for your input.

 

What would be your alternate suggestion?


The way I see it, your only viable option at the moment should include paying down this debt at the most aggressive pace possible. Like finding ways to put a considerable amount more towards it than you already are.

 

Once you pay it down significantly, your options may be more plentiful. 

 

Youre carrying a HUGE amount of debt. Don’t lose sight of that and don’t amass any more.  You’re lucky your family members are flexible and willing. At this point, I’d keep the debt unsecured and pay it off very quickly. For many reasons, you’re on a slippery slope. 

Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 21 of 69
chrisw1968uk
Frequent Contributor

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

Personally, if i had a $15k a month income, like you have - I'd throw $10k a month at the debts and be pretty much done in just over 10 months - still leaving you $5k a month to get by on (which, in itself, is more than a lot of people make) 

Message 22 of 69
tussking
Established Contributor

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

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.

Discharged BK7 - 7.16.15
Current Fico8 - (6.16.21) EX - 684/EQ - 715/TU - 725
Total CL - $260,000.
700+ FINALLY!
Message 23 of 69
CreditSweeper
Established Contributor

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


@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.


The consideration should be given that the OP is then turning a large amount of unsecured debt into secured debt. 

Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 24 of 69
zarour24
Established Member

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

I would not want to secure the debt with an asset, mine or anothers. 

Message 25 of 69
CreditInspired
Super Contributor

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


@zarour24 wrote:

Thank you for the reply and consideration. I do have a great family and I know it is an unusual situation. 

I do have a business - I recently switched from S.E. to an S-corp but I dont have much understanding of how to get TLs and estab credit. 

I have some homework to do there. 

 

Whats the worse that could happen if I do the CC BT route?


  1. You didn't get a large enough credit limit to do the BT amount that you need.
  2. AA could happen. Your accounts could be shut down.
  3. You could be asked for proof of inome and/or a 4506-T.

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 26 of 69
wasCB14
Super Contributor

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

Skimmed the new replies, apologies if someone already said it, but...

You list Amex as a planned app. While they give nice SLs, they have been limiting, in most if not all cases, the size of BTs they will accept. I think I read about a $5k BT cap - even if the SL is $50k.
Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 27 of 69
zarour24
Established Member

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

Thank you, if AA occurs and accounts are shut down, how does that read on a credit report? Closed Account?

Message 28 of 69
zarour24
Established Member

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

Wow! Thank you - I'll look into that. It would be nice to get a nice SL with them even if BT is limited to help with Util. 

Message 29 of 69
zarour24
Established Member

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

Im close to that, about 8k to debt each month. Some months more, some less.

Message 30 of 69
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