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Need help consolidating - please and thank you in advance

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Regular Contributor

Need help consolidating - please and thank you in advance

My wife: -- has no job currently because we are about to start trying to have a baby - and because she left her job in January and never got another due to COVID.

 

Me: Great job - plus a side huste, I make about 4000 net income per month.

 

My wife: Has a $7500 balance on her US Bank Credit Card.

It was 0% for last 18 months -- and starting in January 2021 it will be like 20% APR.

WE WANT TO AVOID BEING STUCK WITH THIS INTEREST - and it's likley to put us in a bad spot financially.

 

Our credit union has a great program -- 0% interest for 20 months.

 

However, when I called them -- they said that if I was the applicant - they could not do a balance transfer for my Wife's credit card.

Does that sound accurate?

If not, please let me know.

 

We dont want to Apply under my wife's name - because tehy will ask about income - and her income is $0, but the household income is $100K+. She is not employed - and I feel like that is a question they ask as well.

 

 

In the past - my mom did a balance transfer for me - onto her credit cards. So I believe the scenario is possible.

Maybe I was just speaking to the wrong individual?

 

Are there Stay at Home wives out there - that have LLC's and their Husband pay them - so they can show income?

 

I can not be the only one in this type of scenario?

 

Thank you,

 

Steven

 

525 score as of 9/2015 --- only way to go is up!
10 REPLIES 10
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Community Leader
Senior Contributor

Re: Need help consolidating - please and thank you in advance

Yes, that sounds accurate. Its debt under her name. Does CU consider household income? If so, it could be in her name, using your income. BT can be done, since both accounts in her name.

Message 2 of 11
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Moderator

Re: Need help consolidating - please and thank you in advance

Most lenders will allow you to balance transfer from any card, regardless of ownership.  Some credit unions do in fact have the policy that it must be your account, or that you must at least be an authorized user on the account so it is very likely that is the policy of your CU.  (Using NFCU as an example, they will allow it if you are an authorized user.  Amex, Bank of America, Chase, Citi, Discover, etc. it can be your neighbor's dog walker's cousin's brother-in-law's account for all they care; you're now responsible for it.)

 

Might we ask why there is such a huge difference in your stated net and gross incomes?  Based on what you stated above, your net income isn't even half of your gross income and it appears you would fall into a 12% (10% for the first roughly $20k) federal tax bracket.  If you are making extremely large contributions somewhere, it might be worth considering lowering those temporarily to just pay off the debt?

Message 3 of 11
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Regular Contributor

Re: Need help consolidating - please and thank you in advance


@K-in-Boston wrote:

Most lenders will allow you to balance transfer from any card, regardless of ownership.  Some credit unions do in fact have the policy that it must be your account, or that you must at least be an authorized user on the account so it is very likely that is the policy of your CU.  (Using NFCU as an example, they will allow it if you are an authorized user.  Amex, Bank of America, Chase, Citi, Discover, etc. it can be your neighbor's dog walker's cousin's brother-in-law's account for all they care; you're now responsible for it.)

 

Might we ask why there is such a huge difference in your stated net and gross incomes?  Based on what you stated above, your net income isn't even half of your gross income and it appears you would fall into a 12% (10% for the first roughly $20k) federal tax bracket.  If you are making extremely large contributions somewhere, it might be worth considering lowering those temporarily to just pay off the debt?


Sorry - I made a typo -- I net $8K+ per month, 100K household per month. 

 

So if I add myself as an Authorized User on her US bank Credit Card - and Order a card in my name - will US Bank run a credit check on me, and will this balance now be on my credit report?

 

Other option - do I ask the CU if they count Household income when applying - or do they need proof of personal income?

 

we are not trying to be shady - because the Household income is there. 

525 score as of 9/2015 --- only way to go is up!
Message 4 of 11
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Established Contributor

Re: Need help consolidating - please and thank you in advance

Is just throwing a bunch of money at it over the next few months and paying off the debt not an option?  Without knowing individual circumstances, it seems plausible on $8k per month net?  Believe me, you'll appreciate going into parenthood without the debt and without extending this debt for another 1 or 2+ years with balance transfers. 

Personal Credit -
AMEX: Platinum, Gold, Blue Cash Preferred, Schwab Investor
PNC: Cash Rewards, Points
NFCU: Flaghship Rewards, Cash Rewards, More 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
Store Cards: Target, Macy’s
AU Cards: Citi Rewards+

Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Message 5 of 11
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Regular Contributor

Re: Need help consolidating - please and thank you in advance


@CreditSweeper wrote:

Is just throwing a bunch of money at it over the next few months and paying off the debt not an option?  Without knowing individual circumstances, it seems plausible on $8k per month net?  Believe me, you'll appreciate going into parenthood without the debt and without extending this debt for another 1 or 2+ years with balance transfers. 


Even if I was very aggresive -- I could probably only get it down to $4K.

I have alot of monthly bills - and others debts - student loans, car payments, etc.

Balance Transfer for 0% for 20 months would really give me much needed flexbility. I would pay it off in about 12 months for sure this time. 

525 score as of 9/2015 --- only way to go is up!
Message 6 of 11
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Moderator

Re: Need help consolidating - please and thank you in advance

What's stopping you from applying with lenders mentioned above who don't care whose account you're doing BT on? 

Message 7 of 11
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Regular Contributor

Re: Need help consolidating - please and thank you in advance

Just hesitant to start engaging with big lenders again but I'm open to it if that is the only way to BT. 

i just thought they would be more hesitant to approve us - since me and my wife don't have good history with the big banks. I also didn't think they would have such good 0% promos. 

 

we do have good history with our credit union. 

 

Out of all of them - which one is the best?

is the best thing just to call them to ask about their promos and ask if they know if we would be Pre-approved.

 

we never get offers from the big banks anymore. Because we had bad debts with them in the past that had to get charged off, collections, etc.

Discover might be the only one we have both never used. 

 

525 score as of 9/2015 --- only way to go is up!
Message 8 of 11
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Moderator

Re: Need help consolidating - please and thank you in advance

@Sk323i  please don't take this the wrong way, but it seems that this debt isn't even your biggest problem. 

We all want to help you, but in order to do that, there has to be an accurate picture. 

Makes very little sense to start suggesting lenders without knowing more about your profile.

If we say "Chase" but you burned them or have BK on your CR, it's not  even a possibility. 

If you've burned everyone but Disco, I suppose you could try Disco. 

However, your chance of getting approved will always depend on what your CR looks like. 

 

What kind of negatives do you have on your CR, who they are with,  and how recent are they? 

Your current scores would help also. 

 

Message 9 of 11
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Regular Contributor

Re: Need help consolidating - please and thank you in advance


@Remedios wrote:

@Sk323i  please don't take this the wrong way, but it seems that this debt isn't even your biggest problem. 

We all want to help you, but in order to do that, there has to be an accurate picture. 

Makes very little sense to start suggesting lenders without knowing more about your profile.

If we say "Chase" but you burned them or have BK on your CR, it's not  even a possibility. 

If you've burned everyone but Disco, I suppose you could try Disco. 

However, your chance of getting approved will always depend on what your CR looks like. 

 

What kind of negatives do you have on your CR, who they are with,  and how recent are they? 

Your current scores would help also. 

 


Not taking it wrong at all. 

 

No BK

My current score is 690

I have a 200K mortgage

I have 50K in student loans

I have 5K in Charge Off Credit through Citibank. 

I have 20K secured loan for Solar Panels.

I have 40K in Auto Loans. 

Previously 5 years ago - I had accounts with Chase, and BofA - and those went to collections and I ended up paying them off.

 

Then we have my wife's 7K balance on her US Bank Card - this is what we need help consolidating to a new 0% on a BT.

She has no BK's 

Her score is 650.

She has bad debt with Amex and Wells Fargo from about 12 years ago.

They stopped trying to collect on it - and from what we can tell - its not impacting her scores that much. 

 

That is the full story -- any feedback welcome. 

525 score as of 9/2015 --- only way to go is up!
Message 10 of 11
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