Seems like a lot of these urgent messages from 1 post people have been popping up lately. So you spent 22,000 as an authorized user. Let me ask (so I can entertain your little game), who owns the acct that you're an AU on?
Check Chase Slate - they do a 15 month 0% balance transfer introductory offer. As in, not only do you pay 0% on the balance for 15 months, you also pay $0 on balance transfers that are done in the first 60 days of you having the account. Don't know what kind of limits they might offer you, and you can only transfer up to 80% of the limit.
Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
@vikash1986 wrote:
Credit Card Credit Limit Balace Owed Date Open Comments Bank Of America 5000 0 Nov-09 Individual Capital One 4000 0 Dec-09 Individual Barclays 2500 0 Feb-13 Individual Best Buy 3000 0 Nov-11 Individual Macy's 2600 0 Jun-11 Individual USAA 1500 0 Dec-12 Individual Discover 4750 1000 Sep-12 Individual Amex Clear 2000 0 Feb-13 AU*** Amex Cash 6000 2000 Aug-12 Individual Amex Sky Blue 25000 22000 Oct-12 AU*** Amex Gold NPSL 0 Aug-12 Individual TOTAL 56350 25000 Utilization 44% Combine Income 65000 Inquires 15 AOA 1.2 Years Oldest Account 3.3 Years Current Credit Score 642 @Anonymous Loan @ 8.5% USAA $41,000 60 Months
I spend my 22000 for a family emergency on my sister-in law Amex Blue Sky card as an authorized user and the promotional 0% expires on August 18, 2013. I really need some advice on a plan to refinance this cc debt so I don’t have to pay 24% interest rate. I believed in 3 months time I will pay off everything on my Discover Card and Amex Cash. The remaining Amex Blue is my problem.
1) How do I stay afloat away from paying any interest by paying $1000 towards this card beginning June 2013 till it’s paid in full? I see USAA have a promotion for any BT transfer before April 8th 2013, there is not BT fee and 0% interest until the balance is paid off. My USAA is about 4 months old.
2) Is there any way USAA will give me that much credit line. I am a full member.
3) Should I remove myself from the Amex Blue Sky and then apply for a credit line increase with USAA.
My current score was from a hard pull last month when I apply for Barclay’s card. Most of these limits are about 6-8 months old when my score was in the mid 700’s when I app for new accounts and request CLI. Currently all accounts are current with no late payments, no collection activity, no negatives. Never had any negatives on my credit report with a clean perfect history. Sometimes I will carry a balance.
Any advice will be greatly appreciated no matter how small please let me know what you think will be a good strategy for repaying this debt without having to paying this high interest rate.
Why not remove yourself as AU, Pick maybe 2-3 BT cards up to get close to that amount and slowly pay the rest down on the AMEX?
@LS2982 wrote:
@vikash1986 wrote:
Credit Card Credit Limit Balace Owed Date Open Comments Bank Of America 5000 0 Nov-09 Individual Capital One 4000 0 Dec-09 Individual Barclays 2500 0 Feb-13 Individual Best Buy 3000 0 Nov-11 Individual Macy's 2600 0 Jun-11 Individual USAA 1500 0 Dec-12 Individual Discover 4750 1000 Sep-12 Individual Amex Clear 2000 0 Feb-13 AU*** Amex Cash 6000 2000 Aug-12 Individual Amex Sky Blue 25000 22000 Oct-12 AU*** Amex Gold NPSL 0 Aug-12 Individual TOTAL 56350 25000 Utilization 44% Combine Income 65000 Inquires 15 AOA 1.2 Years Oldest Account 3.3 Years Current Credit Score 642 @Anonymous Loan @ 8.5% USAA $41,000 60 Months
I spend my 22000 for a family emergency on my sister-in law Amex Blue Sky card as an authorized user and the promotional 0% expires on August 18, 2013. I really need some advice on a plan to refinance this cc debt so I don’t have to pay 24% interest rate. I believed in 3 months time I will pay off everything on my Discover Card and Amex Cash. The remaining Amex Blue is my problem.
1) How do I stay afloat away from paying any interest by paying $1000 towards this card beginning June 2013 till it’s paid in full? I see USAA have a promotion for any BT transfer before April 8th 2013, there is not BT fee and 0% interest until the balance is paid off. My USAA is about 4 months old.
2) Is there any way USAA will give me that much credit line. I am a full member.
3) Should I remove myself from the Amex Blue Sky and then apply for a credit line increase with USAA.
My current score was from a hard pull last month when I apply for Barclay’s card. Most of these limits are about 6-8 months old when my score was in the mid 700’s when I app for new accounts and request CLI. Currently all accounts are current with no late payments, no collection activity, no negatives. Never had any negatives on my credit report with a clean perfect history. Sometimes I will carry a balance.
Any advice will be greatly appreciated no matter how small please let me know what you think will be a good strategy for repaying this debt without having to paying this high interest rate.
Why not remove yourself as AU, Pick maybe 2-3 BT cards up to get close to that amount and slowly pay the rest down on the AMEX?
Exactly!
BTW, where is that score from? Is it a FAKO or a FICO? And are the other 2 balances you have also on cards you're an AU on?
@jamesdwi wrote:
I hope you are being open and honest with your sister-in-law and she understands the charges you made, it will make things easier. It would also be very helpful if she is credit savy or you will face an uphill battle explaining how you have to appear not to need credit to get credit. The sooner you can get this undercontrol the better, for your relationship and your sister-in-law. AMEX may offer great 0 percent interest for months at a time, they don't like it when you carry a balance for more than a few months, if you let this go too long they may CLD the account, also it appears that you charged the debt and not the primary card holder it may open the door to FR, so it would be best to get this off the card.
As other suggest you need to be removed as AU on the card, but be sure to explain to your sister-in-law why this is necessary.
as soon as the card is removed from the card, Apply for an Chase Slate card, hopefully you will be approved, If necessary recon the denial, not likely given the facts you stated.
Apply for any other cards that are good for BT's as quickly as possible so they don't see other new lines of credit on your reports.
If you exhaust these options, it would be good to visit your bank and/or credit union and get a loan to pay the AMEX card balance to 20% or less or what you can pay back in 2 or 3 months, while its not as nice as having 0% on a credit card its better than 15% plus interest and will hopefully keep family relations in a good standing as well.
Yea i'd be a little worried about that.......