I have about 50k in credit card debt with 650 FICO Which credit cards are best for me?

[george2234]

I have about 50k in credit card debt, and I need to consolidate my credit cards. I have chase freedom, chase sapphire, chase ink, us bank platinum, discovery card, Amex card, Amazon card, bank of America card. All credit cards are around 20% APR. My credit score is 654. I am afraid to apply for anything for fear of dropping my score below 650. What would you recommend I do? Which cards require 650+ credit scores? 700+? I need advice about which credit card offers I should definitely not apply for (no chance in qualifiying), and which credit cards / personal loans might be the best choice in my position?

[JoeRockhead]

Unfortunately, the reality is that trying to solve credit card debt doesn't include getting more credit cards. With your current score, I just don't see anything other than low limit, sub prime CC options, or high interest loans. = more troubles

Your focus should be to stop using your cards, and focus on paying down your debt in the most economical way possible before thinking about trying to add accounts.

[Jeffster1]

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@george2234 wrote:

I have about 50k in credit card debt, and I need to consolidate my credit cards. I have chase freedom, chase sapphire, chase ink, us bank platinum, discovery card, Amex card, Amazon card, bank of America card. All credit cards are around 20% APR. My credit score is 654. I am afraid to apply for anything for fear of dropping my score below 650. What would you recommend I do? Which cards require 650+ credit scores? 700+? I need advice about which credit card offers I should definitely not apply for (no chance in qualifiying), and which credit cards / personal loans might be the best choice in my position?

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It would be helpful if you included utilization (both individual account and aggregate); annual income ; monthly mortgage or rent payment; and a list of all derogatories so that someone can give you a comprehensive answer, BUT just by looking at your debt and your credit score, a new credit card will NOT be your answer.

[Creditwiser]

As @JoeRockhead mentions, adding new accounts at subprime will not help much.  Paying down that debt without adding to it is you're best way forward.  Do you have the resources to accelerate the paydown ?  Are there things you can part with and sell to put toward it ?  If you can make some headway on your own and rasie you scores, perhaps then you can look to consolidate with better scores.

[FlaDude]

I'll go somewhat against the flow here. A few years back I had 75k in CC debt although my scores were closer to 700. I was paying almost 1k/mon interest. Over the course of a couple of years I got multiple 0% balance transfer cards and three lower interest loans (around 6-7% back then) totalling 40k, getting the monthly interest down to about $200.  From there I was able to pay off my debt in a little over 4 years. It would have taken much longer if I had not gotten most of the debt to lower interest rates. This will probably be harder to do these days, espescially with scores around 650. I would only open new cards if they had good BT offers. You would need to have the financial discipline to not go further into debt. I also had the avantage of my wife having higher scores and a couple of the BT cards were opened in her name.

[SouthJamaica]

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@george2234 wrote:

I have about 50k in credit card debt, and I need to consolidate my credit cards. I have chase freedom, chase sapphire, chase ink, us bank platinum, discovery card, Amex card, Amazon card, bank of America card. All credit cards are around 20% APR. My credit score is 654. I am afraid to apply for anything for fear of dropping my score below 650. What would you recommend I do? Which cards require 650+ credit scores? 700+? I need advice about which credit card offers I should definitely not apply for (no chance in qualifiying), and which credit cards / personal loans might be the best choice in my position?

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Welcome to the forum.

As everyone else has advised, at this point applying for a new account will probably not be helpful.

Why don't you give us a breakdown of the limits and balances on what you presently have, so that we can recommend a strategy to gradually extricate yourself from the situation.  Meanwhile it definitely wouldn't hurt for you in the interim to join a good credit union, one which offers favorable loan rates and a low interest, no balance transfer fee, platinum card, and which doesn't do a hard pull for membership applications.

[CreditPoor]

Taking out more debt to pay debt is not the answer. In most cases the required behavioral changes haven't been made and the debt gets worse because all of the bad habits are still there. The real answer to your problem is simple. You cut out all of the BS spending and get a side hustle or two and work your ass off to pay back the debt.

While your task may seem insurmountable it's not. Discipline and determination are the attributes you'll need to be successful. 

[NoMoreDebt]

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@CreditPoor wrote:

Taking out more debt to pay debt is not the answer. In most cases the required behavioral changes haven't been made and the debt gets worse because all of the bad habits are still there. The real answer to your problem is simple. You cut out all of the BS spending and get a side hustle or two and work your ass off to pay back the debt.

While your task may seem insurmountable it's not. Discipline and determination are the attributes you'll need to be successful. 

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This ^^ went through this myself and had to make unpleasant decisions regarding cuts and selling things that I didnt want to. That was before this current climate even of near and above 30% APR,s. I only had around $30k or so of CC debt and i had to work at it to pay it off. It was for sure way quicker and easier to rack up the debt than it was to pay it off.

[Horseshoez]

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@NoMoreDebt wrote:

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It was for sure way quicker and easier to rack up the debt that it was to pay it off.

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Never were truer words spoken (or written in this case).

[FicoMike0]

Looks like we scared the op off.  He probably could use some high interest relief, if any is available. Not enough details to really suggest anything.  I think everyone has the same initial thought hearing $50k cc debt, sounds like $1000 a month interest payments.  Gotta stop what caused the mess first!