I have to max out CC’s for Emergency - need advice

[Anonymous]

There is no other choice.  I need to max out at least 9 out of 11 cards to pay for this emergency.  CL’s are all under $3,000.  

Im not eligible for a loan, as I have 3 out now.  My home is too old and in bad repair, it won’t even pass inspection I’m sure.  No family or friends to help.

I'm retired and can’t work.  So my CC’s are the only recourse.

it will probably take me close to 2 years to pay them in full.

What I’m looking for is advice on how to repay them, so as not to lose them (be shut down for maxing them out and carrying a balance).  I also hope the 2 I don’t max out, won’t close my accounts.

Example of ideas I’m looking for: I just received a Citi double cash card with 0% APR for 18 months, so I could feasibly put a few balances from smaller cards on it, or 1 large balance.  

Any other Ideas?

TIA guys!

[Anonymous]

Well, not knowing the debt load you're needing to take on. Nor the disposable income available to pay it back, I really can't say much.

I recently had to aquire some debt for a medical expense, so I took advantage of several 0% BT offers for 12 months. 

CC #1 $4K = $340 per month

CC #2 $3.5K = 300 per month

CC #3 $ 3.5K = $300 per month 

I don't think CC issuers will worry too much at high balances so long as more than the minimums are being paid. But, your score will take a hit for too many being over certain thresholds. So keep that in mind. If balances stay too long they may perform AA, or if too many high balances are reached. it also depends on one's profile and your history of charging. If the charges are abnormal for your spend they may get jittery.

Fortunatly my CL's were high enough that I didn't pass the 28% mark on each one. And in 12 months it will all be paid back with zero interst, other than a BT fee. 

Best of luck on your situation, and hope that you find a manageable payment plan.

[ChargedUp]

FWIW, you might try for some credit line increases before you make the charges. I'm not sure on this, (maybe others can chime in on this being a good idea or not...) but I would think calling your lenders before you begin making the charges and let them know that you're in a situation and that they WILL get paid back will help you from throwing "Bust Out Fraud" algorithms all over the place. There is kind of a back door network that credit card companies *can* subscribe to that sets off warning bells once a card is used over a certain threshold, even if it's another lender all together.

With a little info, we may be able to help a bit with the who's, what's and where's.

What are your current FICO scores, cards issuers and limits? How much do you want to put on each card? Income available for payments each month? 

Lenders vary quite a bit on their tolerance to being maxed out. Example: Discover usually doesn't bat an eye as long as you're making solid payments on time, while Synch and Barclays may get nervous and balance chase you. Amex is hit and miss with the data points. Credit Union cards tend to be more tolerant of high balances as well.

Best of luck in your situation!

[Shooting-For-800]

I would try to open a couple of new cards first before your score drops.

[CreditInspired]

So far, all good advice.

Is it possible not to max out all 9 cards simultaneously. Maybe staggered, while continuously making min payments. I just fear that if you do all at the same time, AA is going to happen immediately. Also, do you have to max them out? Can balances stay at least at less than 68.9%.

EDIT: Are you going to be using the cards CA? If yes, I think this will set off alarms.

GL2U

[Anonymous]

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@Anonymous wrote:

Well, not knowing the debt load you're needing to take on. Nor the disposable income available to pay it back, I really can't say much.

I recently had to aquire some debt for a medical expense, so I took advantage of several 0% BT offers for 12 months. 

CC #1 $4K = $340 per month

CC #2 $3.5K = 300 per month

CC #3 $ 3.5K = $300 per month 

I don't think CC issuers will worry too much at high balances so long as more than the minimums are being paid. But, your score will take a hit for too many being over certain thresholds. So keep that in mind. If balances stay too long they may perform AA, or if too many high balances are reached. it also depends on one's profile and your history of charging. If the charges are abnormal for your spend they may get jittery.

Fortunatly my CL's were high enough that I didn't pass the 28% mark on each one. And in 12 months it will all be paid back with zero interst, other than a BT fee. 

Best of luck on your situation, and hope that you find a manageable payment plan.

---

Total amount I would use would be $7000-8000. 

Disposable income is $500 a month.  Yeah, crazy I know!

i REALLY hope none of them perform AA!  I would try to always pay a bit more each month, and before due date. I’ve charged a few large purchases on most of them, and paid them off in full before due.

Ill be WAY past the 30% mark, most likely close to 70-80%.

Thanks so much for your suggestions.

[GApeachy]

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@Anonymous wrote:

There is no other choice.  I need to max out at least 9 out of 11 cards to pay for this emergency.  CL’s are all under $3,000.  

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Can/could you set up pymt plans with Hospitals and Doctor's?  Pymt plans are at 0% interest. I've had to do this many, many times with surgerys, surgeons, hospital stays, labs through the hospital..... All the best!

EDIT TO ADD:  if you can set up pymt plan, after the fact, it's not reported to the bureaus (or never has been in my case)

[Anonymous]

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@ChargedUp wrote:

FWIW, you might try for some credit line increases before you make the charges. I'm not sure on this, (maybe others can chime in on this being a good idea or not...) but I would think calling your lenders before you begin making the charges and let them know that you're in a situation and that they WILL get paid back will help you from throwing "Bust Out Fraud" algorithms all over the place. There is kind of a back door network that credit card companies *can* subscribe to that sets off warning bells once a card is used over a certain threshold, even if it's another lender all together.

With a little info, we may be able to help a bit with the who's, what's and where's.

What are your current FICO scores, cards issuers and limits? How much do you want to put on each card? Income available for payments each month? 

Lenders vary quite a bit on their tolerance to being maxed out. Example: Discover usually doesn't bat an eye as long as you're making solid payments on time, while Synch and Barclays may get nervous and balance chase you. Amex is hit and miss with the data points. Credit Union cards tend to be more tolerant of high balances as well.

Best of luck in your situation!

---

I have tried for CLI on all of them, I was denied from all.  🙁

i hadnt thought of contacting them .... that scares me!  Didn’t know about the “ back door network”. 

To answer your questions:

FICO scores: Equifax 685. TransUnion 711. Experian 670   

Discover: 2800

NFCU:      2500 - just did a BT with them to PIF Discover. 

Amex:      1500

Merrick:   1000

Indigo:       300

Capital One Platinum and QuickSilver:1000

Mission Lane: 1000

Citi Double Cash: 1200

Credit One: 600

I’ll need to spend a total of $8000 BUT, some of the cards already have a balance. Most are under 20%.

Available income to pay back: $500 a month.

Would you explain what “balance chasing” is?

Thanks for your reply!

[Anonymous]

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@Shooting-For-800 wrote:

I would try to open a couple of new cards first before your score drops.

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I have ... have been denied by all, but accepted by Amazon Store CC and Best Buy. Ugh!

Well TBH I haven’t tried them ALL.  I figured the more I try, the worse it will look to the next ones I’m applying to.

[CreditInspired]

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@Anonymous wrote:

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@ChargedUp wrote:

FWIW, you might try for some credit line increases before you make the charges. I'm not sure on this, (maybe others can chime in on this being a good idea or not...) but I would think calling your lenders before you begin making the charges and let them know that you're in a situation and that they WILL get paid back will help you from throwing "Bust Out Fraud" algorithms all over the place. There is kind of a back door network that credit card companies *can* subscribe to that sets off warning bells once a card is used over a certain threshold, even if it's another lender all together.

With a little info, we may be able to help a bit with the who's, what's and where's.

What are your current FICO scores, cards issuers and limits? How much do you want to put on each card? Income available for payments each month? 

Lenders vary quite a bit on their tolerance to being maxed out. Example: Discover usually doesn't bat an eye as long as you're making solid payments on time, while Synch and Barclays may get nervous and balance chase you. Amex is hit and miss with the data points. Credit Union cards tend to be more tolerant of high balances as well.

Best of luck in your situation!

---

I have tried for CLI on all of them, I was denied from all.  🙁

i hadnt thought of contacting them .... that scares me!  Didn’t know about the “ back door network”. 

To answer your questions:

FICO scores: Equifax 685. TransUnion 711. Experian 670   

Discover: 2800

NFCU:      2500 - just did a BT with them to PIF Discover. 

Amex:      1500

Merrick:   1000

Indigo:       300

Capital One Platinum and QuickSilver:1000

Mission Lane: 1000

Citi Double Cash: 1200

Credit One: 600

I’ll need to spend a total of $8000 BUT, some of the cards already have a balance. Most are under 20%.

Available income to pay back: $500 a month.

Would you explain what “balance chasing” is?

Thanks for your reply!

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Each time you make a payment, your CL is reduced to the updated outstanding balance, which in effect keeps you maxed out on the card.