I'm new to these forums and need advice!

[Anonymous]

Hi guys. I just lurked for about 3 hours. Total message board geek and would love to start getting involved with this forum.

I'm 24 and work all commission in Chicago. The good long term residual income is just now starting to come to fruition. Just did a privacyguard $1 credit check and delved into the world. Credit is 650+ from all three agencies.

It used to be in the 700's, but I have since gotten within dollars of maxing out an $8,000 credit card from US Bank. I went over the limit twice in one year by my own stupidity and now am locked into 30% interest.

I have a best buy credit line of $500 I pay on every month, school loans of $3K, and a cxredit card.

I did have a $8,000 auto loan I paid on every month without being late once and it is sense paid off.

I have NEVER been late on any payments of anything, so this credit card issue is bothering me, and i'm due to waste a bunch of money in the next 6 months.

I want to do a balance transfer! I went around to six banks the other day to look for pre-approvals. Stupidly, I did this when my balance on my ccard was OVER the limit. I finally ended up at WaMu since they do immediate approvals and got declined. I didn't remember I was STILL over my credit limit at the time! I dropped about $250 and got $10 in balance on my card.

Should I go back to WaMu and try again? I heard Chase was really easy to get. I need at LEAST $5,000 balance transfer or more.

I'm behind on rent two months and need something to happen, fast, or i'm afraid ill be out on the street. Someone at US Bank recommended going back to WaMu since my credit line is now under the limit. (They like to tell me things theyre bosses would hate)

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edit: I've broken up your post into paragraphs. I don't know why your original ones didn't stick. It doesn't look like you posted in Firefox, because I didn't see the html edits that you see with FF. Anyway, I've made it a bit choppy, I'm afraid, but I'm hoping it's easier for other members to read. GL

Message Edited by haulingthescoreup on 07-06-2008 06:50 AM

[Anonymous]

You need to wait 90 before re-apping WAMU-

Try the BofA pre-approval

What are your FICO's?  THe ones you listed are FAKO's/

[Anonymous]

Hmm, whyd that show up as a huge block of text? FAKO? I thought they were real credit scoreS? the site says : 656 - TU 653 - Eq 670 - Experian.... -

[Anonymous]

privacyguard is a FAKO score-

Unless it says FICO score- it's a FAKO>

myFICO is the only place to buy all 3 FICO scores-

You don't HAVE to read the reports- they are included.

You can Buy a TU FICO Score/Report from
https://www.transunioncs.com

Scores/Reports from EQ are FICO's

MyFICO is the ONLY place you can purchase EX FICO scores.

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hotmetaldobermans wrote:
Hmm, whyd that show up as a huge block of text? FAKO? I thought they were real credit scoreS? the site says : 656 - TU 653 - Eq 670 - Experian.... -

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[marty56]

If I unerstand your post (IMHO hard to read) the  primary thing hurting your credit is high util and you are looking to BT to consolidate the balances.  Please keep in mind that most CCCs will require you to close the account you are BT'ing which will have a negative effect on your credit score due to account age and possibly util later on.

I recommend National City and they wont close your other accounts and they will send you a check so it really is an interest fee cash advance.  Also you must be able to PIF the BT before the term date otherwise you will owe all the back interest.

I goes without saying that  you dont want to run the cards back up after you pay them down.  Many people (including Marty v 1.0) did that.

If you can afford to get to 9% util, you will see a big score boost, probably over 700 and beyond.

[RobertEG]

I dont understand, from a credit perspective, what you hope to gain by securing a new line of credit, and then instantly maxing it out will a BT.

Each new card you seek is a new inq, and thus hurting your FICO.  Even if secured, it may increase your CL with the new card, but if used for BT, will instantly be at very high %util.   Most BTs will cost you an instant 3% of the BT, and thus also instantly increase your debt.

I know that you view a new CL as a way to increase access to cash, but it comes with a serious price.  IMHO, your plan will just dig your hole deeper.

[Anonymous]

I NEED the money to pay my back rent or i'm out on the street. I get about a $100 raise every month, so I can take care of the balance, plus my other card, within a month or two. Also, I'm at 30% interest on my current card, and it's killing me to make principal payments.

[Anonymous]

I guess I should add, that, the reason the card got so high is due to an emergency medical bill, and my girlfriends car getting towed for $500. I can definately pay them down, just not this month or next.

[RobertEG]

I understand, hotmetal.  You need new credit for instant cash.  That is clear.  And I wish  you the best in that endeavor.  But being nearly maxed on current credit, and then seeking new credit, is a gigantic red flag for any creditor.  Particulary since your current CL is low.

Granting new credit is not on a need basis by the lendor, it is on a risk basis to them. Grant of revolving credit (credit cards) is of the highest risk to a lendor, and thus the most likely to be declined.

If cash is what you need, I would not turn to a CCC, I would focus on securing a loan from my bank or credit union.  Maybe a co-signer on a personal loan would be your best bet.

[Anonymous]

That is what I fear. I just bit the bullet and applied for a Chase CC. I will call if they deny and do the reconsideration. I am also looking into personal loans and such form local places in Chicago. I am getting a second job, and going to start donating plasma again to try and chip away at this. I'm also working my ass off at my current job to get MORE than a $100 raise every month. Updates to come.