What is my best option

[Anonymous]

This is my situation (as of Dec 25th, 2015)

I m unemployed but start work Jan 01, 2016. Monthly salary $3000 gross.

I have following debts on my cc

cap1 plat $1488/$1500 reporting date to bureaus 26-28th of every month

chevron $498/500 Reporting date to bureau 16-18th every month

lowes 2200/$5000 Reporting date to bureau 19th-21st

merrick 250/$315 Reporting date to bureau 18-20th

Total outstanding cc debt is $ 4436 ~ $4500. As of now, i just make it with minimum payments and have been doing that for nearly 4 months now. Overwhelming to say the least.

So basically all reporting to credit bureaus happen in the second half of every month. To bring cap1 down to nearly 30% i have to come up with $1100 by 27th. its not happening unless a BT card gets issued today/now/ASAP

A personal loan in amount of $5000 with 5-10% APR would practically wipe out all my cc debt by january END. i will be left with one payment to personal loan. Now if i know ahead of time i can or will do anything/everything to bring in atleast half of $5000 and without having spent any more on cc then i feel i should get a personal loan at or near 5-10% APR.

Heck, i may even better my credit score/profile with all credit cards paidoff by january end. 

the other way is to 

a) Apply for a Balance Transfer Card

b) Personal Loan

c) sell household stuff/things & payoff cc

I think given maxxxed out cards i may nolt exactly qualify for Balance Transfer card but it seems if 0% for 9-18 mos depending on the offer would be a practical thing to do. Some BT cards in mind r

SunTrust Rewards (TU : 672)
BofA BBR (EX: 649)

Discover (TU;denied in June 2015 for maxxed cc)

Citi/Barclay/Chase r out.

What say you> Apply/Do Not Apply/ Wait

or Go for it?

[Anonymous]

It's almost like you want someone to tell you want you want to hear, to reaffirm the choice you're already leaning towards. 

Personally, I would choose C, suffer a bit without getting into deeper debt and see that light at the end.  Tomorrow will be here sooner than you think.  

If you can get a good personal loan, then go for it, but again, you've laid out your options with some caveats in that they may not be available, so they may not be options after all. 

When it's all said and done, I would go with whatever you feel most comfortable with. Think about the repercussions, both short and long term, weigh those factors then be comfortable you made the right choice. 

Good luck, though. 

[Anonymous]

its almost that i know my limitations n want a rescue proposal. Promise fin offered me nearly 27% apr and has scared me so i m most leaning towards balance transfer cards n quite honestly scared of denial for apping. 

i have pre-app from 

lending club

bof a cash rewards

avant

one main financial

the earliest time to app cant be until feb 1 after i have an all clear with cc 

[elim]

I think I would struggle a bit and get utilization down on the Cap1 card, then apply for a BT card. It may take a few months and you may have to eat ramen noodles or whatever but that is the only way out of debt IMO.   The only real way out of it is to pay it.   Moving it around does nothing.

[Anonymous]

Well, I personally wouldn't do the personal loan at that rate, but that's me. I'm not in your situation, so my examination of this is biased.

If I were in your situation, which I don't know other than what you wrote, I may feel exactly like you are, but alas, that isn't the case. 

If you're thinking about doing the balance transfer, prepare accordingly, BUT have a backup plan in mind if it gets denied. That backup plan might not be very appealing, but I would definitely think about it that way you aren't left with no options should that fail. Having that backup plan in-hand will definitely help deflate any bad news. 

And who knows, by preparing for that option, as bad as it may be, might preclude you from even having to do the transfer to begin with. 

Unfortunately, I don't think there's any silver bullet. You looked like you thoroughly researched your options and I can't think of any others, lenders or what have, that might be different. 

Good luck!

[Anonymous]

Option C.

[Anonymous]

---

@Anonymous wrote:

Option C.

---

Agree.  OP, you'll be wasting inquiries if you apply for the BT cards.  You'll get denied for sure with that utilization.

[Anonymous]

ty. i appreciate GOOD advice here. The thing i m debating in my own mind is to app NOWWWW (becoz its been 6+ mos since i last apped for discover n DENIED) and go 3 cards BT app-spree ON SAME DAY before month end versus waiting till utilization lowers & app for pre-approved personal loans from the likes of lending club, sofi.com avant & one Main Financial.in February. (coz thats their deadline for pre-approval-mid feb 2016).

My EQ is on FREEZE so if i app its going to be EX & TU friendly BT cc apps only. I have saved EQ to app with DCU for home/car/creditcard/CLOC/PLOC & Refi-AutoLoan of.6% down half waywith 15k loan bal.). There r no inq at all on EQ and practically no baddies. (EX/TU does have baddies viz medical)

Yes indeed i have given it A HUMUNGOUS amount of THOUGHT to this endeavor, i m failing at it n practically going bonkers thinking of it but cant stop it either.

 the last app with Discover, my EQ was on FREEZE n they couldn't access it. So i called RECON n asked if they would look into EX. They did n told me when you pay off that Cap1 down let us know and re-apply but for now we DENY you..

i have seriously struggled since July 2015 to bring that down to under 30% on Cap1 balance n 5+ months later no change/improvement in balance. if it were down even in August, i'd struggle to apply again with Discover

 I also think i m so much enticed by the idea of a large balance with JUST ONE PAYMENT.no other payment even if its HIGH.(in the $300-$400 range) but all other cards just not to worry its paid and in the drawer. my promise fin at 27% came out to $309 for 36 mos. I can always pre-pay after a few months dont necessarily have to go all 36 mos.

[Anonymous]

You do not need to be taking out a loan or adding more credit cards to solve the problem. Your situation is very short term, and your debt isn't that high. You'll be employed again in a week. Sell some stuff now to keep your payments current and then, beginning with your first pay check, you can start knocking out the debt at an accelerated rate.

[Anonymous]

You do not need to be taking out a loan or adding more credit cards to solve the problem.Your situation is very short term, and your debt isn't that high. You'll be employed again in a week.

All very true. Advice well taken. thanx Payoff at an accelerated pace. thats feasible.