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25k on credit card soon will be hit with interest

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New Member
New Member

25k on credit card soon will be hit with interest

i have 25k debit in credit cards and in 3 months will be geting hit with the interest.

credit score fico 8: transunion 665   675  670     i have 0 late ,0 negative and 0 inquiry

boa-$10k with 21% interest $8k with 12% interest and discover $7k with 15% interest

have 10 credit card but 7 of them are 0 balance for a total of $100k 

this is the only debit i have.no car payment no mortgage no other debits.

i can pay $1500 a month credit card. what can i do to give my self some time to avoid the interest?

looking to apply for a debit consolidation discover? apply for chase  slate balance transfer?

 

 

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Regular Contributor

Re: 25k on credit card soon will be hit with interest

I often wonder what I would do in this scenario.

 

I would imagine I'd apply for a card with a mininum 12 - 15 months of 0% APR I could transfer my balance to. I'd aggressively pay down that balance as hard as my budget allowed. I would then apply for another similar card  when the 0% promotion runs out or, when I feel the balance is low enough, apply for a loan instead with the lowest APR possible.

 

I'd probably end up with a good amount of balance transfer cards after paying off the debt, but I can always merge them with older cards (assuming I applied for cards from creditors I already have a relationship with). My utilization would remain padded and my AAoA would bounce back.

 

Here are some offers I googled.

 

CITI Diamond Preferred: 0% for 21 months.

CITI Double Cash: 0% for 18 months

Discover IT: 0% for 15 months

Amex EveryDay: 0% for 15 months (and 0% fee).

Chase Freedom Unlimited: 0% for 15 months.

 


Message 2 of 11
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Valued Contributor

Re: 25k on credit card soon will be hit with interest

What’s your utilization on those cards with balances?

Any chance you can get in with NFCU? They have been known to grant large SL and their Platinum card has a 0%/$0 transfer fee for 12 month promotion. It could minimize the number of cards you end up applying for.

Another option may be to get a personal loan though these will not be 0%. But they will offer a lower general APR than your existing cards.

Edit: Just read someone else suggested the latter.


Beginning Journey April 2017 – FICO 8

Current Scores May 2018 – FICO 8

Started this credit game with $8400 TCL in 04/17 now I'm at $150K+.
Message 3 of 11
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New Member

Re: 25k on credit card soon will be hit with interest

thanks for the help.i apply half hour ago with american express magnet and got aproved for $24k. 15 months and 0 balance transfer
Message 4 of 11
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Valued Contributor

Re: 25k on credit card soon will be hit with interest

Congratulations and good work. With a 24K SL, you won't be able to move your entire balance load to the new card, obviously, so the next step is to review the other cards in your portfolio, determine which ones are the highest-interest and move them to your new Amex so you can get the balance paid down during the promo period.

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
Message 5 of 11
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Senior Contributor

Re: 25k on credit card soon will be hit with interest

American Express limits you to using no more than 75% of your credit limit for balance transfer so the maximum amount you will be able to transfer is $18,000.





Message 6 of 11
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New Member

Re: 25k on credit card soon will be hit with interest

thank you for the info.help me very much.i have other american express cash back with a credit line of $14k and 0 balance.after i get the magnet card can i transfer $10k to the new card so i can have a credit limit of $34k?
Message 7 of 11
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Senior Contributor

Re: 25k on credit card soon will be hit with interest


@2o9 wrote:
thank you for the info.help me very much.i have other american express cash back with a credit line of $14k and 0 balance.after i get the magnet card can i transfer $10k to the new card so i can have a credit limit of $34k?

 

I don't think so. American Express usually requires the new card to be open for 60 days before you can transfer any portion of another credit line TO the new card.  After you receive the Magnet card you can probably send a secure message requesting the transfer but its unlikely they will allow it.





Message 8 of 11
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New Member
New Member

Re: 25k on credit card soon will be hit with interest

i will wait 60 days and try the transfer.till then i will pay $1500 a month and do a balance transfer of $18k
Message 9 of 11
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Valued Contributor

Re: 25k on credit card soon will be hit with interest

Discover or Cap One both have 0% over a year and can give great CLs.

I would check prequal for Venture.  If so, Venture One offers 0%.

Venture usually equals high limit.

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
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