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Can't Decide.

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Established Contributor

Can't Decide.

I m having this debate in deciding that i will be using my DW's clean clean report and apply for a B/T card with a credit Union or bank. Then i think i may be better off with Marcus/Lightstream. My DW has 1 medical collection on EX for $1173 but very clean across other two bureaus & 798 fico 8 score with 2% utility AAoA: 4 yrs 2 mos 1 or 2 inq across three bureaus.  Marcus/Lightstream would report loan as debt consolidation i think on credit reports.  Also ChexSys & EWS  is clean no inq at all.

 

When i put $12500 in my request for loans with Marcus/Lightstream at 8% or 10.5% for 36 months i come up with a payment of $391.70 at 8% & $406.28 at 10.5%.  That appears to me as about the same amount i m coming up with a few $$$ here & there in what i would make minimum payments with the credit cards i have balances on. The flexibility of payments in spreading out payments from 1st week of the month to last week of month in minimum payments is an advantage i feel i have when making minimum payments to these cards, however, that goes away with a Marcus/Lightstream loan especially when i see the $$$ amounts are not that different.

 

So the question is

a) am i better off applying for B/t cards or Marcus/lightstream loan?

b) I can always overpay on credit cards beyond minimum without being tied up to a Marcus/Lightstream loan.

c) 0% cards i can think of is US Bank Platinum (TU pull) or SunTrust (EQ) or Alliant CU 12 mos B/T (TU pull). I'd need three B/t cards to pull $12,500.

d) Marcus/Lighstream is 36 months of payments. that's quite long. Shortening term would raise the payment.

e) with low APR cards with CU mentioned here on myFico i can try that & still be approved with Andrews or Garden/TeachersCU & transfer balances on it.

My DW's credit is one way of reducing my debts to healthy levels. $12,500 just doesn't completely eradicate all debts. There's lots more debt but if i can stop paying 25% APR interests on some credit cards i can definitely save $$$. 

 

Any suggestions?

 

Message 1 of 13
12 REPLIES 12
Super Contributor

Re: Can't Decide.

I am also in "two player mode".  Assuming that your wife is board, I would open one or two 0 percent BT cards in her name and transfer your debt there.

 

Pay it down.

 

If you cannot pay it completely OFF, you'll be able to transfer back to your name with a zero percent card at THAT time.

 

Rinse, lather, repeat as necessary.

 

Smiley Happy


Last inquiry 31 January 19. Going for Gold!

Zero percent financing is where the devil lives...
Message 2 of 13
Community Leader
Super Contributor

Re: Can't Decide.

@maharshi  Didn't you already used grandma's credit and she ended up in debt? 

 

https://ficoforums.myfico.com/t5/Personal-Finance/why-i-have-to-B-t/m-p/5396678#M35473

 

I suggest you leave your wife's credit alone based on previous threads. 

EX 754 EQ 773 TU 752
Message 3 of 13
Frequent Contributor

Re: Can't Decide.

I 100% agree with Remedios. Based on the info you've provided in the past, I think pulling your wife's credit into the mix would be a HUGE mistake. 


Message 4 of 13
Super Contributor

Re: Can't Decide.

Based on your previous post, you should be filing bankruptcy rather than risk bringing your wife down with you. If your money is as tight as you say, you'll just start charging up your newly zeroed balances to give yourself some breathing room. 








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Message 5 of 13
Established Contributor

Re: Can't Decide.

@Remedios

U r right remedios. Grandma's account is on improvement but cant say its all clean and healthy just yet.

 

this is DW i am talking about & do feel it would be nice if i can take advantage of her good credit & make one or two B/t transfers. The 25.5%APR cards i have paying $100+/mo in interest only minimum payments is hurting me. Would be nice if i paid $50/$60 in minimum payments at 0%APr or for that matter on low APR credit union cards at even half the APR it would be much less.

 

Message 6 of 13
Community Leader
Super Contributor

Re: Can't Decide.

I get that. I really understand, but you cant take "advantage" of her good credit because that's all you got going on right now.
If you bring her down with the debt, you will have absolutely no options left.
At last, should something happen , she would be in position to apply. Cars, appliances, medical...life happens.
You cant get credit currently, grandma cant, and if wife cant, it's game over completely.

Your case is better suited for making lifestyle adjustments and budgeting at first.
I hate saying this, but cut the unnecessary and look for alternative income sources.

You've already gotten advice on this last time you brought up applying for her. The census was a resounding NO, and you can expect same this time around.

I wont be linking to that thread, it did not end well, but I suggest you go back and read why this is a horrible idea and why it wont work.

I wish you the best.
EX 754 EQ 773 TU 752
Message 7 of 13
Community Leader
Super Contributor

Re: Can't Decide.

Go rightSmiley Wink
Message 8 of 13
Community Leader
Super Contributor

Re: Can't Decide.

@maharshi , I realize that sometimes "deperate times calls for desperate measures", but this isnt that kind of time.  I always feel that honesty is the best policy, and I would sit down and have a heart to heart with your wife, and come clean on your finances.  Then the two of you figure out a solution to the problem together. 

 

I would hate for your relationship to become more compromised than it already is with the secreacy.


Scores held down by umpteen INQ & New accounts
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~
Message 9 of 13
Community Leader
Senior Contributor

Re: Can't Decide.

I get this bad feeling that your wife isnt really involved in this idea/decision and your doing it without really involving her ... I saw something like this in my own extended family and it ended up with someone in jail for identity fraud... Its one thing to play in 2-player mode.. this can work but you have to work WITH your wife and not just oh i want to do this.. you need to come clean on your finances to HER... You still havent resolved your grandmothers situation that you ruined her credit... now you want to go and ruin your wife's credit too?

 

Untill you get your ducks in a row and come up with a budget and plan.... NO NO NO... Dont drag your spouse to the gutter with you..

-J

 

Message 10 of 13
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