Reduce usage with CC

[iced]

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@BAB_Bryan wrote:

Dont worry about the insensitive.  I have a annuity with a very steep penalty for withdrawal.  I also have a retirement plan with the same issue.  My bank does not do LOC against annuities.  I am looking for a two week short term solution.  I catch back up on saving $750 a paycheck starting with my next paycheck.  I was planning on paying 3% down - not 5%, so I am in catch up mode for a 2 month period.  I also dont want another loan on my credit when I go to refi my house next month and I am not going to do a predator lender.

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Er...huh?

I read that the goal here is to pay a card (First Premier) down so it reports under a certain amount, thus presumably raising your score so you can pull the trigger on a refi and save money. You're ok with juggling balances in such a way that you can thread the statement needles to effectively hide that balance for just long enough to close, but you're not willing to open a new loan for this, which usually takes longer to hit your report?

If you're positive on what you're doing and the timeframe you're doing it in, and you won't take a new account or hard pull for whatever reason, you can always go the payday loan route. The interest rates really suck, but it buys you a few weeks to close your deal, they don't report to bureaus, and you can then figure things out from there. I'd say just go with a regular loan if you need the money that bad and you don't already have a ready BT offer sitting on the table, but if you're looking for all options...the payday route is technically one.

[Remedios]

I think the idea is to use paid off cards to buy gift cards, then use gift cards for down payment before the cards used for GC report. So, very  limited amount of time as OP needs scores to go up in order to do what they need to do, before cards report again.  

They are trying to make it appear that all cards are paid off during debt shuffle. 

The idea of using Credit One to pay off First Premier though is ... I dont know, not advisable? 

OP, I would not do this. Too many things that can go wrong with two lenders that are not exactly anyone's favorite and there is a reason for that. I think you might be setting yourself up for a bigger issue if anything goes wrong, and life being what it is, things do go wrong at most inopportune times 

If it's truly a short term deal like you stated (till payday) is there a family member who could loan you the money for couple of weeks? 

[iced]

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@Remedios wrote:

I think the idea is to use paid off cards to buy gift cards, then use gift cards for down payment before the cards used for GC report. So, very  limited amount of time as OP needs scores to go up in order to do what they need to do, before cards report again.  

They are trying to make it appear that all cards are paid off during debt shuffle. 

The idea of using Credit One to pay off First Premier though is ... I dont know, not advisable? 

OP, I would not do this. Too many things that can go wrong with two lenders that are not exactly anyone's favorite and there is a reason for that. I think you might be setting yourself up for a bigger issue if anything goes wrong, and life being what it is, things do go wrong at most inopportune times 

If it's truly a short term deal like you stated (till payday) is there a family member who could loan you the money for couple of weeks? 

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I would say every option involving juggling debt isn't advisable. No guarantees as there's a lot of variables in the air and all it takes is one of them not going according to plan to derail the whole scheme.

I agree on the family member as what's probably the best option I've yet heard. Or pawn stuff and buy it back in a month.