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Help with paying off $2500 debt

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Established Member

Help with paying off $2500 debt

Hi I posted earlier that I was looking for 0% intro APR balance transfer cards for at least 12 months or more. I have a fair credit score in the 630s -670s across all 3 bureaus. The UW Credit Union card that I applied for a couple days ago with a 0% Intro balance transfer APR of 18 months got denied. I want to transfer a nearly $2500 balance from my PayPal Cashback Mastercard to 0% balance transfer card. The interest on that PayPal card is really terrible. What is the next step if I've been denied? It seems all the promotional balance transfer cards are only for people without credit problems, unlike me. I feel that is really unfair. I can barely afford the high interest payments as they are. I'd like to know some alternative solutions. I think UWCU should have granted me the card anyways as I could have paid it off in 18 months with no interest.

Message 1 of 39
38 REPLIES 38
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Super Contributor

Re: Help with paying off $2500 debt

Whats the credit line and the balance presently.

Message 2 of 39
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Community Leader
Senior Contributor

Re: Help with paying off $2500 debt

What are your actual scores with each CRA? 630-670 is a little of a range, 630 scores may not get decent 0% BT approvals .

EXP 758 TU 783 EQ 729
Message 3 of 39
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Established Member

Re: Help with paying off $2500 debt

The PayPal card balance is $2520 ($2500 limit) but $15 is in the process of being refunded from a hold. I have almost $100 to get it pout of the negative  but I'm waiting on a check to clear in my bank account. I also have a $354 Amazon Store card balance ($800 limit) and $23 something on a Kohls charge with a $1000 limit but I can pay off that one by the due date of Oct. 24th.

Message 4 of 39
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Established Member

Re: Help with paying off $2500 debt

My TU is 671, Equifax is 653, and Experian is 631. For inquiries within the last 2 years, Exp is 25% w/ 2 inquiries (both in 2018). TU is 26% w/ 7 inqui. (only 2 this year) and Equifax is 25% w/ 1 inq (2018).

Message 5 of 39
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Community Leader
Senior Contributor

Re: Help with paying off $2500 debt

Are those your only cards? When you have a card maxed out and over the limit, you are gonna have a hard time getting an approval Smiley Sad

 

Unfortunately credit is usually granted when one doesn't really need itSmiley Sad

EXP 758 TU 783 EQ 729
Message 6 of 39
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Established Member

Re: Help with paying off $2500 debt

No, I also have 2 others with zero balances. Care Credit with $4800 CL and Fan Cash Rewards card with a $1600 CL.

Message 7 of 39
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Super Contributor

Re: Help with paying off $2500 debt

Pay all that you can towards the PP card. Pay the minumins on the other 2. Having a maxed out card and your scores like @Jnbmom said wont get you anywhere really. Time to seek extra income. PT job. Whatever. Reality is. You got yourself in a pickle and only you can get yourself out of it for now. Without knowing income and such. Thats not a big amount.

Message 8 of 39
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Moderator

Re: Help with paying off $2500 debt

OP, like others said, you're going to have drop that balance down a bit the old fashioned way, by paying. Once utilization is down (preferably around 49%) you might have a better chance.
One caveat to the statement above, if you recent derogs such as late payments in the past two years or charge offs, it may be a lot more difficult for you.

I would suggest you throw everything you have at that card, because if you continue with minimum payments only, the interest will keep pushing you over the limit , and that can lead to card closure.
You might be sleep deprived if you try opening car door with Samsung Pay
Message 9 of 39
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Established Member

Re: Help with paying off $2500 debt

I have 3 past charge off CCs that total up over $10K. I'm not too worried about paying those right now. One of them is in a collections account with Portfolio Recovery Associates for a little over $2000. Why can't I get a balance transfer though?

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