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Need Advice on Balance Transfer Card


Bazo15
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The last post in this topic was posted 3817 days ago. 

 

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Hello All,

 

As I do every January, I am currently tweaking my credit reports. I recently applied for a Discover Card and got turned down for High balance ratios. I have this Visa Card from my credit union where I have a $10,500 balance on a $12,000 balance. The interest rate is 14%. My FICO score is 680. Naturally, the obvious answer is pay down the balance dummy! However, can I pay it down with another credit card company where I can transfer the balance to and not be paying a high rate of interest? I am looking for somewhat of a sure thing (based on my FICO score) where I am not applying for multiple cards and piling up those inquiries.

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The hard part is having a high balance and the score. It can be done but it will be a little challenging. Depending on what your goal is (I am assuming it is to pay off the debt with as little interest as possible) you might check into a personal loan from your CU. Many dont recommend this but if it saves interest, then its an option. You may just have to suck it up for a bit and pay down the balance until you get below a 50% util and do other things to increase your scores. I also dont recommend apping for a bunch of cards if you know you have a good chance of getting turned down -- unless they pull a CR that you can B* if you want to take it that far.

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Folks - Thanks for the help on this one. I tried to access and pre-qualify for Slate but nothing came back. They said it may be due to "opting out." I think I may go the the "tough" it out route. Maybe a few less trips to Starbucks and send that money to pay off the Visa Card:) :grin:

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