Post subject: Consolidating Credit Card BalancesGuest: Board Monitor Posted: Fri May 27, 2005 4:34 pm
This message posted by e-mail request from one of the visitors to our site:
I would like to consolidate my 3 credit card balances into a lower interest credit card. Having trouble getting help from anyone. My total debet is 2400.00. Thanks for any help! Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: Daniel Post subject: Consolidating Credit Card Balances Posted: Sat May 28, 2005 11:45 am
With just the limited information it’s pretty hard to make a suggestion. What are the balances versus limits on your cards? What is your FICO score? Are they delinquent or do you have a negative history?
If I speculate I would assume you have a short credit history with cards around a $1000 limit each. Carrying this further it would mean that you have high utilization which in and of itself with the short history may limit choices.
Have you called and asked for an APR reduction with your current creditors? Can you pay the cards down to below 50% of the limit ? Another possible alternative might be a local credit union; but without additional info it’s all speculation.
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Consolidating Credit Card Balances Posted: Sun May 29, 2005 4:12 pm
There are 0.00% BT OFFERS all over the place (EVEN IN THE SUNDAY NEWSPAPER...COUPONS)
Guest: guessindigo Post subject: Consolidating Credit Card Balances Posted: Sun May 29, 2005 5:36 pm
Yes mouse is right. pick up any sunday paper, you'll come across a plethora of 0% offers on BT's. It's up to you to choose which one. It's highly competitive out there. A consumers market, take advantage of it.
Guest: Board Monitor Post subject: Consolidating Credit Card Balances Posted: Mon May 30, 2005 8:50 am
Also, be sure to check out "Card Reports" section here:
http://www.cardratings.com/cardrepfr.html Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Post subject: Cash Back Credit Card Benefits Guest: legitimate user Posted: Tue May 24, 2005 8:03 pm
I've looked into the highly advertised cash back cards like Amex Blue Cash and Citi's Dividend, but I keep reading and I can't find the serious catch in the fine print.
Ok, so Amex calculates your cash back based on your spending, and you won't get that advertised 5% back unless you spend a lot. Big deal that wholesale stores don't count as grocery stores and only get 1% instead of 5% back.
Citi just mails you a check once you gain $250 in cash back rewards? It just sounds too easy to me. Someone care to shed any light on this subject?
Guest: hdporter Post subject: Cash Back Credit Card Benefits Posted: Tue May 24, 2005 10:45 pm
I'll give you the scoop on my Citi Pref Div a/c:
I earn 1% on purchases, 5% with select grocery/pharmacy. Only those stores registered with them get the bonus. (e.g. Trader Joe's purchases don't qualify for a bonus)
I can request a check for accumulated dividend dollars anytime my balance exceeds $50. It's a very simple online task (2 or 3 min. at most) and has worked flawlessly for me..
Note that some cards gradually increase dividend rates as you charge through the year. The first $x may only receive a .25% rebate, subsequent charges earn a higher rate. Read details carefully when you apply.
Guest: Dunbar Post subject: Cash Back Credit Card Benefits Posted: Thu May 26, 2005 10:48 pm
Only catch is the $300 a year cap, that and I only get 20-vs-30 days to pay compared to my plain-jane MBNA card. If you're a "deadbeat," how the CC companies refer to on-time payers, there is no catch. I think the CC companies see these everyday charges as a growth area. One so they can earn more interest with late-payers, and two because people tend to spend more when they're charging it. Citbank doesn't have to twist my arm to give me $300 a year
Guest: sammy262 Post subject: Cash Back Credit Card Benefits Posted: Fri May 27, 2005 9:41 am
I agree with the other posts. Citi Dividend Platinum Select is the best rewards card out there if you pay your balance in full monthly and you are a megacharger. My wife and I each have one of these cards and have no trouble hitting our $300 limit on rebates. No annual fee, reasonable grace period, easy to navigate their website for account lookup, bill pay, etc. We switched to this card from the GM Card which served us well. It pays 5% back on everything, but of course the rebate is only good towards a GM vehicle purchase or lease. Over the years we have gotten (in round numbers) $1700 off a GMC Jimmy, $2300 off A Chevy S-10, $1900 off a Buick Century, and $2600 off a Buick Rendezvous. And that's on top of whatever other rebates, discounts, etc are available or you can negotiate. Also, this is the "old" GM card which is no longer available. Its structure for accumulation and redemption of rebates is superior to the "new" GM card. I think GM realized the "old" card was overly generous and scaled back with the "new' card.
Post subject: How to Get Approved For Fixed Rate Credit Cards Guest: RacieRacer Posted: Fri May 27, 2005 6:49 pm
Got 2 of those 0% then 7.99% fixed visa platinum by Chase limited time invitations.
Was wondering if you are more likely to get approved on these mail offers where they give you a code to enter if you like to apply online then just randomly applying without one?
However If I got rejected on the Target card, which every one seems to have except me, even people with significantly lower scores, I highly doubt I'll get approved for this card, mail offer or not.
Guest: credithelp Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Fri May 27, 2005 7:18 pm
From my experience, when i receive the mailings with the codes i usually got something. Nothing is ever guaranteed though.
Chase mailed me an offer for a platinum card. It had the 0% up to one year and then 7.9 fixed after that. Also the credit limit could be up to 100,000.
I filled it out online and was approved. They only gave me 3 months on the 0% and the interest rate after that is 12.9. The card agreement basically states that they can give me a rate up to 29.9% so im not guaranteed the 12.9 after the intro period.
I didnt get the best terms that they offer and i didnt expect to since i still have some negatives on my report but its a start to build into something better.
Guest: slickytfox Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Fri May 27, 2005 8:43 pm
Had an expiration date of July 8. I'm going to wait the month and then try to use the invitation code on the very last day. Gives me two new good months on the CR. I like balance transfer and hope that it'll work out for me then.
Guest: RacieRacer Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Fri May 27, 2005 8:59 pm
Mine had date of June 8, wonder if they are all on the 8th of whatever month? Actually had 2, both were on the 8th.
I applied, said would hear decision by mail. However the few cards that I have gotten approval for were by mail......think it has something to do with me moving in past 6 months.
Guest: chaz Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Fri May 27, 2005 9:38 pm
I also had an offer from Chase/Circuit City. I had an auto financed with Chase in January. I don't know if that led to the pre-approval or not. BTW, I mailed my app in today. Good luck with yours.
Guest: CreditCardGuru Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Sun May 29, 2005 5:16 am
I think it does help when you have an auto loan through Chase. I have seen numerous people get pre-approved for generous credit lines after getting an auto loan through them. I'm the Credit Card Guru, YOU BET
Guest: Shawnee Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Sun May 29, 2005 11:13 am
Quote: However If I got rejected on the Target card, which every one seems to have except me, even people with significantly lower scores, I highly doubt I'll get approved for this card, mail offer or not.
Don't be too sure of that. Target declined me for their Visa card, then sent the guest card. When I tried to activate it, they told me they needed more information which I faxed them. Apparently they didn't like what I sent them, and told me the account would not be opened. In the meantime, AMEX approved me for the Blue at $2000 initially which is now $7200.
The bottom line is Target is funky, don't go by the fact they denied you.
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Sun May 29, 2005 3:49 pm
"PRE-APPROVED" type offers are "USUALLY" have a better chance for approval...like BONUS POINTS
Guest: guessindigo Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Sun May 29, 2005 5:23 pm
PRE-Approvals have a better chance at approval than COLD applying over the web or phone in.
Guest: slickytfox Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Sun May 29, 2005 5:35 pm
I want to chime in again on my experiences with mail offers.
I have and still work in an industry that maintains close relationships with marketing database companies. With one of our first internet derived promos, I was amazed with the amount of information that can be captured from a single hit from an IP address. The marketing database company shared in a meeting that they would contact the ISP and were allowed simply to get addresses, not names or other information, of subscribers to the ISP and scrub them against a list of potential customers from a particular area. A close rate of only .5% is phenomonal on these types of offers. Expectations are only .15%.
Also, these marketing offers are often formed months before they are actually sent out to the prospect.
For instance, the Chase offer that we recieved may have been solely based on the fact that we applied 3 years ago and were turned down. The marketing company assumes that our credit and financial situations have improved which results in a mailing.
Pre-approved offers are more intensive on the research and usually result in multiple mailings and/or telemarketing in a very short period of time.
Applying this knowledge to offers sent to me also makes me realize that the offer actually sweetens if waiting for the expiration date to respond.
Marketing companies actually track activity from responses to a particular mailing and a positive response to a particular offer may trigger other mailings and or telemarketing. In other words, if you are on the national DO NOT CALL list, you may have unknowingly opted-out of it by responding to a promotion.
I'm all inbound sales now, but when I was on the outbound side when this all started with the DO NOT CALL list, so many loopholes were given to marketing database companies to keep them in business. Still the industry has been losing profits yearly and costing thousands of jobs.
It's a courtship of sort like when the guy won't give up until he actually can taste the pie type of thing, you know?
Simple, if you are desired, you can be picky. If you rarely get these offers, your probably just a test to see if you respond.
Demographics and marketing is fascinating to me.
Guest: JaneiR36 Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Mon May 30, 2005 1:09 pm
Unless you have perfect credit, Chase pre-approved offers are probably crap! Their ads are, too!
Yeah, that's right. I'm a bitter customer who applied for their "0% for 12 months card"... instead I got 0% for 3 months and 23.99% after that! I'm sure you have other offers in the mail; skip these guys, they're not worth the time it takes to apply!
Guest: guessindigo Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Mon May 30, 2005 5:20 pm
Not for me. Responded to a Chase Plat VISA preapproval, and got 18,000 cl.
Guest: credithelp Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Mon May 30, 2005 6:17 pm
I got offers from them for quite a while and they always declined me until i crossed the 700 mark.
If you do well with the card they will most likely lower the interest rate and increase your credit limit. I have a friend who started with a $200 limit chase card two years ago. His rate is now at 12% and his credit limit is 10,000.
Chase seems to be very conservative, especially up front unless you have a really good credit report.
The offer i got from chase wasnt all that impressive but its a start.
Guest: MedSchoolGirl Post subject: Getting Approved For Fixed Rate Credit Cards Posted: Wed Jun 01, 2005 12:57 pm
Shortly before my BK I got a lot of Chase pre-approved offers, but my credit was not good at all. I should have known better but I did finally applied, and of course I was turned down. Then Citibank called me shortly after my BK to have me do a phone application for a card I was preapproved for, naturally I was turned down. My experience with pre-approvals have not been so good. Although, I did get one mail offer that says I was guarentee a card, and I did get that one.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Cash Rebate Reward Credit Card Consumer Tips Posted: Tue May 31, 2005 8:28 pm
Excellent article, Curtis. Kudos to Amy. She really outdid herself this time. Actually there was only one very brief quote from yours truly, but the article was so complete and so informative there was neither reason nor room for another.
Guest: guessindigo Post subject: Cash Rebate Reward Credit Card Consumer Tips Posted: Wed Jun 01, 2005 12:40 am
I am a little disappointed on her perception that blue cash is inferior to the dividend card.
I earned $210 and paid $25 in finance charges to get the rebate credited to my account.
There is nothing wrong with "tiered" cash back cards provided your spending overlaps with the issuers reward structure.
I might add, that the max for blue cash is 50K. Citi can not say the same about it's dividend.
A good article none the less, but the author should give equal representation on blue cash.
Guest: milavant Post subject: Cash Rebate Reward Credit Card Consumer Tips Posted: Wed Jun 01, 2005 11:25 am
I agree.
Blue cash or the AMEX cashback green card (which I have) is definitely superior , in my opinion, for heavy chargers. I charge about $35,000 annually, most on AMEX, and get close to $600 back each year.
For me, Citi Dividend can't even come close.
I use a straight 1% Visa to back up AMEX, but almost everywhere I go takes AMEX.
Guest: Woolfman Post subject: Cash Rebate Reward Credit Card Consumer Tips Posted: Wed Jun 01, 2005 2:02 pm
Sorry, but I think Citi Dividend is the best. works great for me. If I reach the $300.00 limit in one year that would be a lot charging for me. I turn down any reward cards with tiered structures to them. waste of time for me.
I also like Discover's Gas card where the tier works in reverse.
Post subject: Aspire Visa Credit Card Rip-Off Guest: Shawnee Posted: Sat May 28, 2005 3:03 pm
I made a post here a couple months ago when I found out what kind of company Aspire/Compucredit was. I took the advice and started out sending them a certified letter with the card cut in two.
To make a long story short, I sent them three CMRRRs demanding the account be closed. I sent them five emails. I called several times, but still they did not close the account. Finally, last week I sent them a letter threatening to sue them.
This morning, I check on the phone and they have finally closed the account. Now I have to wait and see how they report it. I included the relevant sections of the FCRA in my last letter. I've heard that almost in retaliation they will try to poison your credit report when you close the account with them. Has anyone had similar experience with them?
Guest: Shawnee Post subject: Problems With Aspire Visa Card Posted: Sat May 28, 2005 5:14 pm
Yes, that site is one of the things that helped me make up mind to close the account. I spent almost a year cleaning up my credit, and I didn't want to give these thieves an opportunity to trash it.
Guest: Board Monitor Post subject: Problems With Aspire Visa Card Posted: Mon May 30, 2005 9:08 am
Always check our consumer reviews section as well. There are over 300 reviews on Aspire:
http://www.cardratings.com/cardreviewfr.html
Let us know if your credit report reflects the closure... Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: Shawnee Post subject: Problems With Aspire Visa Card Posted: Mon May 30, 2005 10:25 am
Hi Curtis, yes I saw the reviews here about the same time. Actually, I found your review section in a Google search of Providian, after they once again refused to consider lowering the 25.99% APR on our card. Needless to say we never carry a balance on that card.
I'll keep a close eye on this and let everyone know how they report it. I'm really surprised the FTC hasn't taken action against them. Their activity, especially with the billing games they play borders on criminal.
Guest: MedSchoolGirl Post subject: Problems With Aspire Visa Card Posted: Wed Jun 01, 2005 1:09 pm
I have an Aspire Visa, one of the few CC I could get and I haven't had a problem with them, however, I was planning to pay it off and close it before November which is when I got it last year. This way I don't have to pay another annual fee. Is it when you close you account that people have problems with them? I have been very good about my credit cards and such since my BK so I could rebuild. I make my payments online when it is close to the due date or I send it in way ahead of time, and it hasn't really been a problem.
Guest: Shawnee Post subject: Problems With Aspire Visa Card Posted: Wed Jun 01, 2005 2:29 pm
They have been known to report inaccurate information when you close the account. Go to the main Card Ratings page and click on the link at the lower right, Cardholder Reviews. There is report after report of some of the very questionable practices they employ, including reporting the account closed by grantor, when it was closed by consumer.
Post subject: Best Secured Credit Card Guest: shadeenabeeh Posted: Fri Jun 03, 2005 3:07 am
Hi It's just 2 months here in the USA and I knew about the credit history issue so I applied yesterday for a citibank secured credit card, is it the same like Bank of america secured one, coz they didn't tell me to pay anything except the limit (no annual fee) like that i heard for bank of america,
Which one is better and why
What do u think do i have to apply for Bank of america
I am resisent in CA, will equifax give me a free score report.
What will be my final score if I make good buying and paying back in time with my card
Guest: legitimate user Post subject: The Best Secured Credit Card Posted: Fri Jun 03, 2005 3:47 pm
shadeenabeeh wrote:
What will be my final score if I make good buying and paying back in time with my card
No one here could determine this exactly. The credit bureaus don't disclose exactly how scores are calculated and we couldn't predict your spending or limits. Will paying on time, every time help your credit score? absolutely.
Guest: shadeenabeeh Post subject: The Best Secured Credit Card Posted: Mon Jun 06, 2005 1:49 am
Thanks for ur help
But I have a question
Which is better secured credit card bank? i have one in citibank, when do u advise to make bank of america or chase or what, i am resident in LA, anyway do i have to make BOA now or wait till when to make the secured credit at them?
Post subject: Juniper Credit Card Offer Guest: truckertony39 Posted: Sat Jun 04, 2005 5:33 pm
well it started about a month ago i recieved a juniper credit card offer in the mail so i went online and put in the invitation number verified some information filled in some needed info like employer and such and submitted the instant response said my application needed further review not suprising since my bk is only a year and half old well got my denial 2 weeks later then another 2 weeks pass and i get a email welcoming me to juniper with the last 4 digits of my new account # so i called and gave them my ss# and they confirmed that i was declined so i wrote it off as a flook well today i recieved my juniper card with a $250.00 credit line so i activated over the phone then went online to register but when i put my ss# ,d.o.b mothers maiden name it wouldnt work so i called custmer service and when we verified all the info my ss# was one digit off lets say instead of 123 it was 134 how did this happen and how did i get approved with a messed up ss# she said call their credit dept monday anybody have any ideas thanks
Guest: Alexis Rios Post subject: Strange Credit Card Approval Posted: Sat Jun 04, 2005 8:26 pm
just check the investigation , maybe the ss# who appears in the credit customer service , maybe belongs to another person. Just in case , check also your credit report regarding that.
Guest: truckertony39 Post subject: Strange Credit Card Approval Posted: Sun Jun 05, 2005 12:01 pm
thanks i'm gonna call them first thing monday morning their isn't much i could use a 250.00 credit line for maybe they will rerun my credit report with proper ss# and adjust the credit line or they might just want thier card back.
Guest: CreditCardGuru Post subject: Strange Credit Card Approval Posted: Sun Jun 05, 2005 2:05 pm
I've never heard of Juniper, but that doesn't mean anything. Maybe it was yours to begin with and somebody just screwed up keying in the SS# into their systems. I'm the Credit Card Guru, YOU BET
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Strange Credit Card Approval Posted: Mon Jun 06, 2005 9:50 am
Quote: I've never heard of Juniper From their web site:
Quote: Juniper was founded in 2000, and today boasts nearly $1.5 billion in assets with 1,000,000 accounts and growing.
Juniper issues some of the industry's most competitive credit card programs, including: Frontier Airlines, AirTran Airways, Best Western, Orbitz, Mothers Work and more.
Learn to do the least little bit of investigation before making statements like that. If you're not careful you might learn something!
Post subject: Discover Credit Card Debt Guest: itty bit Posted: Mon Jun 06, 2005 8:56 pm
I just got a call from an attorney that was secured by Discover Card regarding an $8K+ debt they claim I owe. They also claim the last activity on the card was in 1999.
I know I had a Disover Card at one time...YEARS ago but thought this was all paid. I have never heard one word from anyone
When I inquired about the activity I was told it was probably late fees or other yearly fees. They have agreed to settle for a little over $2K however I need to make it a one lump sum.
Is this legal? I may very well owe something -- however I know I never had anywhere near an $8K credit limit, let alone that much of a balance. Could this be 12 years of late fees? When do SOL laws apply?
I was told if I do not pay it, Discover will continue with legal action.
Guest: CreditCardGuru Post subject: Credit Card Debt From an Old Card Posted: Mon Jun 06, 2005 11:45 pm
Make sure it isn't some scam or something. That sounds kind of weird. I'm the Credit Card Guru, YOU BET
Guest: itty bit Post subject: Credit Card Debt From an Old Card Posted: Tue Jun 07, 2005 9:00 am
So I called Discover who said they sold my debt to Midland credit in 1997. Discover did not have a balance.
I then called Midland credit who said they sold the debt to Consolidation USA in 2003. Midland also did not have the balance sold.
I have yet to call consolidation USA.
Now based on this, if the debt was sold by the original cc company in 1997, how could I have had activity in 1999? The debt was sold 8 years ago from the original cc company.
Any guidance before I pay the attorney just to get him off my back. Was this a scare tactic by telling me I was about to be served by the county I live in hoping I dont look into anything? I have no problem paying this (things will be a little tight for a bit) but I just dont know what my rights are.
Guest: Shawnee Post subject: Credit Card Debt From an Old Card Posted: Tue Jun 07, 2005 10:24 am
DO NOT CALL THE CURRENT HOLDER OF THE DEBT!!!
DO NOT PAY OR AGREE TO PAY ANYTHING ON THIS DEBT
First, which state do you live in? Unless you live in Ohio or Rhode Island, this debt is far beyond the time they could legally sue you. If they do sue you, be sure to respond to the suit. You only need to point out in your response that your affirmative defense is the debt is beyond the statute of limitations.
Secondly, check all three of your credit bureau reports. This debt is far beyond the time limits for reporting. If any of these JDBs (junk debt buyers) have played with the date of last activity and re-aged the accounts to appear on your credit report, they have violated the law and you can sue them in federal court for violating the Fair Credit Reporting Act
Post subject: Pood Credit Credit Cards Guest: MedSchoolGirl Posted: Tue Jun 07, 2005 10:47 am
My sister who has excellent credit wants to help me out. She is outraged by the fees and interest I pay on my credit cards (for poor credit). We were wondering what kind of credit card together we would qualify for? A little about her credit. Her credit score, last time we checked was in the mid seven hundreds (FICO). She has several cards most not in use.
She recently applied for and received a chase credit card with a $5000 limit-she transfered a $1700 balance on it. She has a discover card with $1000 limit and no balance at all (never used) She has a bank of America Card with $5000 limit and a balance about $3000. A Citibank Card with a $800 balance ($1200 limit) which will be paid off in August. A car loan A citibank card with a $300 limit and is 5 years old and has never been used. A providian card with $3000 limit and no balance.
My credit history MCK scores TU 613, EX 594, EQ 611 A bk last summer a capital one cc with $300 limit and $250 balance a first premier card with $250 limit with a $200 balance An aspire visa (will get rid of at the end of summer) with $300 limit and $250 balance Cross County Visa $750 limit and $500 balance
Obivously together we realize that we would not get as good as a deal as she would alone. So we were wondering what bank to try?
Guest: consumercity Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 10:59 am
Maybe she could get the card on her own and list you as an authorized user. That way the rates would be based on her credit score but you would still be able to use the card. Consumer City.org
Guest: MedSchoolGirl Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 11:27 am
She has already put me as an authorized user on most of her credit cards, to improve my credit score. However, she doesn't want to be completely responsible for my debt, which I can understand. I think she is afraid that it will happen again, which I won't let it but I can understand her fear. I could ruin her perfect credit history.
Guest: Shawnee Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 12:25 pm
The problem is if you two open a join account and you default, she is responsible for 100% of the debt.
If she has already listed you as an AU on her cards, most of them should be on your report.
There is no quick increase for FICO scores, with the exception of getting negative information removed. You have enough accounts to build up your history, and you are already near or over 600 which is great considering how recently you filed BK.
My advice would be to pay down the balances you have on your cards, then pay in full each month and only spend what you can afford to pay off. After six months you should be above 650 and in pretty good shape.
One more thing - if you are an AU on any of your sister's cards that are over 60% of the credit line, this is probably hurting your score. When she pays down those debts, you should see a bump in your score as well.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 12:30 pm
Don't think in terms of applying together or being an authorized user of her card. Either way, her credit will be affected if you don't pay--unless she pays and carries you. The only way her credit can help you directly is for you to transfer your balances to her lower-cost cards and then make the payments directly to her bank or to her. But if you then renege, she'll be responsible for your debts--and she doesn't want to be in that position.
I think this is a problem you'll have to solve on your own, without involving her, UNLESS you have some assets or security you can offer her to pledge that you will follow through and pay your debts. Then you can essentially borrow some money from your sister and pay her a reasonable interest rate. Remember, though, that if a problem comes up your relationship with your sister can be ruined. Best to stay away from family to solve problems like this.
Guest: Shawnee Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 1:05 pm
One more thing I should add. According to what you posted, you have a total of $1700 in credit lines, and have $1200 of that in balances. If you pay just half of that down, you should see a nice score increase.
I agree with Polonius, you really should try to work this out on your own. As I posted earlier, pay down your balances, pay on time, and you will be fine without having to ask your sister to risk her credit.
Also, I hope she kept the cards that you are an AU on. This is a great way to help someone out but not take the risk. Remember, credit cards are not extra cash but just a means to spend what you already have.
Post subject: Joint Account Credit Cards Guest: MedSchoolGirl Posted: Tue Jun 07, 2005 10:47 am
My sister who has excellent credit wants to help me out. She is outraged by the fees and interest I pay on my credit cards (for poor credit). We were wondering what kind of credit card together we would qualify for? A little about her credit. Her credit score, last time we checked was in the mid seven hundreds (FICO). She has several cards most not in use.
She recently applied for and received a chase credit card with a $5000 limit-she transfered a $1700 balance on it. She has a discover card with $1000 limit and no balance at all (never used) She has a bank of America Card with $5000 limit and a balance about $3000. A Citibank Card with a $800 balance ($1200 limit) which will be paid off in August. A car loan A citibank card with a $300 limit and is 5 years old and has never been used. A providian card with $3000 limit and no balance.
My credit history MCK scores TU 613, EX 594, EQ 611 A bk last summer a capital one cc with $300 limit and $250 balance a first premier card with $250 limit with a $200 balance An aspire visa (will get rid of at the end of summer) with $300 limit and $250 balance Cross County Visa $750 limit and $500 balance
Obivously together we realize that we would not get as good as a deal as she would alone. So we were wondering what bank to try?
Guest: consumercity Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 10:59 am
Maybe she could get the card on her own and list you as an authorized user. That way the rates would be based on her credit score but you would still be able to use the card. Consumer City.org
Guest: MedSchoolGirl Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 11:27 am
She has already put me as an authorized user on most of her credit cards, to improve my credit score. However, she doesn't want to be completely responsible for my debt, which I can understand. I think she is afraid that it will happen again, which I won't let it but I can understand her fear. I could ruin her perfect credit history.
Guest: Shawnee Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 12:25 pm
The problem is if you two open a join account and you default, she is responsible for 100% of the debt.
If she has already listed you as an AU on her cards, most of them should be on your report.
There is no quick increase for FICO scores, with the exception of getting negative information removed. You have enough accounts to build up your history, and you are already near or over 600 which is great considering how recently you filed BK.
My advice would be to pay down the balances you have on your cards, then pay in full each month and only spend what you can afford to pay off. After six months you should be above 650 and in pretty good shape.
One more thing - if you are an AU on any of your sister's cards that are over 60% of the credit line, this is probably hurting your score. When she pays down those debts, you should see a bump in your score as well.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 12:30 pm
Don't think in terms of applying together or being an authorized user of her card. Either way, her credit will be affected if you don't pay--unless she pays and carries you. The only way her credit can help you directly is for you to transfer your balances to her lower-cost cards and then make the payments directly to her bank or to her. But if you then renege, she'll be responsible for your debts--and she doesn't want to be in that position.
I think this is a problem you'll have to solve on your own, without involving her, UNLESS you have some assets or security you can offer her to pledge that you will follow through and pay your debts. Then you can essentially borrow some money from your sister and pay her a reasonable interest rate. Remember, though, that if a problem comes up your relationship with your sister can be ruined. Best to stay away from family to solve problems like this.
Guest: Shawnee Post subject: Joint Account Credit Cards Posted: Tue Jun 07, 2005 1:05 pm
One more thing I should add. According to what you posted, you have a total of $1700 in credit lines, and have $1200 of that in balances. If you pay just half of that down, you should see a nice score increase.
I agree with Polonius, you really should try to work this out on your own. As I posted earlier, pay down your balances, pay on time, and you will be fine without having to ask your sister to risk her credit.
Also, I hope she kept the cards that you are an AU on. This is a great way to help someone out but not take the risk. Remember, credit cards are not extra cash but just a means to spend what you already have.
