Credit Tips: Consolidate Credit Cards

Posted On: November 1, 2005

Author: Cazador
Posted: Fri Jul 15, 2005 9:39 pm
Post subject: Consolidate Credit Cards

Hi, I’m a college student with some credit card debt. I have several credit cards now and have a debt totalling somewhere around $5000. What I’m wondering is there some type of way I could consolidate all my cards into perhaps one account? I WOULD just apply for a credit card with a large limit and pay them off that way, but my credit is bad and I can’t apply for many credit cards anymore. What can I do?

Author: Alexis Rios
Posted: Sat Jul 16, 2005 8:33 am
Post subject: Consolidate Credit Cards

check if you have two or more credit cards from the same issuer. Then call to the issuer’s customer services and request to combine credit limits, to keep just one card(usually the oldest one). That way you reduce the number of cards without reducing their credit limits. Since you have a debt of $5000 , you can put all the debt into the account . Be sure that in order to keep all the debt in one credit card , you’ll be had at least $10,000 or more of credit limit.

Author: Daniel
Posted: Sat Jul 16, 2005 8:52 am
Post subject: Consolidate Credit Cards

I believe your question is how to reduce the rate or payments on the existing cards because you’re struggling with them if I am reading this right?

There is not enough information to really answer you but some thoughts are, if you have the ability to transfer balances then see if you can transfer to the one or two that have the best terms.
If your credit is bad it’s unlikely that you will get a large limit with favorable terms on a new card.
Why is it bad? Are the accounts past due? Do you know what you’re FICO scores are?

If you’re a member of a credit union this might be a good choice to see if you can get a bill consolidation loan which may reduce the payment and or interest rate.
Credit unions in general are more accommodating to this type of loan; of course your credit and income would still have to qualify for the amount.