Credit Tips: Consolidating Credit Cards Tips

Posted On: January 1, 2006

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Posted: Tue Sep 28, 2004 6:41 pm
Post subject: Consolidating Credit Cards Tips

Rhonda
Date: 2/14/2001 7:01 pm CDT

Hello,
I have been trying to re-establish my credit after a failed marriage, from which my former husband was a “bankruptcy junkie”, (financial reasons being the reason I left in the first place). Our most recent Chapter 13 was in 1998, but was dismissed becaue I talked him into re-assuming our debts and us paying them off ourselves. They are all paid off now, the only other negative thing on any of MY credit reports is from a company that no longer exists, that my ex had signed ME up for a burglar alarm, and I sent it back voluntarily. It’s listed as a INvoluntary repossesion, and it wasn’t even in My name! I have investigations on all 3 reports now because of this. My question is this, I have applied and received 5 credit cards, the highest being $700.00. I have been paying them all before due date and adding a little extra to the minimum payt each month. They are ALL in good condition on my reports. I have been looking for ONE higher limit card so I can consolidate these little ones and close them out. And I will only have one payment each month. But now I have numerous “inquiries” on my credit reports (that I didn’t know was bad until now)and am not getting anywhere! Can somebody tell me what I need to do now?
Thanks in advance for any advice,
Rhonda

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Posted: Tue Sep 28, 2004 6:41 pm
Post subject: Consolidating Credit Cards Tips

Erik
Date: 2/14/2001 10:27 pm CDT

If your cards aren’t maxed out apply for this one, it’s pretty easy to get:
http://www.citibank.com/us/cards/cardserv/worldcard/aasilver.htm

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Posted: Tue Sep 28, 2004 6:41 pm
Post subject: Consolidating Credit Cards Tips

Eugene
Date: 2/15/2001 0:18 am CDT

If your cards aren’t maxed out apply for this one, it’s pretty easy to get:
http://www.citibank.com/us/cards/cardserv/worldcard/aasilver.htm

Eric, I see three points in your post that I have strong doubts about.

(1) How do you know Citibank AAdvantage card is easy to get? As far as I know, it’s not among the cards for people with poor credit.

(2) Why do you stress that the current cards should be far from maxed out? That IS one of the possible denial reasons, I agree, but just one of many.

(3) Rhonda was looking to consolidate debt. That would mean as low APR as possible. You offered her to apply for an airmiles card. APR on those cards are always steep, and this one comes with a $50 or $85 annual fee. Basically, this is the opposite of what Rhonda was looking for.

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Posted: Tue Sep 28, 2004 6:42 pm
Post subject: Consolidating Credit Cards Tips

: Erik
Date: 2/15/2001 9:15 am CDT

(1) I know the card is pretty easy to get it because I just got it last week. If they looked at my best credit report all they saw was a card that was 6 months old and a card that was 3 months old plus a few inquiries. My balance/limit ratio was only about 20% though. Most decent cards reject me quick because my credit length is too short. Also I’ve heard of many other people who are in the process of rebuilding their credit have gotten these two cards. I applied for the regular one and received a $3000 limit and then applied for the gold one and received a $5000 limit.

(2) I stress the balance/limit thing because that is the one factor that I’ve noticed many people don’t guess on their own and also because it’s one of the easist factors to control in the short term. Even if your cards are maxed out you can lower them considerably within one month and then apply for credit.

(3)She said in her post that she was looking for a card with a high limit so she could consolidate and pay only one bill (and her highest now is just $700). Of course the annual fees and APR aren’t the greatest. She isn’t going to get the best card on the market if she has shaky credit. Since she has five cards I doubt that her credit is a total lost cause and she probably has a pretty good chance at this one.