Credit Card Debt Ratio Tips
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Posted: Wed Aug 18, 2004 6:08 pm
Post subject: Credit Card Debt Ratio Tips
abcd
Date: 5/27/2001 7:32 am CDT
We have several cards-one with an 8000 limit-- a platinum with a 6500 limit- and one or two with 1000-2500 limit. We always paid off our cards at the end of every month.... however, my husband needed to finish flight school and used our cards to finance it. We had excellent credit -- in the 700's-- but now I'm really worried about these limits. Most of the cards are fairly maxed out-(maybe a couple hundred on each)--- We have a 1st and 2nd mortgage on the house,-- but I'm really wanting to try and consolidate all of these cards--- or a few of these cards into one. the interest rates are 13.9-- 18.9-- and 17.9%. Do you think trying to transfer to much lower interest rates is the way to go? I'm not sure someone would give us a card based on our ratios. I'm just wanting to stay above water. Help!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Aug 18, 2004 6:08 pm
Post subject: Credit Card Debt Ratio Tips
Sunshinek9
Date: 5/27/2001 9:09 pm CDT
I have the same problem, well sort of.....three cards that are right up there, no second on the house yet but am considering this as a possibility to consolidate the three credit cards.
At this point we only have "one" late payment in the past three years and I'm hoping that will a consideration when I try to do a second on our house.
I do want to let you know that one of my cards just raised our interest rate from 14.99% to in the twenties, they used a credit review and the fact that we have a high debt ratio as the reason for the raise....we've NEVER been late on payments to this card.
I'm hoping that someone can specifically answer your question as I'm sure there are many people in your predicatament.
Have you considered debt relief clearing house??
archive
Posted: Wed Aug 18, 2004 6:09 pm
Post subject: Credit Card Debt Ratio Tips
credit smart
Date: 5/27/2001 9:37 pm CDT
You are going to have a hard time on getting any balance transfers on any new credit card account.Your debt to credit limit ratio is too high!Having over 70% of total availiable credit used sends a red flag to any new lender,and also watch your statements very closely because creditors are doing more regular credit reviews then ever before to find out if people are using their credit responsibily or not.Your interest rates could sky rocket any day now after what you have posted to this board.In order to maintain an excellent credit standing as far with credit cards,and to qualify for low rate offers no one should use no more then 40% of total availiable credit at once!Like for an example if a person had a 10K limit then this person should have no more then 4K on them.This will keep anyone at bay with any lender,and lenders will be glad to give you low rate offers on balance transfers.Paying the minimum due only isn't good ethier because this increases risk to any lender on anyone that is doing this.It shows them that this person is not paying down on their balances in a timely manner.If you can't get your situation under control within 6 months or so then you will need some professional credit conseling like CCCS,or some other DMP in your area.Most creditors now have tighten their credit standards because of our slowing economy,and they are taking every precaution to minimize their risk with anyone including people with excellent credit histories.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Aug 18, 2004 6:08 pm
Post subject: Credit Card Debt Ratio Tips
abcd
Date: 5/27/2001 7:32 am CDT
We have several cards-one with an 8000 limit-- a platinum with a 6500 limit- and one or two with 1000-2500 limit. We always paid off our cards at the end of every month.... however, my husband needed to finish flight school and used our cards to finance it. We had excellent credit -- in the 700's-- but now I'm really worried about these limits. Most of the cards are fairly maxed out-(maybe a couple hundred on each)--- We have a 1st and 2nd mortgage on the house,-- but I'm really wanting to try and consolidate all of these cards--- or a few of these cards into one. the interest rates are 13.9-- 18.9-- and 17.9%. Do you think trying to transfer to much lower interest rates is the way to go? I'm not sure someone would give us a card based on our ratios. I'm just wanting to stay above water. Help!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Aug 18, 2004 6:08 pm
Post subject: Credit Card Debt Ratio Tips
Sunshinek9
Date: 5/27/2001 9:09 pm CDT
I have the same problem, well sort of.....three cards that are right up there, no second on the house yet but am considering this as a possibility to consolidate the three credit cards.
At this point we only have "one" late payment in the past three years and I'm hoping that will a consideration when I try to do a second on our house.
I do want to let you know that one of my cards just raised our interest rate from 14.99% to in the twenties, they used a credit review and the fact that we have a high debt ratio as the reason for the raise....we've NEVER been late on payments to this card.
I'm hoping that someone can specifically answer your question as I'm sure there are many people in your predicatament.
Have you considered debt relief clearing house??
archive
Posted: Wed Aug 18, 2004 6:09 pm
Post subject: Credit Card Debt Ratio Tips
credit smart
Date: 5/27/2001 9:37 pm CDT
You are going to have a hard time on getting any balance transfers on any new credit card account.Your debt to credit limit ratio is too high!Having over 70% of total availiable credit used sends a red flag to any new lender,and also watch your statements very closely because creditors are doing more regular credit reviews then ever before to find out if people are using their credit responsibily or not.Your interest rates could sky rocket any day now after what you have posted to this board.In order to maintain an excellent credit standing as far with credit cards,and to qualify for low rate offers no one should use no more then 40% of total availiable credit at once!Like for an example if a person had a 10K limit then this person should have no more then 4K on them.This will keep anyone at bay with any lender,and lenders will be glad to give you low rate offers on balance transfers.Paying the minimum due only isn't good ethier because this increases risk to any lender on anyone that is doing this.It shows them that this person is not paying down on their balances in a timely manner.If you can't get your situation under control within 6 months or so then you will need some professional credit conseling like CCCS,or some other DMP in your area.Most creditors now have tighten their credit standards because of our slowing economy,and they are taking every precaution to minimize their risk with anyone including people with excellent credit histories.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:30 PM
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