Credit Tips: Credit Card Debt Consolidation Tips

Posted On: February 1, 2006

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Posted: Thu Jan 13, 2005 12:20 am
Post subject: Credit Card Debt Consolidation Tips

Joan Freeman
Date: 7/31/2000 1:51 pm CDT

I have a situation that you might be able to help me with. My credit history is
squeaky clean with the exception of a $50.00 PAID bill collection. (This
was a misunderstanding that grew to be a disaster. ) They will not remove from
my credit reports. I have a significantly high balance on a Discover Card that I
have been chipping away at. I wanted to consolidate this and a few smaller debts
on another credit account. I applied at AT&T Visa and was declined because of
the collection item. I applied for Nextcard and was declined for the same reason
plus my debt balance to limit ratio. The collection item is scheduled to come
off early in 2001. However, need like to save some money now. I just bought a
new house and need lower monthly payments on my debt. I have pressed really hard
to make sure all payments to my accounts are perfectly on time. Is there any
Card with a decent interest rate that will approve me with this pesky, little
collection on my back. I don’t want to do any more spending. I just want to
consolidate to save some money on interest.

If you could recommend something or steer me in the right direction I would
appreciate it.

archive
Posted: Thu Jan 13, 2005 12:20 am
Post subject: Credit Card Debt Consolidation Tips

dave
Date: 8/3/2000 8:58 pm CDT

a couple of suggestions: (1) contact the collection agency and ask them to delete the item from your report. (2) contact the company that denied you credit and see if they will reconsider. Some will. (3) citibank is offering a 2.9 rate on balance transfers through May, 2001. Hope this helps.

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Posted: Thu Jan 13, 2005 12:20 am
Post subject: Credit Card Debt Consolidation Tips

Board Monitor - CA
Date: 8/5/2000 5:27 pm CDT

Dear Joan,

Thanks for your recent inquiry! It will be hard for you to get a low rate card with the collection item on the report. Have you tried to renegotiate with the cable company to have the item removed. Since the item was paid and the amount in question is so little, I would definitely pursue this. This item, as well as your debt to income ratio, is hurting your credit rating. For more info. please visit the following page on our site…

http://www.cardratings.org/creditreport.html
Hope this helps!

Best Regards,
Curtis Arnold
P.R. Director
CardRatings.org

Credit Tips: Credit Card Debt Consolidation Tips

Posted On:

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Posted: Wed Jan 12, 2005 11:17 pm
Post subject: Credit Card Debt Consolidation Tips

Tom Arnold
Date: 8/11/2000 4:50 pm CDT

I have 3 separate accounts with mbna which total over 30k.

I need to lower my interest rates and get these paid down. any advice?

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Posted: Wed Jan 12, 2005 11:18 pm
Post subject: Credit Card Debt Consolidation Tips

Board Monitor - AD
Date: 8/12/2000 1:39 pm CDT

Dear Tom,

There are several options to consider:

1) If payments are to high, see if you can negotiate directly with your creditors for lower monthly payments and perhaps lower rates, and make sure that they don’t report such action to your credit report.

2) Transfer balances to lower rate credit cards - remember, the lower the rate you pay, the faster your balances will decrease.

3) Go through the “Debt Management” section in http://www.creditcardfreedom.com, there you will find lots of tricks and tips for credit card debt management.

4) If all else fails, consider contacting a credit counselor.

Good Luck!

Sincerely,
Alex D.
http://www.creditcardfreedom.com