Denied For Loan to Pay Off Credit Cards, What to Do?
Author: french toast
Posted: Fri Apr 14, 2006 11:36 am
Post subject: Will I have an issue finding a new card for a BT?
I currently have high balances on the two credit cards I have (one Chase Platinum, one Citibank Platinum - I have had the Chase for 5 years and the Citi for 8 ). I have a $7500 limit on the Chase and $7000 is being used; I have a $4500 limit on the Citi and $4200 is being used. The APR on both cards has absolutely skyrocketed in the past year from 11% and 18% to 24% and 30% Both of these balances have come about in the last two or three years because of some "lifestyle changes".
Recently I applied for a loan through my bank to pay off the CC debt, but it was denied. The reason? Limits on the cards were too high
I have been trying to pay these stupid things down for a year now and they never seen to be going anywere. I am putting the small amount of extra cash left over at the end of the month towards the balances, but it doesn't seem to help. I am looking at transferring the balance(s) to a 0% intro APR card but I am petrified, because of the previous loan denial, that a) I will be denied for the card and b) it'll push my credit score down even more.
Only other debts I have is a car loan - never had a late payment - and a student loan which I have made a few spotty late payments on. I have gone over the limit a few times in the past year on both CCs.
Do you think I will have any issues in being approved for a card with a BT? Any hints on which company I should go with? Will the fact that I already have a Chase and Citi card be a deterrent or a help for applying for another card with either of those companies?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Fri Apr 14, 2006 12:11 pm
Post subject:
You don't mention your income or any credit score. Certainly you're paying some outrageous interest right now, and you know why--the late payments, going over the limit, and maxing out your current lines. I don't know if any bank will give you new credit, but it won't hurt you significantly to try. So go ahead and apply for some cards. Don't be surprised if you're turned down, though.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: french toast
Posted: Fri Apr 14, 2006 12:33 pm
Post subject: Denied For Loan to Pay Off Credit Cards, What to Do?
Thanks for the reply, Polonius.
My salary is 72K/year. Not sure about the credit scores - I requested the scores but they have not been mailed to me yet.
I'm quite anxious to get these cards paid down as I am looking to buy a house in the next 6 months to a year...
Auhtor: TomfromCT
Posted: Sat Apr 15, 2006 6:23 pm
Post subject: Denied For Loan to Pay Off Credit Cards, What to Do?
72k/yr....
not a bad income. If your monthly minimun payments on everything arent crazy you should be ok before long.
I would go after that 4200 blance hard and fast. Clip coupons...charge NOTHING and live for attacking that card. Sign up for online payments and pay that card everytime you have extra cash from a payday.
Once you only have that...the 7000 card should be easier to handle....and the other card now paid off will likely send you some balamce transfer checks making it that much easier.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Apr 14, 2006 11:36 am
Post subject: Will I have an issue finding a new card for a BT?
I currently have high balances on the two credit cards I have (one Chase Platinum, one Citibank Platinum - I have had the Chase for 5 years and the Citi for 8 ). I have a $7500 limit on the Chase and $7000 is being used; I have a $4500 limit on the Citi and $4200 is being used. The APR on both cards has absolutely skyrocketed in the past year from 11% and 18% to 24% and 30% Both of these balances have come about in the last two or three years because of some "lifestyle changes".
Recently I applied for a loan through my bank to pay off the CC debt, but it was denied. The reason? Limits on the cards were too high
I have been trying to pay these stupid things down for a year now and they never seen to be going anywere. I am putting the small amount of extra cash left over at the end of the month towards the balances, but it doesn't seem to help. I am looking at transferring the balance(s) to a 0% intro APR card but I am petrified, because of the previous loan denial, that a) I will be denied for the card and b) it'll push my credit score down even more.
Only other debts I have is a car loan - never had a late payment - and a student loan which I have made a few spotty late payments on. I have gone over the limit a few times in the past year on both CCs.
Do you think I will have any issues in being approved for a card with a BT? Any hints on which company I should go with? Will the fact that I already have a Chase and Citi card be a deterrent or a help for applying for another card with either of those companies?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Fri Apr 14, 2006 12:11 pm
Post subject:
You don't mention your income or any credit score. Certainly you're paying some outrageous interest right now, and you know why--the late payments, going over the limit, and maxing out your current lines. I don't know if any bank will give you new credit, but it won't hurt you significantly to try. So go ahead and apply for some cards. Don't be surprised if you're turned down, though.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: french toast
Posted: Fri Apr 14, 2006 12:33 pm
Post subject: Denied For Loan to Pay Off Credit Cards, What to Do?
Thanks for the reply, Polonius.
My salary is 72K/year. Not sure about the credit scores - I requested the scores but they have not been mailed to me yet.
I'm quite anxious to get these cards paid down as I am looking to buy a house in the next 6 months to a year...
Auhtor: TomfromCT
Posted: Sat Apr 15, 2006 6:23 pm
Post subject: Denied For Loan to Pay Off Credit Cards, What to Do?
72k/yr....
not a bad income. If your monthly minimun payments on everything arent crazy you should be ok before long.
I would go after that 4200 blance hard and fast. Clip coupons...charge NOTHING and live for attacking that card. Sign up for online payments and pay that card everytime you have extra cash from a payday.
Once you only have that...the 7000 card should be easier to handle....and the other card now paid off will likely send you some balamce transfer checks making it that much easier.
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 9:58 PM
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