Searching for New Credit Card With Balance Transfer Offer
Guest: french toast
Post subject: Searching for New Credit Card With Balance Transfer Offer
Posted: Fri Apr 14, 2006 11:36 am
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?
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Apr 14, 2006 12:11 pm
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.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: french toast
Posted: Fri Apr 14, 2006 12:33 pm
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...
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Guest: TomfromCT
Credit Expert (100+ Posts)
Posted: Sat Apr 15, 2006 6:23 pm
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.
_________________
Average FICO score: 709
56 Months of perfection!
3 Visa, 1 MC, Disc, Home Depot
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fenster
Credit Expert (100+ Posts)
Posted: Sat Apr 15, 2006 7:44 pm
french toast wrote:
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?
Yes, you will have issues.
What is very ambiguous about your post is you give no explanation whatsoever on why your rates jumped from 11 to 30%! With Universal default being toned down by even the most zealous banks like Providian, Citi and Chase for fear of imminent legislation and vast complaints, what reasons were given for the 30% shark APR? Surely you called and asked why the hike. If not, call and ask today.
The rate you’re being charged is most certainly a so called “default rate”, for people max their balances out all the time and their rates barely move 1 point. Ask Polonius, he’s an expert at maxing out accounts and the king of super high utilization. I mean Polonius would commit genocide before accepting to pay 20% let alone 30. If rates went up to 30% solely because consumers maxed out their accounts, you’d have an economy in chaos and ruin.
Now a combo of over limit charges and a few defaults will trigger the rates you mentioned, but 30% for strictly maxin’ out? Unlikely.
Moreover, at some point in the life of your accounts, your bank/s must’ve mailed you a letter notifying you of the hike/s and offering you to opt out of the revised higher rate, pay in full and terminate. They could’ve done that at the $3000 balance level with Chase and $2000 balance level with Citi, for example.
I smell burning toast frenchie, there’s somethin’ yet you’re not tellin’. If you did tell all, and Chase and Citi are doing this to you jut cuz of high utilization, I’d get on the phone with’ em again and have a civil, yet assertive enquiry.
As for income, hardly any major card issuer checks income now days, you could make $20K, list $100K and no one would notice. It's all about a FICO of 750 and above with no defaults in past year for that 0% 12 months BT offer. Them 0% offers have made themselves quite scarce lately.
_________________
beware of everything
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sat Apr 15, 2006 10:17 pm
french toast wrote:
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?
0.00% BT's ALL OVER THE PLACE
Even in the SUNDAY NEWSPAPER (coupon section)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: french toast
Posted: Mon Apr 17, 2006 12:05 pm
Fenster,
The 11% card is now at 24%; the 18% went to almost 30 (I double checked, it's 28.99%). I have had some overlimits, and a couple of late payments (and by late I mean less than 7 days late). Negligence on my part About 6 years ago, due to a misunderstanding between my parents and I while I was abroad, I missed 2 CC payments. That was when I only had one card. Other than the massive balances, that's it.
I haven't called either Chase or Citi to ask about the interest rates. I have no explanation on why the rates doubled like that. I will call them this afternoon and see if I can get a lower rate!
Oh, and I haven't used either card in about 4 months. I am paying not-quite-double the mininum payments but at these rates it's barely enough to cover interest. The balances are coming down, but slooooowly...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Searching for New Credit Card With Balance Transfer Offer
Posted: Fri Apr 14, 2006 11:36 am
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!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Apr 14, 2006 12:11 pm
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.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: french toast
Posted: Fri Apr 14, 2006 12:33 pm
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...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: TomfromCT
Credit Expert (100+ Posts)
Posted: Sat Apr 15, 2006 6:23 pm
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.
_________________
Average FICO score: 709
56 Months of perfection!
3 Visa, 1 MC, Disc, Home Depot
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fenster
Credit Expert (100+ Posts)
Posted: Sat Apr 15, 2006 7:44 pm
french toast wrote:
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?
Yes, you will have issues.
What is very ambiguous about your post is you give no explanation whatsoever on why your rates jumped from 11 to 30%! With Universal default being toned down by even the most zealous banks like Providian, Citi and Chase for fear of imminent legislation and vast complaints, what reasons were given for the 30% shark APR? Surely you called and asked why the hike. If not, call and ask today.
The rate you’re being charged is most certainly a so called “default rate”, for people max their balances out all the time and their rates barely move 1 point. Ask Polonius, he’s an expert at maxing out accounts and the king of super high utilization. I mean Polonius would commit genocide before accepting to pay 20% let alone 30. If rates went up to 30% solely because consumers maxed out their accounts, you’d have an economy in chaos and ruin.
Now a combo of over limit charges and a few defaults will trigger the rates you mentioned, but 30% for strictly maxin’ out? Unlikely.
Moreover, at some point in the life of your accounts, your bank/s must’ve mailed you a letter notifying you of the hike/s and offering you to opt out of the revised higher rate, pay in full and terminate. They could’ve done that at the $3000 balance level with Chase and $2000 balance level with Citi, for example.
I smell burning toast frenchie, there’s somethin’ yet you’re not tellin’. If you did tell all, and Chase and Citi are doing this to you jut cuz of high utilization, I’d get on the phone with’ em again and have a civil, yet assertive enquiry.
As for income, hardly any major card issuer checks income now days, you could make $20K, list $100K and no one would notice. It's all about a FICO of 750 and above with no defaults in past year for that 0% 12 months BT offer. Them 0% offers have made themselves quite scarce lately.
_________________
beware of everything
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sat Apr 15, 2006 10:17 pm
french toast wrote:
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?
0.00% BT's ALL OVER THE PLACE
Even in the SUNDAY NEWSPAPER (coupon section)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: french toast
Posted: Mon Apr 17, 2006 12:05 pm
Fenster,
The 11% card is now at 24%; the 18% went to almost 30 (I double checked, it's 28.99%). I have had some overlimits, and a couple of late payments (and by late I mean less than 7 days late). Negligence on my part About 6 years ago, due to a misunderstanding between my parents and I while I was abroad, I missed 2 CC payments. That was when I only had one card. Other than the massive balances, that's it.
I haven't called either Chase or Citi to ask about the interest rates. I have no explanation on why the rates doubled like that. I will call them this afternoon and see if I can get a lower rate!
Oh, and I haven't used either card in about 4 months. I am paying not-quite-double the mininum payments but at these rates it's barely enough to cover interest. The balances are coming down, but slooooowly...
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 12:14 PM
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