| Unable to transfer balances...what should I do?! |
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whykaykay
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 27 Nov 2006
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| Unable to transfer balances...what should I do?! |
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Hello. Thanks in advance to anyone who responds.
Basically, I have two credit cards with balances on them:
chase mastercard - 3700
american express - 2300
The introductory 0% APR for the first 12 months has just completed on both cards and now am being charged 23% interest by mastercard and 14% by amex. I am trying to transfer these balances ASAP to a card with either 6 or 12 months 0% APR on balance tranfers, however keep being rejected by various other credit cards with these offers. In addition, I don't want to keep applying and getting rejected, resulting in a damaged credit score. I can't figure out why I am being denied since I have very good credit, never a late payment in my life. If anyone has any suggestions/ideas about what course of action I should take, I'd be very grateful. I just need to get away from these steep interest rates ASAP!!!
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Mon Nov 27, 2006 7:20 pm |
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rockhound
Preferred Member
Cash: $ 26.45
Posts: 132
Joined: 03 Feb 2006
Location: West Virginia
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| pay off? |
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Is paying off the balances an option? Can you come up with enough extra money to pay off the mastercard (the higher interest card) within a few months? You're paying over $70/month in interest on the mastercard, compared to only about $27/month on the Am Ex. If you could make a few bigger payments to the mastercard and knock down the principal, it would negate the effect of the high interest rate. Better yet if you could pay it off and then cancel it, and then turn your efforts to paying down the American Express. If it turned out that you had a choice to transfer only one balance if you do find a 0% transfer offer, go with the $3,700 balance at 23%. It would still be a good idea to plan how to totally pay off both cards, because at $6,000 in credit card debt, you may be on the edge of a slippery slope.
The other possible option, sometimes if you call the credit card company and speak to a representative, you can get them to knock down the interest rate. The 23% sounds like a default rate. Did you have some problem like a late payment, or violate some other part of their agreement, knowingly or unknowingly?
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Mon Nov 27, 2006 10:07 pm |
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gmany
New Member
Cash: $ 1.95
Posts: 9
Joined: 09 Oct 2007
Location: seawa
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your concern is of great interest to me, because i am transferring about 28000$ in student loan to 0% based promotional APR cards that lasts about 9-12 months. I am thinking about keep transferring balances between 0% APR cards until it is paid off. Keep me posted as of why you're being denied. Good luck dude.
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Mon Nov 19, 2007 9:42 pm |
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pf101
Senior Member
Cash: $ 62.25
Posts: 311
Joined: 12 Sep 2007
Location: Portland, OR
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Have you pulled your credit report to see what's on there? Your score may not be as good as you think if those are your only two cards and they're near their limits. That could be hurting you. Most people with good scores get about 50 0% balance transfer offers/month (though this has been decreasing a bit over the last 12-18 months).
You're right to not keep applying as that's only hurting your score. I'd pull your report (and score) from myfico.com and see what's what before you keep doing anything. In the mean time, call and ask them to lower the rate.
Personal Finance 101
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Wed Nov 21, 2007 3:24 am |
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bijan814
Full Member
Cash: $ 12.40
Posts: 73
Joined: 25 Jul 2006
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Your credit score is probably Low.
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Sun Dec 16, 2007 5:20 am |
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