balance transfer with 90% credit usage

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
3 posts
pancakes
 
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Joined: Fri Jun 27, 2014 12:38 am
Location: Canada

balance transfer with 90% credit usage

Postby pancakes » Fri Jun 27, 2014 1:03 am

Hi, I'm looking for some advice. I have a credit card with a $9000 balance and a $10000 limit. I don't want any more credit, but just want to pay it back at a lower interest rate so I can get rid of the debt faster. Do I have any chance of being approved for a balance transfer card with a lower rate?

My credit score is estimated to be between 650-700. I've never made a late payment, had my oldest card for 7 years, and only applied for credit twice in the last year. However I'm not sure that I will be approved because of my current credit usage and $1400 a month income, and I don't want to get dinged again for an application that's going to be pointless.

I talked to two different banks about a consolidation loan but both said I would have to close my credit card account to be eligible and that is my oldest account so I don't really want to go that route.

At this point do I have no choice but to continue paying high interest if I want to keep my card?


supercoolman
Centurion Member
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Location: South Bay Area

Postby supercoolman » Sat Jun 28, 2014 12:25 am

CHASE slate? unless your score is good enough for ring

takeshi
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Location: US

Postby takeshi » Sat Jun 28, 2014 12:29 am

Impossible to say with the info you've provided. 90% on one card really doesn't help you. What's your overall utilization and utilization on your other cards?

pancakes wrote:I would have to close my credit card account to be eligible and that is my oldest account so I don't really want to go that route.

Closed accounts in good standing continue to report and factor into AAoA for 10 years. Is keeping it open really more important to you than reducing your debt? How long has this card been at 90%? Keeping it won't help you if they decide to balance chase you.



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