Newbie balance transfer question

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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RoboLobo
 
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Newbie balance transfer question

Postby RoboLobo » Sat Oct 24, 2015 10:14 am

Hi folks. Total newbie here, newbie question no doubt! I did Chapter 7, which discharges in two years. Have one card through Barclays, have managed it well. Balance is approx $3K, interest rate has been gradually lowered to 14.74% APR. FICO score with them in the 670's. But, I wouldn't mind getting out from under the interest with a balance transfer offer. Just wondering if I might qualify at all, or should I stand pat for a couple more years? Any and all advice is greatly appreciated!


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CarefulBuilder14
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Re: Newbie balance transfer question

Postby CarefulBuilder14 » Sun Oct 25, 2015 6:42 pm

Do you mean that the BK7 is over and done with, and will fall off your reports in two years? Or that you have started a very complicated bankruptcy that won't be complete for another two years?

Assuming you mean the first option, which lenders did you not pay? Try to be thorough. Many banks have very long memories, and some issuers may decline you for defaulting long ago on a loan from a company they bought years later.
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takeshi
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Re: Newbie balance transfer question

Postby takeshi » Mon Oct 26, 2015 9:12 am

+1 to whether it's a discharge or fall off which are two very different things.

RoboLobo wrote:FICO score with them in the 670's.

Always keep the specific model and CRA in mind as well as the relevance to a given creditor. If you're referring to the FICO that Barclaycard provides it is a TU FICO 8. Not all creditors use TU and/or the FICO 8 model so that score won't be relevant to those that do not. Make sure you're keeping an eye on your reports with all 3 of the major CRA's.

RoboLobo wrote:Just wondering if I might qualify at all, or should I stand pat for a couple more years?

It's difficult to say. The score somewhat helps but it's never just a matter of score itself. You give us a rough idea of your balance but we really need your revolving utilization (balance/limit). The catch 22 with getting new cards for BT's is that if you're wanting a new card to use for a BT you probably have high revolving utilization which not only affects your approval odds but the limits that you stand to qualify for.



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