Any point to 0% interest balance transfer application

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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socialdavid
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Any point to 0% interest balance transfer application

Postby socialdavid » Sun Jul 19, 2009 7:33 pm

If one is unemployed? I currently have no income, only one cc but with 8K on it. BoB is completely unwilling to help me out, except for a payment plan, which would cancel my card (albeit listed as canceled by me with no effect on my credit report -they claim). I'd apply for a 0% transfer, but I assume that I would be declined because of lack of income. I do have a small amount of money coming in a few months which I can use to eliminate most of my debt, but the interest rates and fees from BoB are killing me. I can tell you one thing, after this is over, I'm pulling all my money out of BoB and never going near them again. Their behavior is abusive.


socialdavid
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Postby socialdavid » Sun Jul 19, 2009 7:40 pm

I will say I've seen advice online to take on new credit cards and transfer to 0% cards when unemployed, which seems ridiculous to me. I can't see how one would even qualify. Is it possible that even now cc companies don't ask about income? Given that they aren't giving mortgages to even high quality applicants, even while taking money from the taxpayers and being instructed to by the government, it seems hard to believe they would give new credit cards to people with no income, even if they do have some assets. OK, end of rant.

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Cucumber
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Postby Cucumber » Wed Aug 05, 2009 4:54 am

It seems like that ask for income just for show to try and act responsible. I don't think they really care because I hear about people with hardly any income getting huge credit limits and vice versa. It's more based on credit history than anything else. I don't know how they phrase the question exactly but I think it might be based on your past 12 months of income. If that is the case and you just lost your job than it wouldn't be incorrect to say you were earning whatever the amount was during the 11 of those 12 months you worked or whatever the time frames would be. ;)
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roddy
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Postby roddy » Thu Aug 06, 2009 7:01 am

Sometimes you just gotta ask to find out the answer ? i think as long as you have a decent credit over a period of time , i do think a personal application can be better than online situations



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