Please help. I'm a student struggling with many bills and need to transfer balances.

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Please help. I'm a student struggling with many bills and need to transfer balances.

Postby ihatecreditcards » Mon Jun 30, 2014 8:02 pm

I have 2 credit cards, one is chase and one is amex. I tried to transfer both balances to no interest for 12-15 month cards so that I can pay off my balances faster and easier. I am a full time student and work part time. Many banks say I do not make enough or the balance is too high. The balance on both of them each are not that high. I am not understanding why they refuse to transfer my balances. I am feeling hopeless and upset about this. Should I try other banks or do something else? I have stopped using both credit cards and only my bank card but still have a long way to go. Both credit card companies also refuse to lower my interest rate. It really is hurting me and not making the debt diminish any faster. Someone please help me. Thanks!

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Postby jrmsu » Tue Jul 01, 2014 3:19 pm

Do you have any collateral that you could use for a loan? I'm not sure how much is "not that high" but a local bank may be willing to offer you a loan if you put an asset such as a car as collateral. You would still pay interest, but it would not be as high as those charged by credit cards.

Either way, I think you have the right idea by not adding additional charges to your cards.
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)

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Postby takeshi » Tue Jul 01, 2014 3:24 pm

ihatecreditcards wrote:The balance on both of them each are not that high

That really doesn't tell us anything. What's the utilization on each? If it's over 30% it's high.

Utilization plays a significant part in your credit. If it's high then that can explain why creditors are unwilling to BT or lower your APR.

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Postby dickey1331 » Wed Jul 02, 2014 9:17 pm

If you are having trouble paying it off then I would say it is that high. As for advice I dont know what to really say. Try selling stuff if you have any and see if you can get a part time job and use this as a lesson to not get in so much debt.
American Express Blue Cash Preferred $16,000
Platinum Delta Skymiles $12,900
Marriott Rewards Premier $12,000
Discover IT $12,000
USAA Cash Rewards $11,000
Chase Sapphire Preferred $6,500
Chase Freedom $4,500

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