Need to pay off DISC with ex-gf...need help

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rwockenf
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Need to pay off DISC with ex-gf...need help

Postby rwockenf » Wed Jul 27, 2016 11:36 am

Background: $9500 in CC debt on Discover It with 0% promo ending next month. We share the Disc It and Costco Visa together still, but no BT offers from VISA.

I do not want to pay 23% interest on 9 grand...I feel like my options are:

1. Pay interest and wait for an offer to pop up on the VISA (which I'm not even sure will happen), to transfer the balance .

2. Transfer the balance to a card in my name only and hope she is honest and pays me back (or I guess make her an AU which I don't want to do).

3. Try to open a new BT card and push the money over. I really don't want to do this as I have a good number of inquires on my CR with moving recently (new bank account, etc).

Any guidance or new ideas would be really appreciated.


TXviking
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Re: Need to pay off DISC with ex-gf...need help

Postby TXviking » Wed Jul 27, 2016 1:00 pm

I'd try for a personal loan with a bank. That is still an inquiry, but installment vs revolving helps your credit mix, and while you'll pay interest, it should be 5-8% or so, depending on your credit situation of course. In the absence of a good BT offer or sufficient savings to pay in full, that's what I'd pursue.

augiedog
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Re: Need to pay off DISC with ex-gf...need help

Postby augiedog » Wed Jul 27, 2016 2:33 pm

Close the account. They might have debt repayment options that are useful to you.

Is there any possibility she can get a balance transfer for part of the balance she owes? Citi has quite a few long-term balance transfer options.
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amexmember12
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Re: Need to pay off DISC with ex-gf...need help

Postby amexmember12 » Wed Jul 27, 2016 3:43 pm

Get her to do either a lump payment via personal loan or balance transfer for her share. Then you can get your portion taken care via BT, personal loan etc. That way you don't have to worry about her stiffing you on her portion.
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takeshi
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Re: Need to pay off DISC with ex-gf...need help

Postby takeshi » Wed Jul 27, 2016 4:14 pm

What sort of revolving utilization does that balance put that card at? What are your credit profiles like? Those will have a significant impact on the possibility of relying on a new card for a BT. If revolving utilization is high (and/or if there are other issues) then you may have difficulty getting a new card for BT'ing.

rwockenf wrote:I really don't want to do this as I have a good number of inquires on my CR with moving recently (new bank account, etc).

Inquiries are typically a small factor. They're only a concern if you have a thin profile and/or issues.

You don't have just one report. How many do you have with each of the 3 major CRA's? How many new accounts? Why is she unable to find a solution?

MemberSince99
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Re: Need to pay off DISC with ex-gf...need help

Postby MemberSince99 » Wed Jul 27, 2016 7:09 pm

The "ex" part of that would make me really nervous. There are people who once they no longer need you or see you in their life will bend you over in a heartbeat and that's a significant chunk of change.

"Trust" and "ex" are two words I have a real hard time putting together.

I would not make her an AU by the way either. Why not? Because AUs have charging rights but no responsibility for the debt they incur - YOU do. I would not give her the option of running it up even more and leaving you in the lurch for it. It will damage your finances for years to come as you struggle to pay it off fighting a 23% APR.

yfan
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Re: Need to pay off DISC with ex-gf...need help

Postby yfan » Sat Jul 30, 2016 7:08 pm

You have no good choices. But if you believe she will still pay her portion, you need to have a talk with her about that. Can she afford the $4750 that's her portion of the debt? Or can she take care of it in another way (like using a BT for herself or a personal loan)? If yes, you are lucky and will only need to worry about your share. If $4750 is all you have to pay, start with the following:

- How much can you pay in cash right now?
- Can you borrow the rest from friends/family and pay them back over time?
- Can you get a personal loan for the rest?
- Is there anything you bought with that debt that you can either return or sell?

saba
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Re: Need to pay off DISC with ex-gf...need help

Postby saba » Sat Aug 06, 2016 11:07 am

Sounds like a potentially problem situation no matter how you look at it. Good luck, man.



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