Balance Transfer to Different Person

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honestjake
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Balance Transfer to Different Person

Postby honestjake » Wed Jul 27, 2016 6:10 pm

I let a friend borrow one of my credit cards, and now there's a $7k balance on it

We're still friends, and he is committed to paying it off, and I'm wondering the best way to do this

I figure the first step is to transfer this balance to another card with 0% Intro Interest Rate

And the second step is to get a loan from a bank

Beyond this, I'm wondering if there is a way to transfer a balance to a new person, not just a new card

My credit score is very good; his is essentially non-existent

Does anyone have any experience with a situation like this?

Thanks! :cheers:


Tubpbs
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Re: Balance Transfer to Different Person

Postby Tubpbs » Wed Jul 27, 2016 7:03 pm

honestjake wrote:I let a friend borrow one of my credit cards, and now there's a $7k balance on it

We're still friends, and he is committed to paying it off, and I'm wondering the best way to do this

I figure the first step is to transfer this balance to another card with 0% Intro Interest Rate

And the second step is to get a loan from a bank

Beyond this, I'm wondering if there is a way to transfer a balance to a new person, not just a new card

My credit score is very good; his is essentially non-existent

Does anyone have any experience with a situation like this?

Thanks! :cheers:


The only chance would theoretically be for that person to get approved for a card and potentially transfer the balance to his card, MAYBE.

Do you not have online banking? Why would you let someone borrow your credit card and not check what they spend on it? How long did this person have the card? Are you a millionaire? Is this a true story?
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takeshi
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Re: Balance Transfer to Different Person

Postby takeshi » Thu Jul 28, 2016 10:27 am

honestjake wrote:Beyond this, I'm wondering if there is a way to transfer a balance to a new person, not just a new card

How would a person carry a balance? A person is not a credit card or a credit account. What you're talking about is a person paying you the balance. If that's not possible then your friend needs to have an account that the balance can be transferred to. You can certainly transfer a balance from any card to any other card regardless of whether the cardholders for both cards are not the same person.

honestjake wrote:My credit score is very good; his is essentially non-existent

That will make transferring $7 difficult. Revolving Utilization on the target card will matter. Your friend will ideally want a card with a $21K or greater limit and that's not likely from what you're saying. A $7K card is going to be maxed and he's going to end up in trouble even if he doesn't max the new card.

There are going to be similar issues with getting a loan.

Consider these things before making such decisions.

saba
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Re: Balance Transfer to Different Person

Postby saba » Sat Aug 06, 2016 12:44 pm

You can do the type of balance transfer that allows you to put the funds directly into a checking account.

honestjake
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Re: Balance Transfer to Different Person

Postby honestjake » Mon Aug 08, 2016 3:37 pm

Thanks everybody, especially Tubpbs



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