- Platinum Member
- Posts: 84
- Joined: Thu Dec 27, 2012 8:43 pm
- Location: Clark, NJ
I am looking for some advise on a balance transfer.
This afternoon I pulled a credit report for my fiancÃ© as we are about 6-12 months from a possible mortgage. I was happily surprised to learn her scores (myFICO) were 749 (EQ) and 726 (TU). She started very late, so the only issues listed are 1) lack of credit history and 2) amount of debt. Of the 7 accounts listed under her, 4 are still actively being used. There is 1 amongst them that is a problem, hence the reason for my inquiry into possible advice.
The problem card is a Capital One Platinum that's been open since 2006. It has a $4,500 credit limit and her balance is $4,455. With a 22% APR, making the minimum payments has done nothing but perpetuate the issue. In a perfect world, she would be able to aggressively pay this off quickly and problem solved. However, with a wedding on the horizon, our budget is extremely tight.
As a new member, I checked the balance transfer section and figured this is her best bet. So today I called into Discover to take advantage of the great offer on the Discover More card. After what felt like an hour on the phone, I was upset to learn she was only offered a credit limit of $1,000. The Discover representative said the fact all her cards were at or near the ceiling was the issue. This regardless of her good scores from 2 of the bureaus.
My question is, what should I do next? Do I go down the list and try the others? Do I ask her to have her father co-sign for this card under his name, then have her make the payments to him? I'm reluctant to go down the list, especially with Chase as I would like her to open a Sapphire card in the next few months, so don't want that as an adverse look when Chase does the credit pull.
Appreciate the feedback.