A question regarding a debt on my gold Amex

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adiaudi1211
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A question regarding a debt on my gold Amex

Postby adiaudi1211 » Wed Mar 19, 2014 11:56 am

I have a gold Amex, and I have about 15k on it. I was wondering if I can transfer the balance to a low APR card without hurting my credit score. And in the same time I don't want to apply for another card, since they will pull your credit history and that will add more inquires and lower your credit score. Is there is anyway I can take a loan from a credit union without pulling my credit history and pay off my card? or if there is anything else I could do?


linuxmachine
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Postby linuxmachine » Wed Mar 19, 2014 12:16 pm

Yes, you can BT your Amex. There may be a transfer fee, and could take a week to post.

I'd rather ding my score with a hard pull on a new card and transfer to a 0% APR no fee credit card if you don't have one, unless you need to guard your credit score in the near future. Buf if you needed that, I've no clue why you'd put yourself in this situation...

adiaudi1211
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Postby adiaudi1211 » Wed Mar 19, 2014 1:10 pm

Linuxmachine,
Thank you for the respond. My point is i want to raise my credit score since it dropped because I have a debt without pulling my credit history. And no i don't have a card with 0APR So I'm asking for suggestions. And I'm in situation where I can't pay off my credit card soon. just minimum payments each month.

linuxmachine
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Postby linuxmachine » Wed Mar 19, 2014 3:45 pm

adiaudi1211 wrote:Linuxmachine,
Thank you for the respond. My point is i want to raise my credit score since it dropped because I have a debt without pulling my credit history. And no i don't have a card with 0APR So I'm asking for suggestions. And I'm in situation where I can't pay off my credit card soon. just minimum payments each month.


Since any loan or new card will require a pull, you're sort of out of luck. Your score may still take a dip anyways since your utilization will be high with a 15k balance. Your score doesn't matter if you're not going to take out a big loan or apply for new cards anytime soon, so I'm not sure what the concern is over the score itself, but either way, good luck to you. Best thing you can do right now is to transfer it out to another card (new or not) and pay it off asap.

thom02099
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Postby thom02099 » Wed Mar 19, 2014 8:54 pm

adiaudi1211 wrote:I have a gold Amex, and I have about 15k on it. I was wondering if I can transfer the balance to a low APR card without hurting my credit score. And in the same time I don't want to apply for another card, since they will pull your credit history and that will add more inquires and lower your credit score. Is there is anyway I can take a loan from a credit union without pulling my credit history and pay off my card? or if there is anything else I could do?


Just for clarification, you state you've got the AMEX Gold and further in your reply, you state you're making minimum payments. Are you using the pay over time feature on the Gold card??

Without having a current credit card with a large enough credit limit, or not wanting to apply for a new card (and hard to get an initial CL of $15K), then a personal, unsecured loan would be one way to go. Take out the loan through your credit union, pay off the AMEX balance, and then start paying off that loan...early if you can. Yes, you will take a minor ding for the inquiry, but not so much of a ding for the new loan. Depending on whether you have other personal loans already, a personal loan can actually help you, your mix of credit, if you don't have one, and your score can be minimally impacted.

However, I don't see anything you can do without any sort of inquiry. You could try for an AMEX revolver, SP if denied/HP if approved. Whether you'd get a CL in excess of $15K remains to be seen, and even if you could, there could be utilization issues, which can carry more significant weight than an inquiry.
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takeshi
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Postby takeshi » Thu Mar 20, 2014 8:26 am

adiaudi1211 wrote:Is there is anyway I can take a loan from a credit union without pulling my credit history and pay off my card?

Nope. New credit typically comes with a hard pull. The hard pull would be the least of your worries.

adiaudi1211 wrote:And I'm in situation where I can't pay off my credit card soon. just minimum payments each month.

The Gold isn't a credit card. Do not use it as a credit card.



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