Thread: What to do?

I know that this is not totally legitimate, but I get a FICO score from TransUnion with my Providian (Now Washington Mutual) account. It is currently sitting somewhere between 630-640. I have several cards that I am paying a retardly high interest rate on (20% APR+) and I would like to consolidate them to one.

I have done some research, and it seems like Amex has a pretty decent offer on it's Blue Cash card. All Balance transfers will remain at 4.99% until the Balance is paid of completely. I only plan on using this to consolidate loans, and for an emergency backup. I have roughly $3000 in revolving debt on CC's right now that I would like to consolidate. Most of the Cards are carrying a 90% balance.

With my credit score being slightly below average (630's), do I have a chance at getting this card with at least a $3000 limit? Heck, even $2000 would work for me at this point. I do have a relatively decent household income (over $50k) with no mortgage (only rent). I have only one late payment showing on my last report.

There is a snag. I am about to purchase a new (new to me) car, probably within the next month or so. I don't want to do something that will hurt my credit to the point where I cannot secure a loan or at least a loan with a decent interest rate. I don't know whether to buy the car first and then try this (even if I have a chance) or to open a new card, transfer the balances and then see what happens.

I'm pretty confused about what to do here. Thanks for any suggestions.

apply for the car loan and credit card at the same time. it will be difficult to consolidate since your balances are about 90% of the credit line. if you get declined with that card, try chase or cap1. cap1 is horrible but you may have luck with them, remember though you cant xfer balances from the same company to a new card.

Originally Posted by collectman

apply for the car loan and credit card at the same time. it will be difficult to consolidate since your balances are about 90% of the credit line. if you get declined with that card, try chase or cap1. cap1 is horrible but you may have luck with them, remember though you cant xfer balances from the same company to a new card.

I had a cap1 card about 2 years ago which I paid in full and then closed (I shouldn't have closed it). Most of the Balances are store cards with only one providian (WaMu) visa card.

Originally Posted by tkgeekwill

I had a cap1 card about 2 years ago which I paid in full and then closed (I shouldn't have closed it). Most of the Balances are store cards with only one providian (WaMu) visa card.

i would try with cap1 since you have a prior relationship with them as long as it was good..they have a few good cards out there with balance transfer options.

Use extreme caution before opening an account with Cap1. See cap1sucks home page. Also, I think they have a poor rep for not reporting your credit limit to the CRA. They only report your balance owed which may hurt your credit score.