Hello, I am new to the board and to the balance transfer process and could use some advice. I'm post BK 3 years now. I am unable to get any decent CC deals yet so my father-in-law has offered to help us out. He has great credit! He offered to apply for a few credit cards in his name and to add me as an AU then I can transfer all my balances to the new cards with better terms. We applied for citibank aa silver and was instantly approved for $6500@ prime + 9.9% then applied for aa gold and approved for $5000 @ prime + 9.9% (he can get better, right?) Here are our balances: Orchard Bank opened 5/00 400.00 balance 19% Orchard Bank opened 12/00 300.00 balance 19% FNBM opened 1/00 500.00 balance 19% Capital one opened 4/01 675.00 balance 19% Providian opened 3/01 2800.00 balance 21% Household bank opened 9/99 300.00 balance 18% Getsmart opened 6/01 400.00 balance 23% Providian opened 6/01 900.00 balance 23% Capital One opened 11/99 500.00 balance 18% Capital One K-mart opened 11/00 475.00 balance 18% Providian opened 11/99 2000.00 balance 16% I didn't know anything about negotiating better terms until I found this board a few nights ago. I am hoping for any advice on transferring the balances and maybe closing some of the accounts and improving our credit. We never carried a balance on any of the cards until several months ago. My wife had to have major foot surgery and was out of work for 3 months. She has been back to work for a month now, and we both make pretty decent money and should be able to pay them off in a few months.Are there any other good cards that offer a good BT rate we should look into? I would appreciate any advice. Thank you.
First thing I would do is call citibank and combine the 2 cards and upgrade to platinum select ( regular one, it should have no annual fee. That should automatically lower the rate to 14. something. Then ask for a bt offer. Transfer the other cards to the citibank. That is a beginning.
We will call tomorrow on the citi cards. Should/Can we transfer all of the balances (or are there too many?) and should I close some of my other cards? How long should you leave accounts open to gain the most points before closing?
One more question... Will I be able to call to combine the cards, etc if I am only a AU? I can verify all his security info or will he have to do it? Thanks again
Should be open at least a year, some say two. Use this to negotiate better rates and higher limits and see who gives you the best deal. And of course keep the oldest cards no matter what. I don't think there's any limit on how many cards you transfer from, but don't go all the way to the limit on your new card. Balance transfers do not have a grace period, so you will be charged interest from the day it hits. Also, check and see how much the fee is. Allow enough for those, so you don't immediately go over the limit when the interest is added. You could lose your BT rate if you do that - or anything bad. Always pay it early, just in case.
you should be able to do it, if not just hang up and call back again using his info. First of all you have to combine and upgrade to platinum select. Then you ask them if there is a balance transfer offer for the platinum. If not, ask them to put in a request for you. That should take about 5, 6 days. Then you can transfer all of your debt to the citibank card. consider closing the higher rate cards and the ones with high annual fees. keep the ones that are the oldest.
Okay guys I need you help once more.. I received the citibank cards, I called and combined and upgraded to plat. select it came with 12%. The problem is they won't give me a BT offer. I have called a half dozen times to request one and I've even sent them a message online. They keep telling me that I *we* don't qualify for a BT offer and that some accounts don't qualify. Well my question is: Is there a way to transfer money to my bank account, then I will just pay off my balances? For example: I joined the c2it (from citibank and it says you can transfer money from one linked account to another linked account with $0 fees) or possibly Paypal (they charge a fee I believe) I don't mind paying 12%, its better than 20-24% or would it be classified as a cash advance (I don't think it would be)? Thanks
