new credit card

Discussion in 'Credit Talk' started by Kay, Jun 13, 2001.

  1. Kay

    Kay Member

    I am close to maxxing out my cards. Due to illness and other problems.

    I have an excellent TU report (no negatives) but show about $62,000 of $70,000 available credit card credit used. I have high income and all accounts are paid on time.

    Are there any credit card companies that will give me credit now that I am close to being maxxed out or am I too late in applying? My other two credit reports have one charge off that is not mine that is being corrected so this has to be through TU. Any suggestions are appreciated.

    I have MNBA, Citi, BOA, Next, and FirstUSA.

  2. Momof3

    Momof3 Well-Known Member

    I think you will have trouble obtaining new credit with your ratios so high. Did you want a new card to do BT?? Not to sound harsh but if you owe 62K now do you really want to get in any deeper?? If this is for the sake of balance transfers then I would understand.
  3. Kay

    Kay Member

    Good point. I am back to work and am ready to begin paying them off. But, a few have raised the interest rates on me and it would help a great deal to do a BT to a lower rate card.

    Next card gave me $4000 but it was only a drop in the bucket.

    The point is that my income is high. My balances are high but will start coming down.

    Who will give me a card to do some serious BT's? And, like I said above, it has to pull TU.

    Thanks again
  4. aigle

    aigle Well-Known Member

    Perhaps you should go to a local bank and get some type of 'debt consolidation' loan rather than look for another 'credit' card type deal. You already have the major cards.
  5. ble103

    ble103 Well-Known Member

    You don.t stand a chance on getting any new credit as much as i hate to say.You have used well over 70% of total availiable credit.Lenders don't want to see anything over this 70% of total credit being used at once.You also need to be on your guard with your creditors because when they review your credit,and see this they may raise your interest rates up pretty high because you would be a greater risk too them with your credit card balances.If this would happen their reason for increasing your rates is due to "excessive revolving card balances".If you can you need to paydown as much as you can to avoid any possible rate hikes with your creditors.
  6. john

    john Well-Known Member

    That is a lot of money to owe....ouch. I'd be curious to know what you define as making a lot of money.

    Most people consider a lot to be over 100k/year but 100k and that type of credit card payment(1900/month) isn't very much.

    So assuming you make over 100k but less than 200k it is still an awful lot of money to owe if you are paying a mortgage, car paymnets, insurance, and whatever a "rich" lifestyle can afford.

    And I agree with others comments no credit card company in their right mind would extend more credit given your situation. You have to ask yourself - Would I lend a someone that kind of money given that level of risk?.

    Sorry if I sound harsh but I assume you don't make anywhere near 200k/year or else paying these debts down wouldn't be a problem.

    Just start paying it down and in a year or so maybe you will be in a position to negotiate better rates with your lenders. Unfortunately they are holding all the cards until that debt is cut on half.

    Good luck.
  7. amaineman

    amaineman Well-Known Member

    I have a friend who transferred $5,000 from card A to card B (new card). Went back to card A three months latter and asked to transferred $5,000 from another card and then repeated the process.

    By going back to the open card of an established account it kept the juggling game going with less effort.

    My friend managed to turn over more than $25,000; approx $5,000 at a time mostly amongst current cards. Largest transfer was $7,500.

    It was more work this way but no one wanted to extend large amounts of credit at a low Apr.

    Whenever this person received a pre-approval offer they called the company and explained they were not looking too increase their debt only transfer it.

    MBNA actually completed the transfer at a teaser rate three times.

    Their interest rate was always less than that of a second mortgage. In the end they did succeed and paid off all of their debt.
  8. amaineman

    amaineman Well-Known Member

    Also look on-line for cards that offer good rates for people who carry a balance. I have known people to have higher balances than you.

    One such offer

    Pulaski Bank & Trust has a 7.9% APR that does not disappear after six months, but it has a $35 annual fee. Call 1-800-980-2265

    Try asking for a lower APR through planet feedback, complain that you are a loyal customer but that you feel your APR is too high.
  9. Kay

    Kay Member

    I make about $120,000 a year. The problem arose because of two serious back to back illnesses. I am now back to work. The minimum payments run me $1500 per month.

    Based on what you have said, I will concentrate on paying the debt down some, then ask current CC companies for lower interest rates, then apply for some lower interest cards with good BT features.

    Based on some other things I have seen today on the board, I am afraid to check my Beacon score. I think I will wait for a while, although it might be interesting to see how much it improves.

    Thanks for your comments.

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