new credit card

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.

 

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.

 

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.

 

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.

 

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.

 

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.