Hey guys, it is me again. My fiancee and I are really trying to plan out how to pay our debt off and then save $5-10k for wedding and honeymoon. I have three credit cards: 1st Financial Bank: $2900 @ 15% Citibank: $900 @ 5.25% (employee rate) Sears: $400 @ 22% My fiancee has the following: Providian: $900 @ 18% Citibank: $900 @ 5.25% Sears: $700 @ 18% So, our total debt is about $6,700. We have no negatives on our reports, but our scores are low because we are young (we'll both be 21 in oct/nov) and because our tradelines are about maxed out. What we'd like to do is consolodate all of the debt into one large tradeline, like a $7,000 account, move all 6 credit accounts into that one, and start to pay it off. We just want to improve our ratios and get a larger account. Any tips? An older friend said that if we walk into a good ol' mom and pop bank and tell them the situation they will probably cut us a deal, but I don't think banks are like that any more... so please give me some tips.
Would Citi raise you and your fiance's credit limit? I just seriously doubt you'll get an unsecured bank loan at a favorable interest rate. Try and payoff that Sears card ASAP for 2 reasons. One, the 22% interest rate and secondly, with that card at zero, approach Sears about one of their MC's with a decent CL and an attractive rate to BT all of the debt. Have you approach the other creditors about lowering the interest rates?
No, haven't requested any apr reductions... does that force a hard inq? I have like 12 hard inqs so I refuse to apply for any CL increases or for new credit unless I have a good idea about getting approved or whatever.
I pulled Equifax about two weeks ago and it was 604, my fiancees is 620ish as of one or two months ago. I have no idea what other scores are.... I heard PrivacyGuard has unlimited pulls on all three reports for bumpage, but I only see one pull costs $45.
You might wanna steer clear of PrivacyGuard until they get this mess straightened out: http://consumers.creditnet.com/stra...php?s=&threadid=46526&perpage=20&pagenumber=1 wajaba
As I recall from your earlier post, you're making some hefty payments on the rings to keep a zero interest deal and those will be over in a month or so. What I'd suggest is once the rings are paid off, take the money you were using for that and apply to Sears and get that one zeroed out. Then, use that money to start attacking your fiance's 18% debt.
They can pull a "HARD" for a reduction in the interest rate...BUT THEY DON'T HAVE TO!!! IT IS POISONING YOUR CREDIT REPORT BY PULLING A "HARD" TO REDUCE THE INTEREST RATE!!!
