Current situation: $7000 in CC debt $50000 in student loan/car loan debt Have several 60/90 day lates all from at least 3 years ago. Not a single late in the last 3 or 3 1/2 years. Currently, overall utilization is about 60% according to Equifax. Scores (up from mid-400's in April, 2002): TU - 701 EQ - 626 3 cards that are open are: Cap1 Gold ($1200) Cap1 standard ($550) Household ($550) All have annual fees of $29 and relatively high interest rates. Want to nix that asap. Is there any chance I can get one or two cards to combine all my balances (currently spread over about 8 cards, 5 of which are closed, but with balances). If so, what do you think are my best bets with that history and score. Thanks for any ideas.
CALL or WRITE CAPITAL ONE and ask to combine the 2 accounts into 1...keeping the oldest one... At the same time ask for an interest rate reduction and fee waiver... MIGHT BE PUSHING IT TO ASK FOR A CLI (at the same time)
maybe for the car loan(s) you can look into refinancing. it depends on your apr there. im wondering why you have $7000 in cc debt but only 3 cards open totaling $2300. imo its not good to close credit cards with balances. ill assume you dont own a house from which you can take out a heloc. hows your exp score. i dont want to make you think you need more credit cards but what about trying for a 0%apr cc with the cra that you have the highest score in. then balance transfer to help for a while. the student loans im not too familiar with but maybe you can contact them and get some kinda plan to pay less per month. the most important thing is to pay the debts with the biggest apr first and dont be late paying anyone. i also hear that debt consolidation places just rip you off so i would stay away from those too. is there anyway to increase your income? second job maybe?
