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Balance transfer rejected for high credit risk and gd score!


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I have a truckload of cc debts and looking for more low rate balance transfer cc's. Managed to get only two balance transfers. We have an open account w/Sears/Citbank, they just rejected a low rate transfer for $9500. We have 4 joint ccs close to limits, our scores are still in the 710-720s with a few lates and over 30 accounts closed some by creditors and mostly by us (due to theft, and only a few cards reissued).

Last month got a new card for 3.9% for 12 months, and spouse got a 0% for 12 months on an exisiting account. But I still have a remaining balance of high interest 13-15% for a whooping 40 grand! I must be close to bk because 1st Premier Bank and Orchard Bank keep sending me credit applications.

I am desparately trying to pay off the ccs with more low rate cards, however I am cosidered as a high risk. Spouse still get some offers for 5 months 0% then 10% after. Not sure if we should lay low for a few months or transfer most of my balance to spouse, or apply for more joint accounts?

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$40K in CC debt is a big WOW. However, your not as high as I was. I was at $60K. How I got there and what I had to show for it was a mystery :?: .

Anyhow I am now debt free and my score is only 675. You obviously have a great FICO and settling these debts will allow you to get out of the high risk category real quick.

If you own a house I would consider a refinance and roll in those debts to rid yourself of them. Another option would be to look into a 401K loan or withdraw. However, I would not consider this option unless you are under 40. If you use this option put a plan together to pay it back.

That is my two cents, but you have got to find a way to unload that $40K on the CC's. I know having that over my head drove me mad :evil: .

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I was at 60K last yr too, did had some favorable interest rate before the creditors discover I was a high risk. Now it got down to 54K. but less offers for transfers. Some existing accounts already raised rates to 19.99 from 9.99, 15.99 from 13.99. others reduced credit limit from 3000 to 2000 with balance of 1700 that is even worse.

We had a loan on 401k hopefully pay off next year so we can move some cc balance to a 401k loan then at that time I'll look less of a credit risk. Spoke to some mortgage companies but they were shocked at the high balace and couldnt help at all. For now just have to tough it out, the worst fear is it could be any time from now they choose to raise the 13% to another whooping 20-23%. Been digging around for some credit cards we may have - after looking at our credit report, most of the accounts are closed one way or another.

It's ironic when you dont need high credit limit, they shove it to you, then when you 're in need they just laughed at your face! You're right I dont know how I arrived at 60K in a few months when unemployed. Was hoping there were some mistakes and found none... Carrrying this load everyday and anxiety attacks for possible highest rates is no joke. It seems a long road to freedom, and peanut butter sandwiches for the next decade.

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Good luck my friend as it really sucks to be in that position. To your point I was making minimum payments and if they jacked the rate the minimum went up as well. This was causing me to get to the point where I could not make the payments. My thought was why would they jack the rate on someone who was obviously overstretched and possibly cause a BK. I think the beancounters actually look at this as positive as it gets high risk accounts off the balance sheet quicker.

In any case I hope you can get these taken care of. My ship just happened to come in for me and I hope the same for you. Once you do get them cleared up make it a point to never let them suck you into their trap again!!!

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