My son is going to medical school and I want his credit to be good enough for financial aid and loans so I would like to transfer his credit card balances to my credit card "I already have balance transfer checks"........my question is "is it possible to transfer balances from his accounts to mine"?
2006-11-05 02:30:19 · 5 answers · asked by Zoniom 1 in Business & Finance ➔ Credit
It's most likely possible to do this by using the checks to pay off his credit card balances.
However, what kind of responsibility are you teaching your son if you go ahead and take care of his credit card debt for him? There are many different ways he can get financial aid and loans for school, co-signing on them is an option for you. If he's that seriously in debt to NOT get the loans, why should you be burdened with it? Let him make some hard life mistakes, sometimes it's the best way to learn.
2006-11-05 03:52:28 · answer #1 · answered by jess_offramp 3 · 0⤊ 1⤋
gulp!! ok, the logical way to do this is not to transfer anything. Pay off his balances, hopefully with cash and not by using a credit card. If you have money in savings, you are earning much less on your money there than you what will save by eliminating the interest rate on credit cards. It is great that you are going to help your son, but do it wisely. If you are not in a position to have cash available to pay off his cards, can you take a loan on your own money, for example, a 401k. You pay this back to yourself, and the small intrest that might be charged initially, is actually paid back to your own money too, so you still win. Another option is to refinance your home if you have one, and if you do this pay off your own credit cards while you are at it. You'll save much more than the refinance fees will cost you, but don't bury yourself again in credit. Only charge what you can pay off at the end of the month. Charging should be a convenience, so you don't have to carry cash. Lastly, if none of the other options will work for you, see if you can take over his credit card accounts. The companies may allow this if your credit is good enough. I wish you and your son luck, but I still don't understand why he has to give up his cards to go to school. Does this have to do with obtaining school loans?
2006-11-05 02:51:48 · answer #2 · answered by Deb 3 · 0⤊ 0⤋
You can use the transfer checks like regular checks.
Just make the checks out to his credit card company and place the account number on the memo line.
2006-11-05 02:46:26 · answer #3 · answered by Anonymous · 1⤊ 0⤋
it is possible but if u don't want to have fun with ur $ then that on u but you wil have alot of bills to pay when the month comes.
2006-11-05 02:32:29 · answer #4 · answered by PiGmeNT OF cOlor 2 · 0⤊ 0⤋
I understand what you're trying to do, but I'm not sure how who'd do it. Maybe you could contact your lender for advise.
2006-11-05 02:34:36 · answer #5 · answered by Paige2 3 · 0⤊ 0⤋