Hello my boyfriends has aout five credit cards open there all pretty close to max imit three of them are through on bank and the other two are seperate finance companies.
what can we do to either consolidate on to one card with lower interest or can we transfer balances?
Help please! I would love to help him!
2007-03-15 11:50:08 · 4 answers · asked by Justasking 1 in Business & Finance ➔ Credit
The best thing he can do is start paying more than the minimum payment on them.
With 5 cards maxed out, his credit score is probably so low right now that he couldn't get another loan or card at a decent interest rate to make it worth while.
Take the card with the lowest balance and pay several hundred dollars towards it every month until it's paid off then do that with the next one. Until those cards are below 30% of his credit limit, he's going to have trouble getting any more credit, not to mention, the amount of interest he's paying on 5 cards every month, he's getting killed. Make all payments on time. If he's paying late every month, he's already ruined his credit. 35% of your credit score is payment history and that means pay on time.
And stop charging stuff.
2007-03-15 12:09:57 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
what i can suggest is dont take a new card or do balance transfer you can easily come out of this mess in no time just do below... take a chart and list out 4 columns .. write like below..
Card Pa duedate minimum payment total expence
list out all these and then figure out which one has the lesser minimmum payment..
pay off those first .. the minimum payment ones and then whenever u guys go shoppin try to be in budget dont buy stuff which u thing u might need .. rather than try to cook food at home .. i hope i m not getting to personal.. this way you would be able to save lot of money and pay off your debts.. if you really wana work this out contact me at suni_indiain@yahoo.com.. will help you out :) do not worry its not as difficult as it seems but just dont do balance transfer or buy a new card ...
2007-03-15 19:09:24 · answer #2 · answered by sunayana b 2 · 0⤊ 0⤋
What YOU Can do is nothing-
do not get suckered into co-signing for a card that consolidates the balance- because it will be become your debt.
A new card will just be something new to max out for him.
2007-03-15 18:55:17 · answer #3 · answered by pavano_carl 4 · 0⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-03-15 19:27:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋