- How It Works|
- FAQs|
- Help
- Log In to your account |
- Sign up now for free!
Credit Advice
Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!
Question
Retirement and credit cards
I retired early (age 63) last year due to health reasons and am working only part time. I have a credit score of 734 and have one high interest credit card (they recently raised my rate to 20.5 even though I have never been late) that I want to take out a new card and do a balance transfer and pay off the high rate card. I have been turned down by three companies because my debt to income ratio is now out of whack because my income has decreased. I pay all of my bills on time and that is reflected on my credit report. Any advice from anyone on how to pay off this high rate card?
Asked by
Paperman159
1 year ago
Flag this Question
2 responses
- Prev
- 1
Reply To This Question
The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.
Let the community lend a hand!
3 Most Recent Questions in Retirement
I'am retired and have no bills, how do I keep my credit score up?
0 Responses
Asked by maintpro
under Retirement
whats a good place to have money that builds interest with no worries about loss?
1 Response
Asked by DJDANO
under Retirement
Credit Card Offers Just For You
These are the most popular credit card offers from Credit Karma members with credit similar to yours.
Credit One Bank® Visa Platinum Card
- Pre-Qualify for a Visa credit card without affecting your credit score
- Get a starting credit line up to $1,500
- No enrollment fee
Capital One® Secured Mastercard®
- Get the credit you need with no processing fees or application fees
- Automatic reporting to the 3 major credit bureaus
- Track credit with access to your credit score and other tools
Copyright© 2007-2012 Credit Karma™, Inc. Credit Karma is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.
Do you have any equity in a home? You could always do a second mortgage, which may provide a much lower interest rate. In addition, the interest paid on this type of loan may help get you a break on your taxes.
Just a thought.
Brian
bkcoughlin 1 year ago
Pay the minimum payments on the other debts and make any additional payments you can afford to the high interest rate one. Your score is likely taking a hit with the various applications for new credit, which is worsening that.
If you have equity in your home, you may be able to take out a home equity loan at a reasonable rate.
phnxangell 1 year ago