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Question By
SuperduperRob

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CK says I should seek a new 0% credit card to transfer 38K of debt. Will the transfer affect score?
Will a new credit card company actually assist me in transferring several credit cards with high balances to their company, especially if Credit Karma says I am likely to be approved? Or, is this just a c'mon offer, and they may or may not approve me for several thousands of dollars, and not want to transfer my balances. We are talking 38K here.

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The cards suggested here are basically paid advertisements by the CC companies!  They keep telling me to get the Chase Freedom & the Discover IT!

Really dumb...because I already have both!

They have no clue about you, your finances, what cards you have or do not have.  CK might say you're eligible...but only to apply!  They go by the score here. Lenders & CC companies use FICO scores.

Also...they are only basing any suggestion or "eligibility" on your report here, which is Trans Union.  ccc's might pull Exparian, or Equifax.  This site has no clue who pulls what, and what their determining factors are to qualify you.

Go to google & put in "credit pull database".  You'll see the site that has it come up.  Join the site & when you do a search, put in ONLY the card you want...not the state or credit reporting agency.  You will get a ton of info & it will show you who got what, in what state, what kind of credit line...etc.

I get all my FICO reports from the myFICO site.  Those are the credit card scores that lenders use.

Here...sorry, I use it for generic info & to actually help others!  The info that the site suggests for you, it's paid for by the lenders to push their product...period!

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Credit Karma is not making the offer, but the sponsors of the site are.

Credit Karma is free to us, but it does cost money to design and set up an Internet site.  Someone has to pay those fees, and that someone is the credit card companies that advertise on the site.

I suggest you first read the articles on this site so  you can better understand exactly how credit works and how to make it work for you.  The prime purpose of Credit Karma is to teach people the valuable skills needed to build a good credit score.  One that helped me was the Credit simulator.  When it showed that my credit score would go up if I consolidated my credit cards, I swallowed hard and went for it.  But I only had less than $4000 (at nearly 20%--YIKES!!) Got it, and I still kept the old cards (locked up, of course) so that my available credit would be high.

I don't know if you can get the $38,000 consolidated, but the score simulator does help you find out if it's workable..  May have to consult an expert (look for Dave Ramsey) and follow his advce on getting the debt to a managable level. Small, persistent steps help in getting things to a good level.  Hang in there.  I'm doing better so know you can, too. 

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Reply by
BungalowMo

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I do agree with 99% of what you say here, except for the Dave Ramsey part.  Yes, he's great with financial advice...sort of.

He lives by the "cash only" rule.  That's fine when you're a millionaire, but when the normal Joe wants to buy a car & you have absolutely zero credit history because it's all been cash....you're gonna need a cosigner!

Don't even think about buying a house with no credit scores available.

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honest

Helpful to 1 out of 2 people

38,000 that amount to tranfer to a credit card 0 apr or not. Would still cost you a upfront cost like 3 percent of the balance. I'd fine a way for a loan to get way lower interest than a revolving interest account. Because if its not paid in full when the 0 apr terms up they could hit you with back interest. Plus a lot of places credit file on your fica is 30 days older than CK. in most cases for CK score to work you got to wait 30 days before applying. Aslo think consolidating that many credit lines to one would kill your over all utilization. So if cant find a load with low apr. Id pick highest apr to lowest apr and pay them off starting with the highest one first. Is no suck thing as a easy fix without hidden costs.

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Credit card debit of 6,000

My bank tells me I'm paying 12.99 % interest.  CK says I'm paying 19.99%.  I tend to believe CK.  I don't trust my Credit Union anymore. I want to transfer my balance to aother card.  I will be able to pay it off sooner at0% for 18 mo. Then even if it gors back to 12.99 0r 19.99% I will have saved almost $2500 .  Isnt it worth IT?  Can a bank or credit Union prevent a transfer of funds?

I'm chicken.  I'm a widow , my late husband always handled finances.  Please help !!!

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Reply by
ernestf01

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ck has all mine listed as 19.99 percent. But I wont link my credit cards to here so dought they really know my interest rates. As for why I won't link every thing in one place is same reason I won't do things bye smart phones or 3rd party wifi. Stuff to easy to hack. They get into one linked site you may as well giving them access to it all. But CK has a APR calculator you can put in your dept and how much minuim payment is and figure your apr out

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