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etm890

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Credit Card Balance Transfer Solutions?
I'm looking to pay down about $5,500 of credit card debt I acquired during the last 9 months that were unusually financially straining It's all on my cap one quicksilver card. 0% introductory APR just ended. Not sure of which avenue to take.

1. My discover card is offering me 0% for 18 months on transfers with a 3% fee. I'm inclined to take this except my credit line is $500 short of what I'd like to transfer. Worth asking for a credit line increase to accommodate this? They just gave me a CLI about 3 months ago so i'm not outside that 6 month window where I can get another one with a soft pull. I also have my two parents as authorized users on this card. Was helping them rebuild their credit after 2008/2009. Also would like to not have to open a new line of credit so staying with an existing card seems appealing.

2. My AMEX doesn't have a credit line big enough to accommodate this (balance is zero). My Citi forward card won't allow transfers (balance is also zero). Open a new card strictly for this balance transfer? Citi Simplicity offers zero interest for 21 months but a 3% transfer fee, Chase slate offers 0% for 18 months and no transfer fee. Chase got horrible reviews, and i'm not sure if either card will approve me with a high enough credit line to accommodate a $5,500 transfer (probably will but not 100% sure).

Income of about 50k, Credit score between 740 and 760, depending on where i'm looking (FICO score on discover, citi, amex statements. Transunion & equifax on Credit Karma). Help!

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If you are only five hundred short on the Discover line, why not consider this. Work hard over the next month or two to pay the Capital One card down a thousand dollars, then transfer the rest of the balance over to Discover. Then at least you are not completely maxing the Discover card. Then develop a plan and stick to it to get that balance paid off before the zero percent period ends. Is there any way that you could transfer forty-five hundred over to the Discover now? Or do you have to transfer the entire card balance? Have you thought about an installment loan? That may be something to look into as well, but I am sure that you will not find a zero percent one, but adding an installment loan if you don't currently have one may help your credit in that way too.

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Reply by
etm890

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I was just browsing Discover's website regarding their personal/installment loans.  It looks like I may be able to get a loan with an interest rate below 10%.  I've been a Discover customer for almost 6 years now.  Don't really have a relationship with any bank (i'm a millenial, everything is online!). My capone card's APR is 17.99.  Only concern is that my parents are authorized users on my discover card and if I add 4500 or so of debt to the card, it'll report on their credit as well.  I should be more selfish as I've helped them a lot over the past few years, but still a consideration to take in.

Should I call discover and see if they can increase my line of credit by about $1,000?  This would cover the entire balance and not be 100% maxed out.  I would rather stay with an existing card if i'm going to add a hard inquiry.

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No, I do not think that you should ask Discover for a thousand dollar increase, I think you should work hard over the next month or so and get the debt that you have paid down a thousand dollars as I have already suggested. Kicking the can down the road is not going to make this debt go away, get after it.

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