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

Posted in Credit Cards
Profile Image

Question By
honduca

0 Contributions
0 People Helped
Should I wait til after a year after our shortsale to apply to transfer balance of credit card?
We were 60 days late on a mortgage payment last June due to the short sale process. My AMEX minimum payment is $900 & I'm having to dip into my Roth IRA to make that payment. I wanted to transfer the balance to a new card. But should I wait til June so that the 60 days delinquency is past a year & go ahead and use my Roth IRA $? Capital One has a good option, but it doesn't seem I'll qualify if it's under a year since that 60 day delinquency. We will be renting soon & will have a more affordable monthly housing cost.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2791 People Helped

If I were you, I'd do the transfer.  Your score may drop a bit at first, but after a few months of ontime payments it will increase.  Try not to use your IRA to pay your bills, that's not a good option.  Late payments stop affecting your credit score after 24 months, so waiting doesn't matter. To learn more about paying debts, visit www.credit.about.com.   Hope this helps!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

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.