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Balance Transfer question

F

finite automaton

Golden Member
My sister has bad credit and about 2k worth of CC debt; my mom has good credit. My mother wants to get a 0% card in her name and put my sister's debt on it. Is this feasible? I know it's not a good idea. Is there a better way to go about this?

 
Tell her to get a card that offers those checks to pay off balances. No questions asked.

2K is not that much CC debt, btw.
 
Originally posted by: her209
Your sister is just going to run up her debt again.
Click to expand...

What we're trying to do is get her a card that has the exact limit of her debt, that way she can't get into any worse shape than she is now. At least not without getting another CC.
 
Who's going to pay off this debt?

Moving the debt to your mothers card and still not paying it is only going to tank her credit too. What is she trying to accomplish?
 
Originally posted by: darkxshade
Who's going to pay off this debt?

Moving the debt to your mothers card and still not paying it is only going to tank her credit too. What is she trying to accomplish?
Click to expand...

I apologize, I wasn't clear in the OP. The main goal here is to get a lower interest rate.
 
Originally posted by: finite automaton
Originally posted by: Gibson486
Tell her to get a card that offers those checks to pay off balances. No questions asked.

2K is not that much CC debt, btw.
Click to expand...

Good idea, thanks.
Click to expand...

Checks often have fees, so check that first. Don't use the checks for cash as the cc company will know and you will not get 0% unless they SPECIFICALLY say you will. Be careful of any other terms, some cc's will make you make purchases on the card as well and they always pay the lower interest rate first.
 
Originally posted by: queenrobot
Originally posted by: finite automaton
Originally posted by: Gibson486
Tell her to get a card that offers those checks to pay off balances. No questions asked.

2K is not that much CC debt, btw.
Click to expand...

Good idea, thanks.
Click to expand...

Checks often have fees, so check that first. Don't use the checks for cash as the cc company will know and you will not get 0% unless they SPECIFICALLY say you will. Be careful of any other terms, some cc's will make you make purchases on the card as well and they always pay the lower interest rate first.
Click to expand...

youa re going to pay a fee either. Transfer blaances usually have a 3% fee.
 
Originally posted by: Gibson486
Originally posted by: queenrobot
Originally posted by: finite automaton
Originally posted by: Gibson486
Tell her to get a card that offers those checks to pay off balances. No questions asked.

2K is not that much CC debt, btw.
Click to expand...

Good idea, thanks.
Click to expand...

Checks often have fees, so check that first. Don't use the checks for cash as the cc company will know and you will not get 0% unless they SPECIFICALLY say you will. Be careful of any other terms, some cc's will make you make purchases on the card as well and they always pay the lower interest rate first.
Click to expand...

youa re going to pay a fee either. Transfer blaances usually have a 3% fee.
Click to expand...

That is true, but you can often have the fee's waived doing BT's over the phone rather than using the checks.
 
Originally posted by: queenrobot
Originally posted by: Gibson486
Originally posted by: queenrobot
Originally posted by: finite automaton
Originally posted by: Gibson486
Tell her to get a card that offers those checks to pay off balances. No questions asked.

2K is not that much CC debt, btw.
Click to expand...

Good idea, thanks.
Click to expand...

Checks often have fees, so check that first. Don't use the checks for cash as the cc company will know and you will not get 0% unless they SPECIFICALLY say you will. Be careful of any other terms, some cc's will make you make purchases on the card as well and they always pay the lower interest rate first.
Click to expand...

youa re going to pay a fee either. Transfer blaances usually have a 3% fee.
Click to expand...

That is true, but you can often have the fee's waived doing BT's over the phone rather than using the checks.
Click to expand...

Wow, I wish I knew that little tidbit a year ago when I did a BT 🙁
 
capital one just sent me a card offer for 15 months 0% with no transfer fees, or any minimum purchase.First one of those I've seen in about a year. Signed up last night, waiting to see what the credit limit will be. tried moving 12k.
 
Originally posted by: finite automaton
Originally posted by: her209
Your sister is just going to run up her debt again.
Click to expand...

What we're trying to do is get her a card that has the exact limit of her debt, that way she can't get into any worse shape than she is now. At least not without getting another CC.
Click to expand...

Is your sister going to close the current account that has the 2K balance on it now? what will stop her from using this account once it is paid off?

Even if mom takes the card, she can still use it online (provided that she writes down the CV code) or she can call the credit card company and just get a new card (she can claim she lost her card or something)...

 
Originally posted by: spacejamz
Originally posted by: finite automaton
Originally posted by: her209
Your sister is just going to run up her debt again.
Click to expand...

What we're trying to do is get her a card that has the exact limit of her debt, that way she can't get into any worse shape than she is now. At least not without getting another CC.
Click to expand...

Is your sister going to close the current account that has the 2K balance on it now? what will stop her from using this account once it is paid off?

Even if mom takes the card, she can still use it online (provided that she writes down the CV code) or she can call the credit card company and just get a new card (she can claim she lost her card or something)...
Click to expand...

I don't know if she's going to close the account or not. As far as credit score goes, I'd advise her not to. But temptation can be a bitch.
 
Originally posted by: finite automaton
Originally posted by: spacejamz
Originally posted by: finite automaton
Originally posted by: her209
Your sister is just going to run up her debt again.
Click to expand...

What we're trying to do is get her a card that has the exact limit of her debt, that way she can't get into any worse shape than she is now. At least not without getting another CC.
Click to expand...

Is your sister going to close the current account that has the 2K balance on it now? what will stop her from using this account once it is paid off?

Even if mom takes the card, she can still use it online (provided that she writes down the CV code) or she can call the credit card company and just get a new card (she can claim she lost her card or something)...
Click to expand...

I don't know if she's going to close the account or not. As far as credit score goes, I'd advise her not to. But temptation can be a bitch.
Click to expand...

If i were your mom, I would make her close the account...

Is her credit decent enough to get another credit card once this balance is paid off? that would be dangerous...
 
DON'T DO IT.
If your Mom wants to do anything, just have her make a gift of $2,000 in return for proof of closing the CC account and a pledge to avoid credit cards forevermore.

A credit score is actually an "I love debt score". The more you use credit and the longer you stay in debt, the higher your score tends to be. A high credit score has very little to do with how financially well off you are.

The credit industry is one of the most aggressive, predatory groups out there. It is commonplace for a credit card company to up your interest rate on a whim. Get as far away from these snakes as possible.

My $0.02 worth!!
 
Originally posted by: CoachB
DON'T DO IT.
If your Mom wants to do anything, just have her make a gift of $2,000 in return for proof of closing the CC account and a pledge to avoid credit cards forevermore.

A credit score is actually an "I love debt score". The more you use credit and the longer you stay in debt, the higher your score tends to be. A high credit score has very little to do with how financially well off you are.

The credit industry is one of the most aggressive, predatory groups out there. It is commonplace for a credit card company to up your interest rate on a whim. Get as far away from these snakes as possible.

My $0.02 worth!!
Click to expand...

What the fuck are you talking about?

Originally posted by: finite automaton
What we're trying to do is get her a card that has the exact limit of her debt, that way she can't get into any worse shape than she is now. At least not without getting another CC.
Click to expand...

Initially this seems like good logic but having the line fully utilized will drop your mom's score very quickly. At the very most you want to have the line 90% utilized. If it is 2K I would recommend shooting for at least a $2500 line if not more.

 
What I'm talking about is getting away from the credit swamp altogether. You cannot borrow your way out of debt.

Instead of dragging Mom into the mess and exposing her to risks/ripoffs, why not get out of the situation completely. If Mom is feeling generous, a no strings attached GIFT is the best response. Mom is not tied to any debts, Mom understands that repayment is not expected, Mom sends a message that she cares but won't enable. You eliminate one credit card instead of opening another. You don't have to worry about fees, interest, or other got ya's. Maybe daughter learns a lesson.

SoulAssassin.....perfect avatar there buddy!!!
 
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