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Consolidate Credit cards ?
- Thread starter Chess
- Start date
I consolidated all my cards onto a 0% apr card if that's what you mean.
generally, I think it means that you take out a loan, sometimes using something you own as collateral to pay off numerous cards and then just paying the bank its money back at a lower interest rate. So I guess talk to the bank.
generally, I think it means that you take out a loan, sometimes using something you own as collateral to pay off numerous cards and then just paying the bank its money back at a lower interest rate. So I guess talk to the bank.
oftentimes, you'll receive offers for a 0% APR on a new credit card issued. What happens is that, in applying for the new card, you'll often be carrying a balance on other credit cards. So...what you do is request a balance transfer which takes the debt off your old cards and transfers it to your new card that does not accrue interest. Think of it as using your new card with 0 interest to pay off the old cards with anywhere from 9-20% APR.
If you don't have an offer in the mail for another card...just figure out which card accrues the least amount of interest and charges and call them up. Tell them you want to do a balance transfer from your other cards. They'll ask for the acct numbers and some identifying info and you'll have smushed all the debt onto a single easier to pay off card. Be sure to read the agreement you have with your CC company before transferring the balance to them though. There are sometimes fees and limitations...tho they don't really come into effect for most people.
RossMAN
Grand Nagus
Chess - I know exactly what you're asking and there are two ways to go about this.
1) Most people try this (including myself) and fail. Getting a personal installment loan, this is a regular loan not a credit card or revolving line of credit. So you borrow $2,300 for 24 months at 13.90% your monthly payments are $110.32 After 24 months your debt is paid off in full. That all sounds fine and dandy but getting a bank to approve you for a $2,300 (or $10,000) personal loan is not easy. If you have a car/truck/RV or know someone who does that has a CLEAR title (they don't owe any money on it) you could use that as COLLATERAL and get your money that way. So if you owned a 1996 Honda Civic with a clear title, I would get the loan using your Civic as collateral. This is the best method but not the easiest.
2) The other method is getting ANOTHER credit card and using the balance transfer option to payoff your other 3 credit cards. Here's how that works:
Please let me know if you have any questions.
1) Most people try this (including myself) and fail. Getting a personal installment loan, this is a regular loan not a credit card or revolving line of credit. So you borrow $2,300 for 24 months at 13.90% your monthly payments are $110.32 After 24 months your debt is paid off in full. That all sounds fine and dandy but getting a bank to approve you for a $2,300 (or $10,000) personal loan is not easy. If you have a car/truck/RV or know someone who does that has a CLEAR title (they don't owe any money on it) you could use that as COLLATERAL and get your money that way. So if you owned a 1996 Honda Civic with a clear title, I would get the loan using your Civic as collateral. This is the best method but not the easiest.
2) The other method is getting ANOTHER credit card and using the balance transfer option to payoff your other 3 credit cards. Here's how that works:
- Apply for a credit card which offers 0% APR for 12 or more months with $0 annual fee, I highly recommend the CitiBank Dividend Platinum Select VISA which offers 0$ annual fee and 0% APR on balance transfers for 12 months with no hidden fees. Some credit cards have a hidden "balance transfer" fee, CitiBank does not.
- During the application process (you can apply online) it will ask you which credit card/loans do you want to payoff? You'll need to have all 3 of your most recent credit card statements with you, they need the complete credit card number, credit card company name, mailing address and amount. So you will enter in your information for your current 3 credit cards into the balance transfer section of your CitiBank credit card application.
- Assuming you are approved (if you're not then you're screwed), CitiBank will either electronically payoff your 3 existing cc's or mail them checks. The whole process takes about 2 weeks.
- Your 3 existing credit cards will mail you a new statement showing a $0 balance (since the CitiBank balance transfer paid them off in full), I would recommend closing 2 of these 3 credit cards accounts. Keep whichever one you've had open the longest open, do not close this account.
- Now you have 1 consolidated bill and will make all your payments to CitiBank. If you pay off your CitiBank cc in full within the first 12 months you will pay ZERO INTEREST!!! otherwise it's around 9-18% depending on how good or bad your credit is.
Please let me know if you have any questions.
RossMAN
Grand Nagus
For those of you who are challenged here is a direct link to the CitiBank Dividend Platinum Select credit card
http://www.citibank.com/us/cards/cardserv/divplat/index.htm
http://www.citibank.com/us/cards/cardserv/divplat/index.htm
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