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GF's credit cards being cancelled, limits reduced - I've got questions

F

fbrdphreak

Lifer
So here's the situation:

GF is 22, had I think 5 CC's total, 2 of which she never used (dunno why)
Had WaMu CC which was converted to Chase earlier this year, had <50% balance/limit
Chase just informed her they are cancelling her card due to low length of other accounts, high debt/credit ratio
Visa CC has 5K balance, originally 12K limit but they cut limit to 6.4K a few months ago
Amex CC with a few hundred bucks balance, dunno the limit
Credit score was in the 700's probly about a year ago, now upper 600's as of the last month or so
Has been employed since 14, not made much over $20K/yr in the later years

Suffice it to say, she's worried about her credit being hacked up. The limit crashing down on her Visa looks like it might set off a chain reaction and we want to limit this as much as possible.

One thing we will immediately be doing is paying off about $1700 of the $5K balance on the Visa, to improve the balance/limit ratio.

I also suggested she start using those cards she never uses and just pay them off as its used, to get a history established on those.

Another thought I had is for her to apply for another card and that added amount of credit should improve her overall debt/limit ratio, right? And since most new CC's have a 0% intro period, she could make some purchases and pay them off over time to establish further payment history without incurring interest.
The only issue here is that she is currently not working as she is going to school full time; although she will hopefully have a part time job very soon, it won't bring in more than a few hundred bucks per month. I'm paying for all of our expenses since she moved out of state with me for my job.

Any suggestions from our financial gurus on here? Anything I'm wrong about, or anything I'm missing? Thanks in advance crew


Locked @ OP's request.

Perknose
Senior AT Mod
 
Originally posted by: DaWhim
what is the highest utilization ratio? the debt/line of credit. over 80% = red flag!
Click to expand...
By far the Vista w/$5K right now. It was under 50% before they slashed her limit. The others are all WELL below 50%, but I don't know the exact #'s.

I guess I'm most curious about the wisdom of opening a new line for her to increase overall amt of credit.
 
Originally posted by: fbrdphreak
So here's the situation:

GF is 22, had I think 5 CC's total, 2 of which she never used (dunno why)
Had WaMu CC which was converted to Chase earlier this year, had <50% balance/limit
Chase just informed her they are cancelling her card due to low length of other accounts, high debt/credit ratio
Visa CC has 5K balance, originally 12K limit but they cut limit to 6.4K a few months ago
Amex CC with a few hundred bucks balance, dunno the limit
Credit score was in the 700's probly about a year ago, now upper 600's as of the last month or so
Has been employed since 14, not made much over $20K/yr in the later years

Suffice it to say, she's worried about her credit being hacked up. The limit crashing down on her Visa looks like it might set off a chain reaction and we want to limit this as much as possible.

One thing we will immediately be doing is paying off about $1700 of the $5K balance on the Visa, to improve the balance/limit ratio.

I also suggested she start using those cards she never uses and just pay them off as its used, to get a history established on those.

Another thought I had is for her to apply for another card and that added amount of credit should improve her overall debt/limit ratio, right? And since most new CC's have a 0% intro period, she could make some purchases and pay them off over time to establish further payment history without incurring interest.
The only issue here is that she is currently not working as she is going to school full time; although she will hopefully have a part time job very soon, it won't bring in more than a few hundred bucks per month. I'm paying for all of our expenses since she moved out of state with me for my job.

Any suggestions from our financial gurus on here? Anything I'm wrong about, or anything I'm missing? Thanks in advance crew
Click to expand...

We? Why would you pay any of your unemployed girlfriends credit card debt?
 
Originally posted by: me123
Originally posted by: fbrdphreak
So here's the situation:

GF is 22, had I think 5 CC's total, 2 of which she never used (dunno why)
Had WaMu CC which was converted to Chase earlier this year, had <50% balance/limit
Chase just informed her they are cancelling her card due to low length of other accounts, high debt/credit ratio
Visa CC has 5K balance, originally 12K limit but they cut limit to 6.4K a few months ago
Amex CC with a few hundred bucks balance, dunno the limit
Credit score was in the 700's probly about a year ago, now upper 600's as of the last month or so
Has been employed since 14, not made much over $20K/yr in the later years

Suffice it to say, she's worried about her credit being hacked up. The limit crashing down on her Visa looks like it might set off a chain reaction and we want to limit this as much as possible.

One thing we will immediately be doing is paying off about $1700 of the $5K balance on the Visa, to improve the balance/limit ratio.

I also suggested she start using those cards she never uses and just pay them off as its used, to get a history established on those.

Another thought I had is for her to apply for another card and that added amount of credit should improve her overall debt/limit ratio, right? And since most new CC's have a 0% intro period, she could make some purchases and pay them off over time to establish further payment history without incurring interest.
The only issue here is that she is currently not working as she is going to school full time; although she will hopefully have a part time job very soon, it won't bring in more than a few hundred bucks per month. I'm paying for all of our expenses since she moved out of state with me for my job.

Any suggestions from our financial gurus on here? Anything I'm wrong about, or anything I'm missing? Thanks in advance crew
Click to expand...

We? Why would you pay any of your unemployed girlfriends credit card debt?
Click to expand...

Originally posted by: Kadarin
My suggestion: Insist that any girlfriends you have get their shit together.
Click to expand...

these. how much of the $1700 is yours? because theres no way you should dump more than one hefty dates worth of cash into it...because then when she wants to go out, say youre broke for a date and you should stay home and bone.

and pics of gf?
 
Best option would be to start paying more of the balance off. Otherwise there could be more damage which would take years to fix.
 
She better be really hot if you're chipping in $1700. She needs to take care of that 5K debt now. If you have to, call up the issuer and ask if they can close the card but lower her interest rate if she does a full repayment plan. I got some of my cards down to 3 and 0% doing this, and she doesn't need any more debt as is.
 
And who said I was paying her CC bills assholes? That money is HERS. I said "we" because "we" are in this together. She supported us when I lost my job, she moved with me for my new job and in the process essentially gave up her job that she had just finished undergrad for. Now she is going for more education and WE are going to get through this together.

Thanks to the couple who had constructive input, fuck the rest of you.
 
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