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I have $60000 in credit card debt that I would like to transfer to one card. I have fair credit.... |
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Date:
July 23, 2007, 8:27 am |
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I have $60000 in credit card debt that I would like to transfer to one card. I have fair credit. What card should I apply for? |
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Answer:
Balance transfer is a popular tool to consolidate the whole debt on the one card that usually offers better terms - lower APR, no extra fees, etc. Thus, balance transfer cards can be a good way to cut down debt, to save money and to improve the credit score. However the best balance transfer cards are obtainable only by people with either good or excellent credit (that is whose credit score is above 660). Still, even if your score is yet only fair that does not mean you can't make a transfer of balance. There are cards for people with fair score that allow to execute balance transfers. Pay your attention, for instance, to the Capital One® Standard Platinum or Capital One® Platinum. These are the deals for the people who want to improve their history. They offer no introductory period with 0% APR, nevertheless the balance transfer is possible. Read all the information concerning these cards and if they comply with your requirements apply for one of them online. However mind that the amount you will be able to consolidate depends on the limit of the card. $60 000 is quite a big sum, and it depends on your income and on the bank's decision whether you'll be given such a high limit or not. The best way is to get a consultation from bank before submitting an application. |
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