Leo, I currently have $17,600 in credit card debt and... - Excellent/Good Credit Questions


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Credit Card Applications » Questions » User Questions » Excellent/Good Credit » Leo, I currently have $17,600 in credit card debt and my balances are close to my limits. I...

Leo, I currently have $17,600 in credit card debt and my balances are close to my limits. I pay all of my bills on time and still have good credit. I applied for a consolidation loan yesterday and was told my credit score was 724 on TransUnion but that they declined the loan because of the ratio of balances to credit limits. I have had to use my credit cards and would like to consolidate them and get a lower rate so I can pay them off. Before I let anyone else hit my credit report, I’d like to know if you think it’s possible to get a credit card or cards for 0% balance transfers in my case?

Answered on | Updated on April 17th, 2013
The content is accurate at the time of publication and is subject to change.

You can apply for a credit card with 0% interest on balance transfers and transfer your balance to this new card. However, the credit limit on a new credit card may not be enough to transfer all of your balance. But if you transfer a part of the $17,600 and avoid interest payments on it during introductory period, that will help you pay down your debt. It will also increase your debt-to-credit ratio since the new card will have its own credit line and that will free up some of the credit being used on at least one of your other cards.

To choose a balance transfer card, you should consider how much you will be charged for the transfer. Usually it is from 3% to 5% of the transaction. For example, the Discover it® Balance Transfer credit card comes with 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. To estimate how much you can save by transferring your balance to this card – use our balance transfer calculator.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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