Poor Credit Rating - Can i transfer a balance?

allyb15

Hi
I have a friend (no, really!) and he has a very poor credit rating. Are there any cards out there that he can transfer existing credit card balances to? The amounts are barely reducing because of the interest rates and he wants to start making a serious dent in them now that he is in a stabler environment financially.
Thanks!
Ally

InsideInsurance

If he has a very poor rating then any new cards are going to have an equally poor interest rate and the sub prime cards dont have introductory offers like 0% APR so he would simply be adding a transfer fee on top of more high interest

stephane_2

Unless you provide more details about his current & past financial situation...then impossible to answer your question.

allyb15

Thanks for the replies. I guess what i wanted to know was whether or not 0% rates would be available on any cards available to him, but it's not looking good, huh?
Is there an alternative, or someone who would provide close to 0%?
Thanks again!

stephane_2

allyb15 wrote: »

Thanks for the replies. I guess what i wanted to know was whether or not 0% rates would be available on any cards available to him, but it's not looking good, huh?
Is there an alternative, or someone who would provide close to 0%?
Thanks again!

Probably not...no chance if he has a messy credit report.

allyb15

When i say bad credit, he has a few 1's where he has missed payments. his other problem is that all his cards are at the top of his credit limits. For instance, one is 11.8k with a limit of 12k, another is 9.7k with a limit of 10k and finally 5.6k with a limit of 6k. So he is paying money every month to just cover interest with very little capital reduction, if any!

aimzrabbit

allyb15 wrote: »

When i say bad credit, he has a few 1's where he has missed payments. his other problem is that all his cards are at the top of his credit limits. For instance, one is 11.8k with a limit of 12k, another is 9.7k with a limit of 10k and finally 5.6k with a limit of 6k. So he is paying money every month to just cover interest with very little capital reduction, if any!

25K on cards and a few missed payments

he wouldnt even get an unsecured loan for that unless he had pristine credit and big income

you would be better of sending your friend to a professional for help

options would be for him to contact the card issuers and ask for a reduction in interest

ask for interest to be frozen and an arrangment to pay (this will damage credit rating and may end up with default)

rabbit

bengal-stripe

Promotional 0% offers were not invented to help people who are debt-stressed with access to cheaper money. They are there to attract the pick of the crop: the best customers who, once the promotional offer has expired, will make the CC a lot of money.

Your friend with high debts and three cards almost maxed out, stands virtually no chance to get accepted to one of the available 0% offers.

aimzrabbit

promotional 0% offers were not invented to help people who are debt-stressed with access to cheaper money. They are there to attract the pick of the crop: the best customers who, once the promotional offer has expired, will make the CC a lot of money

unless the savy pick of the crop customer shifts the 0% to a new deal and doesnt let the CC issuer make a penny from them

bengal-stripe

aimzrabbit wrote: »

unless the savy pick of the crop customer shifts the 0% to a new deal and doesnt let the CC issuer make a penny from them

I agree!

Making money for the CC is the idea; but like most ideas,
it might not work all the time.