Carrying a balance on cards

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Hey,
A few of my cards have balances, I was busy traveling etc, didn't take a salary from my business and just really left some of my cards to keep a balance.

Anyways,  I don't have the funds to pay the cards to 0, I'm annoyed I'm donating to the corporate banks but it is what it is.

I have a plan to pay my cards in full, but yes the interest hurts, a friend suggested  I call up and request an interest freeze for 6 months on the condition I pay xx a month etc.

Does this work? I do like most of my cards, so I'm not keen on getting anything closed. Thanks


p.s. yes, I can churn, but it's not always realistic, I rather pay my cards to 0 and no interest for a few months would help.

[yitzgar]

Try chase slate, no balance transfer fees upon opening. Not sure if they offer 0% interest promo rate, but it should be a lower rate than most cards

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I had a slate, converted it to freedom unlimited. Chase told me it would be 17% apr, but its 24%

[davidrotts63]

Hey,
A few of my cards have balances, I was busy traveling etc, didn't take a salary from my business and just really left some of my cards to keep a balance.

Anyways,  I don't have the funds to pay the cards to 0, I'm annoyed I'm donating to the corporate banks but it is what it is.

I have a plan to pay my cards in full, but yes the interest hurts, a friend suggested  I call up and request an interest freeze for 6 months on the condition I pay xx a month etc.

Does this work? I do like most of my cards, so I'm not keen on getting anything closed. Thanks


p.s. yes, I can churn, but it's not always realistic, I rather pay my cards to 0 and no interest for a few months would help.

You definitely can try that, different banks have different rules as to when they can review/lower your interest.

Another option is to try a BT card, like an Amex Everyday card etc.

If this is more of a long term thing, I'd look for a long term low APR card, like the Barclay Ring, or like anything from a local small CU.

[chevron]

Thanks all especially @ckmk47 i've been able to lower my balances on some and shift interest payments to others.

I churn on one card and pulled it down 14k, my question is, when does chase report? I want to apply for a low interest apr card before I spend but after reported, please advise thanks.

[davidrotts63]

Good job! Congrats!
Chase reports
 A. Within a week of statement close.
 B. Within a week of paying in full.
 C. You can call and see if they are willing to report early for you.
 
Keep going!

[chbochur]

Thanks all especially @ckmk47 i've been able to lower my balances on some and shift interest payments to others.

I churn on one card and pulled it down 14k, my question is, when does chase report? I want to apply for a low interest apr card before I spend but after reported, please advise thanks.

Chase reports at the end of the statement cycle (wait another day or so just to confirm)

Just a suggestion since your applying for new cards anyway. Apply for a business card with zero apr this way it won't effect your credit report

 Here's a list of some examples

ink business cash 12 months
ink unlimited 12 months
amex blue business 15 months
amex simply cash 15 months
amex platnium delta 6 months
amex delta resrve 6 months
us bank bus edge plat 12 months
citizens bank everyday 6 months
boa plat visa 7 months
boa advanage cash rewards 9 months

[chbochur]

Good job! Congrats!
Chase reports
 A. Within a week of statement close.
 B. Within a week of paying in full.
 C. You can call and see if they are willing to report early for you.
 
Keep going!

Are you sure about Chase reporting any other time besides the end of the statement? Cause in my experience that is the only time they report (unless you do a rapid report)

[davidrotts63]

Are you sure about Chase reporting any other time besides the end of the statement? Cause in my experience that is the only time they report (unless you do a rapid report)

Yes

[davidrotts63]

Chase reports at the end of the statement cycle (wait another day or so just to confirm)

Just a suggestion since your applying for new cards anyway. Apply for a business card with zero apr this way it won't effect your credit report

 Here's a list of some examples

ink business cash 12 months
ink unlimited 12 months
amex blue business 15 months
amex simply cash 15 months
amex platnium delta 6 months
amex delta resrve 6 months
us bank bus edge plat 12 months
citizens bank everyday 6 months
boa plat visa 7 months
boa advanage cash rewards 9 months

Dont get no large AF cards to keep the balance of your report.
You're here to pay of the balances, dont worry about the temp position of your credit

[chbochur]

Dont get no large AF cards to keep the balance of your report.
You're here to pay of the balances, dont worry about the temp position of your credit

Allot of them are none or low af

[chevron]

how soon after they report will it reflect to credit agencies? We are talking about going from 70% utilization to 30%


Thanks all!

Another question, I noticed that I have a 30 DAY LATE payment from march 2014., BOA promised to take it off (long story) should I ignore it, fight with credit reporting agencies or fight boa ?

I know what card I want to get, I just want to ensure I get a high line for transfer. a 2500 card wont help much

[davidrotts63]

how soon after they report will it reflect to credit agencies? We are talking about going from 70% utilization to 30%


Thanks all!

Another question, I noticed that I have a 30 DAY LATE payment from march 2014., BOA promised to take it off (long story) should I ignore it, fight with credit reporting agencies or fight boa ?

I know what card I want to get, I just want to ensure I get a high line for transfer. a 2500 card wont help much

As soon as they report it will reflect it.
Maybe sign up for an Experian trial to know exactly when it happens.

And definitely try to have BoA remove that baddie.

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exprian has me at 56% usage. its closer to 35% in reality. dont see fico with free report.  but i do see BOA baddie

Accounts Ever Late
   1
Collections Accounts
   0
Time Since Negative
   4 Years 7 Months

[sruly]

Are you sure about Chase reporting any other time besides the end of the statement? Cause in my experience that is the only time they report (unless you do a rapid report)

Chase reports when you pay down to $0 as well.

[davidrotts63]

exprian has me at 56% usage. its closer to 35% in reality. dont see fico with free report.  but i do see BOA baddie

Accounts Ever Late
1
Collections Accounts
0
Time Since Negative
4 Years 7 Months

You can get a free or $1 trial with FICO, and daily updates at Experian.com
Use a $1 VGC or VCC so you dont get charged if you forget to cancel.

[chevron]

You can get a free or $1 trial with FICO, and daily updates at Experian.com
Use a $1 VGC or VCC so you dont get charged if you forget to cancel.

FICO is 646.  at 56% usage, it only has me going to 681 with the lower usage.

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What FICO do I need to get a regular card ?

[davidrotts63]

There are no set numbers, but I'd try for some boost before applying.
1. Try to eliminate balances on as any cards as possible (ie that 10 balance, pay it off)
2. Try to plating your overall balances below 90%, 75%, 50%
3. Same with your individual cards, try to get as many balances below those numbers.

The baddie is doing most the harm, so try to get that off. For an underwriter the 30day isnt as bad as it is for your FICO, as it was almost 5 years back and just a 30 day.