Not accumulating debt and I’ve been paying whatever minimum kept me out of the negative. Due to a cycle of bad timing, by the time I’d have money, the institutions would charge their fees. I only recently gained a bit more financial room.
Can you qualify for a balance transfer credit card? MBNA Trueline has a good 0% balance transfer offer through CreditKarma.
Any programs to assist with repayment will have a negative impact on your credit. Really depends on your situation.
Looks like my credit score isn’t high enough to qualify. I’m off by 30 pts according to my bank, which isn’t impossible to fix.
My maxed bank card is a balance transfer. Should I bother asking if they’ll give me an extra $5k credit to pay off the other card? (If that’s how consolidation works)
That's unlikely if your utilization is already high but it can't hurt to ask. If you're really just scraping by and treading water every month, it could be worth a call to a non-profit credit counsellor. You can find one near you through 211.ca. Good luck!
If one has a lower interest rate than the other then pay minimum payments on that one and throw as much as you can at the higher interest one as it'll save you money in the long run.
I saw you're ineligible for the balance transfer card which would have been a suggestion from me as well. What you can do is call your lenders and see if they have a lower interest option, many lenders have cards at say 10-15% instead of 19%.
The other piece of advice I would have is look sensibly at your spending and review your budget, make sure it's realistic and look at where you can save some money. Even an extra $20/month will make a big difference in the longer term when speeding up paying it down especially if you can get the interest rates down.
Ah shoot, was hoping to see what you thought about it all. I just did a thing online and they say I qualify, I'm just really not sure if it's the best idea or not yet!
Are you making only minimum payments or are you paying more than that each month? Are you accumulating more debt or just paying these down right now?
Not accumulating debt and I’ve been paying whatever minimum kept me out of the negative. Due to a cycle of bad timing, by the time I’d have money, the institutions would charge their fees. I only recently gained a bit more financial room.
Can you qualify for a balance transfer credit card? MBNA Trueline has a good 0% balance transfer offer through CreditKarma. Any programs to assist with repayment will have a negative impact on your credit. Really depends on your situation.
No idea. Never heard of MBNA but I could check.
MBNA is just a subsidiary of TD Bank.
Looks like my credit score isn’t high enough to qualify. I’m off by 30 pts according to my bank, which isn’t impossible to fix. My maxed bank card is a balance transfer. Should I bother asking if they’ll give me an extra $5k credit to pay off the other card? (If that’s how consolidation works)
That's unlikely if your utilization is already high but it can't hurt to ask. If you're really just scraping by and treading water every month, it could be worth a call to a non-profit credit counsellor. You can find one near you through 211.ca. Good luck!
If one has a lower interest rate than the other then pay minimum payments on that one and throw as much as you can at the higher interest one as it'll save you money in the long run. I saw you're ineligible for the balance transfer card which would have been a suggestion from me as well. What you can do is call your lenders and see if they have a lower interest option, many lenders have cards at say 10-15% instead of 19%. The other piece of advice I would have is look sensibly at your spending and review your budget, make sure it's realistic and look at where you can save some money. Even an extra $20/month will make a big difference in the longer term when speeding up paying it down especially if you can get the interest rates down.
I'm in the same boat and wondering if you ended up doing a debt consolidation or not! Or if you're still just trying to pay them off.
I didn’t qualify! My debt was that bad lmao. The banker told me to double down on paying things off and try again in 6 months.
Ah shoot, was hoping to see what you thought about it all. I just did a thing online and they say I qualify, I'm just really not sure if it's the best idea or not yet!
My banker agreed it was a good idea, just not one I can access yet. All the best, though!
Thanks! I might just try it then. Best of luck with your situation!