Ok so I have a credit card with Bank of America that I got Feb 2008. And now I owe $1,100 on it. It is a student credit card, but the interest is INSANE. I am a student, so I can’t work much and I make the minimum payments but I don’t see any balance reduction because of how much interest I’m being charged.
What do you guys know about balance transfer? Any personal experience, or advice? Is it the best thing to do? I heard Discover has good ones, but I doubt my credit will be approved. I have ZERO credit.
Thanks.
Tags: Advice, Transfer, Balance, HELP., CardsRelated posts:
With no income, a high balance on your credit card, little to no other credit, and tighter lending standards I would not expect that you’d be able to get a zero percent interest rate card.
The best thing to do is to get a job – work just weekends if you have to – and pay the card off.
Jessica gets my answer for best answer – and I gave her a thumbs up:
The best thing to do is to get a job – work just weekends if you have to – and pay the card off.
But I just needed to add a comment – What is INSANE is that you would charge $1,100 with no way to pay it back! Now you have to get off your a.$.$ and earn the $$ to pay it back.
I just heard WSB & CNN Money Expert Clark Howard on the radio talking about how Bank of America was coming around to the real world and actually negotiating with credit customers. It’s about time!
He suggests calling them and fully explaining your situation and ask for a lower interest rate. They may or may not work with you (depends on your history and let’s face it, your profit index). Let them know you desire to continue making your payments and do not want to default but you’re “out of work”.
As other answers are tating, a balance transfer will most likely not be approved without a job.
Good Luck