Financial Information
how can I consolidate all of my credit card bills if I have never made any late payments on any of them?
Question : how can I consolidate all of my credit card bills if I have never made any late payments on any of them?
I have perfect credit but about 10 different credit cards that I want to consolidate. I own a home and already have a second mortgage.
consolidate credit card bills
Best answer:
Answer by smartypants909
To consolidate credit cards, you must be over 30 days late and have over a certain dollar amount in debt.
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#2 written by M K 1 year ago
Since you have perfect payment history you should get a balance transfer card. Many give you 3 – 16 months 0 apr. Even though your credit goes down slightly for the short-term when you cancel a card you might want to think about it. If you have too many credit cards it slows down the rate of your credit score increasing. Too many open accounts are perceived negatively because there are too many open opportunities to create debt. If you close any account choose one with high interest and no rewards. Keep cards that you had the longest; older trade accounts hold more value in the eyes of creditors. It shows the longest record of payment history.
http://www.creditwish.com -
#3 written by bdancer222 1 year ago
Shifting credit card debt to another loan is a bad idea. People tend to run the credit cards back up and then you have the loan payment and the credit cards to pay.
Instead work on paying off the credit cards. Take every penny you can squeeze out of your budget and put it on the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next till they are all paid in full.
Find ways to bring in more cash. Have a garage sale, collect alum cans, get a second job.
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#4 written by Aaron 1 year ago
Try to get it down to atleast a lower number of credit cards. Call all your creditors and tell them you want to consolidate and that X company is willing to offer me a great deal, can they offer you a better one. Transfer your debt onto other cards, so you will have less bills. Then once you’ve paid those down, transfer them again so you now have 2 or 3.
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Usually what happens it that a credit card company offer teaser rates where you have no interest for 1 year and then the interest kicks in. If you already have interest accruing on your credit card, then you want to balance transfer ideally into a smaller credit card count (like 2 or 3) with at least a 1 year 0 APR. And its true that closing many credit card accounts will lower your credit score, but it is temporary and a lot easier to manage. Do not use any equity you have in your house right now. Also, you can negotiate with your credit card companies if you are unable to balance transfer. This company negotiated for me and I only paid for their services because they were able to save me 20% with credit reported as paid in full. Plenty of companies out there though that you can use. So shop around.