Balance Transfer Request - Consolidated: Fill & Download for Free

The Fastest Method to Eliminate Credit Card Debt1. Pay Off the Highest Interest Rate Card FirstInvest any extra cash you have every month into paying off your highest interest rate card, while still paying the minimums on your others. Once you've paid off your highest interest rate card, begin applying all your extra cash to the card with the next highest rate, and continue paying the minimums on the remaining cards. Each time you pay off a card, you will be left with a little more extra cash every month, which you can invest into the next card you're paying off, creating a positive payment snowball effect.Paying off the highest interest card first is the fastest way to eliminate your credit card debt and reduce your monthly interest fees. But if your goal is to pay off a single credit card as quickly as possible, then you'll want to attack the card with the lowest balance first. This can also leave you with a huge feeling of accomplishment knowing that you've paid off one of your credit cards in full. On the other hand, if you're trying to boost your credit score, then you'll want to pay off the card with the highest utilization rate first. The utilization rate is simply your overall card balances divided by their credit limits. The lower your utilization rate is, the better your credit score is.2. Don't Use Your CardsThe easiest and fastest way to eliminate credit card debt is to stop using your credit cards. Plan to pay in cash and you will automatically spend less. In fact, research has shown that consumers are willing to pay twice as much for an item when they are paying with a credit card as opposed to cash. If you are still using your credit cards as you are trying to pay off your debt, you will only sabotage your own efforts.3. Get OrganizedMake a spreadsheet detailing which cards you have, how much debt you have on each, and their interest rates. You'll also want to know what your total amount of debt is, and make a game plan on how you'll begin paying it off. You won't be able to tackle a problem if you don't know what you're dealing with.4. Set a BudgetMake a budget detailing what you spend. Are there areas where you can save money? This extra money can be used to pay down your credit cards even faster. Whether you are dining out less, downgrading your cable service, going easy on the A/C, or cutting unnecessary luxury expenses, do what you need to do to reduce your spending.5. Request a Lower Interest RateCall each credit card company and request a lower interest rate. Lower rates can mean lower monthly payments and fees, so every payment will pay off more of the principal. If you have good credit or you've been offered a lower rate by a competing credit card, make sure to mention that to the customer service rep.6. Make Two Minimum Payments Per MonthMaking two minimum payments every month can be your key to living debt-free in no time. Each time you make a payment, your average daily balance is reduced, which results in lower interest charges. This will result in paying off debt at a much faster speed and can also help boost your credit score.7. Transfer a BalanceIf you have a credit card with a high interest rate, you may want to consider a balance transfer. You may be eligible for a 0% promo rate, which will provide you with more time to pay off the balance and allow you to focus on other high interest rate cards. It'll also mean that you're spending less in interest fees, so more money will be going towards the principal owed. However, you want to be careful with balance transfers because there is usually a fee incurred of about 3% of the total amount transferred. (See also: Best Cards with 0% Balance Transfer APR)8. Consolidate Your DebtIt may be in your best interest to consolidate your debt. This can usually be done by borrowing money from a bank, private lender, or a peer-to-peer lender, such as Lending Club and Prosper. You can use the loan to pay off all of your credit cards at once and then focus on paying one larger loan payment per month. (See also: Should You Use Peer-to-Peer Lending to Pay Down Credit Card Debt?)9. Continue Paying Your Cards OffOnce you've paid one credit card off, it may be tempting to pocket what you would normally spend on that bill every month. However, the last thing you should do right now is pay less on your credit cards; the goal is to increase your payments every month. Instead, taking the money you would usually spend on that credit card and putting it towards another one will result in a faster pay-off10. Don't Close the CardWhile it may seem like a good idea to close your card after you've paid it off, this is actually not the best route. Your credit score is based partly on your credit utilization ratio, which is calculated based on the amount of credit you are using versus the total amount of credit in your name. Once you close the card, there is less credit in your name. This will cause your debt utilization ratio to increase, which will hurt you in the end. It's also important to maintain a long length of credit history, so keeping your card open will improve your score, too.CONCLUSION: If you are seeking fast credit repair i would suggest you hire a professional to help you in fixing your credit, i used the help of a credit repair specialist to remove all negatives and cleared all my debts in a short while.Just search for George Gibbs here on quora and contact him via the email in his bio and he would be happy to help, he helped my colleague some days back as well so he is trust worthy and efficient.

At their regular reporting interval, usually the same time they prepare your monthly statement, the bank tells all three credit bureaus your balance owed, credit limit and whether you are current on your payments. They do not report the interest rate being charged or other details about your relationship with the bank.When a creditor checks your credit, all they see is a snapshot of your credit based on the most recent reports from banks, etc., and a score based on that snapshot. Each creditor with whom you already have credit cards or loans can check your credit without affecting your score. It is called a soft inquiry, as opposed to a hard inquiry when you have requested new loans or new credit cards.Depending on the creditor’s policies, they may make soft inquiries monthly, quarterly or when they happen to think about it. By looking at changes in balances among the various credit cards and loans over time, a loan officer can figure out that you must have used a balance transfer, or consolidated a bunch of debt into a new loan, or taken a “cash out” mortgage refinancing in order to pay off some other loans.

Two ways, pay down your debt. If you don’t have the funds, you can consider a consolidation loan, now depending on your credit score, account balances and hard inquires on your report, this may save you money, with in 6 months of opening my credit consolidation loan, my score increased up to 80 points (your mileage may vary), when you move the debt to a loan and off of credit cards, your Credit Card utilization goes down, mine went to under 9% which puts you near your best scoring possibility.When I started the loan process, I had already did a lot of working on my making my credit profile the best possible. I requested all soft pull credit limit increases I had access to. Took advantage of balance transfer offers to move my debt to the cards that had the highest limit so most of my accounts had zero balances, even my cards I used the most had less than 30% and the 1 or 2 cards that had the bulk of my debt had less than 60 Utilization. The removed most of the major red flags that can cause your credit score to be reduced. I took no hard pulls on my credit for 6 months. I had no late payments, or other derogatory information on my credit reports. My credit score was around 720. I was approved for consolidation loan with a 5.99% APR.Today my credit score is around 803 plus or minus 5 points depending on my current reporting balances.