Question about balance transfers
Date: Thu, 12/06/2007 - 06:56
I had a question regarding balance transfers. I have about 10k in debt spread out on 4 credit cards. I haven't made a single payment in about a year because I simply haven't had any money. My mother, fearing that my credit score will go bad, and thus making it harder for me to have any financial freedom in the future, has offered to transfer my balance to her credit cards which is very good.
My question is: Is this even possible? Can I transfer my balance to her credit in her name? Don't balance transfers only happen when a person tranfers his/her debt to an account with that same name, social security number, etc.?
Thanks for your answers in advance.
Joe, If you have not made a payment on your cards in about a yea
Joe, If you have not made a payment on your cards in about a year, I would think that your credit is already horrible. Haven't you been contacted by any collection agencies regarding these debts?
Those accounts are likely closed and charged off by now.You cann
Those accounts are likely closed and charged off by now.You cannot do balance transfers on closed accounts with negative ratings. She can assist you in getting out of debt,but make sure whoever holds your debt shows proof that you are paying the correct party for the correct account.
So then Canjun, Do you have any advice for what I should do?
So then Canjun,
Do you have any advice for what I should do? Should I call the credit card companies and try to start a dialgoue with them? Should I enlist the help of a credit consolidating service?
and can you elaborate more on what you mean by 'make sure whoever holds your debt shows proof that you are paying the correct party for the correct account.' Maybe, it's too early in the morning, but I'm having a hard time understanding what that means.
Thanks for your help, I realy appreciate it.
