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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have a line a LOC of 10,000 at 9.75% revolving credit with

Resolved Question:

I have a line a LOC of 10,000 at 9.75% revolving credit with a balance of $9,500. I also have 3 credit cards one at $4,500 with a limit of $15,500 at 19.99% and one at $5,160 with a limit of $6,500 at 19.99% and one at $14,500 with a limit of $15000 at 10.75% I want to increase my line of credit to pay these. I have never defaulted on any of my payments.I am able to pay $500 a month and possibly more in some months. I want to know if this is my best option.
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

Megan C :

Hello and welcome to JustAnswer.com

Megan C :

Thanks for your question, and thanks for using JustAnswer.com

Megan C :

I think that increasing your credit limit is a smart move.

Customer:

Hi could you phone me? I don't type very well or fast.

Megan C :

No, we cannot talk on the phone. The site prohibits me from calling customers

Megan C :

Sorry .... I wish I could....

Megan C :

How can I assist you?

Customer:

my LOC and credit cards are in my name only and my husband does'nt know about it. My son and Daughter- in Law owe this money. If I inquire at the bank are they obligated to inform my husband?

Megan C :

No, they are not required to inform him

Customer:

I live in a small town and don't feel comfortable discussing this with people who know me well. C an I go to a branch in a neighboring town?

Megan C :

Yes, you should be able to as long as it's the same bank

Customer:

Yes it is. I'm assuming my credit rating is not good because of this. do I have any other options if they won't increase my LOC?

Megan C :

You could take the $500 per month and pick one account and just aggressively pay it.

Megan C :

You could get a home equity loan, but your husband would ahve to sign it because of the house

Customer:

ok I am not employed and I pay this from my joint account. would this be a problem and will they ask me for income tax returns or other proof of how I would pay this?

Megan C :

It depends on the bank;. They could ask for this information. If they do, your husband's income should cover it

Customer:

But if he does'nt know about this how will that work? also if I have been paying this all along without trouble can I just get it on that merit?

Megan C :

They may want more information from him, unfortunately. However, if you have been paying the loan without any trouble that could work in your favor

Customer:

So I could just wing it and go in and try to get it on my own. if I am denied no one know. then I should just start paying the high interest ones more

Megan C :

That is correct, if you're denied they are not going to contact your husband

Customer:

so there are no other options? have you heard of people getting their interest rate lowered if they call the company and ask? how successful is this/ or even worth trying?

Megan C :

It is worth trying...some companies do this regularly particularly if you aren't late on your payments and pay the minimum or a little more as well

Megan C :

But, chances are slim that you will find assistance for this

Customer:

So to end this my best hope is increasing my LOC?

Megan C :

That would be your best case scenario, yes - that way you can pay off those balances in ull

Customer:

Thank you for your assistance.

Megan C :

You're welcome. Is there anything else that I can assist you with today?

Megan C :

If not, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

I guess I just want to confirm that I can go to the bank about this and not have the information disclosed to any one else. also I forgot to ask if I make this request and I am deied or even accepted does it affect my credit rating in a bad way?

Megan C :

No, it should not impact your credit rating. You will get a bump up for paying off credit cards.

Megan C :

And your information should remain private.

Customer:

Thank you for your Patience ! Of course I will rate you excellent. So sorry for my slow typing!

Megan C and other Finance Specialists are ready to help you
Expert:  Megan C replied 2 years ago.
Thanks so much for your positive rating. Please come back and visit me for any of your tax, finance, or social security needs. It was a pleasure working with you today.