Update: Slate, as in “Clean”

Long time reader, long time typist,
Ok…let’s say “my mom” has a really bad credit score. Really bad. How does “she” get accepted by the good people at Chase who seem to love to decline “her” for the Slate card? “She” really wants to be included on this great offer. Does she need “me” to co-sign on the card with my amazing credit score. Oh yes, it’s up there.

And do you reccomend 1 card for 1 transfer, or 1 card for multiple transfers?

If you have several cards with balances on them, I say dump them on one Slate card. It’s the best deal around. Simplify. Don’t cancel the cards that had the big balances. It’s better for one’s score if those stay alive with a zero balance. If they charge an annual fee, lemmme know what cards they are. It might be best to ask the card company to convert them to a free version of the card if they want to charge an annual fee.

When you co-sign on anything like this, you are on the hook. It’s very kind of you to offer for “Moms Cosgraveyard”, but if she starts making late payments – that shows up on your report as well. That is BAD for BOTH of you. It will cause strife and you will end up on Judge Judy.

If you think you wanna be in biz with your mom to get her 0% interest Slate, you might consider getting the card in your name and putting her balances on your card. This is a bit unorthodox. Have a written agreement with your mom that this went down and that she must repay you.

If you already have the Slate card, co-signing may be the only option.

I have not used a 0% card to transfer any balances in years. When I did, they always sent balance transfer checks. Chase Customer Service was unclear if checks came with this card, but the fine print on the Slate application mentions them:

“We may decline to process any balance transfer request and will not process a balance transfer request from any other account or loan that we or any of our affiliates issued, or balance transfer checks made out to cash or to any cardmember.”

Jeff asked:
” Cap’n Chip, Say you get declined after applying for this card, what would one in need of transferring high APR cards to this great card do? Should I call them and pretend cry?”
~~~~~~~~~~~~~~~~~~~~~~~~
As Bluto Blutarksi once said, “Nothing’s over until we say it is. Was it over when the Germans bombed Pearl Harbor? Hell no!” You should call the Chase Reconsideration Line (888) 245-0625. Be polite. Ask them why you were declined this card. If it’s because you have too much credit at Chase, ask them to move some credit limit from one of your Chase cards to this one.

If you don’t get any Chase Slate love, you can click on the following to see some other 0% offers:
http://www.chipsmoneytips.com/my-favorite-active-credit-card-offers/

If rejected, you are able to get a free credit report from that agency. Contact the credit bureau on that rejection letter.