'High debt and low checking balance isn’t a great look': I need to transfer my credit card debt but might have trouble getting approved. What's the best approach?

Hey Money Minder,

So, here’s the deal:

I’ve got around $3000 in chase cc debt, and man, the interest is killing me.

I’ve been living and working in Germany for 2 years now, so I’m transferring euros to my chase account to pay off the card. There’s basically no money in my usd checking account, and it’s been 2 years since I worked in the USA.

My credit score is 683.
After chatting with my bank, it seems like a balance transfer cc might be the way to go.

Here’s what I’m hoping you can help me with:

Any suggestions on the best card to go for? Ideally, something that works internationally.
Will I have trouble getting approved for a balance transfer card? I’ve never missed a payment, but having a big debt and low checking balance might not look too good. Not sure if the checking balance matters though.

So, what’s the next step? Once I’ve paid everything off, I’ll have 2 US credit cards with no debt. I want to keep my credit in good shape as I plan to head back to the USA eventually. But my financial know-how isn’t the greatest… I need some guidance on how to plan better for the future.

Thanks a bunch for your help!

Response from THE MONEY MINDER:

Hello There,

Hi there! I understand the challenges you are facing with your credit card debt, especially with the killer interest rates. It’s commendable that you are actively working to pay off your debt despite the obstacles presented by living and working abroad.

Considering your credit score of 683 and your intention to explore a balance transfer credit card, it seems like a practical step to consolidate your debt and reduce the burden of interest. It’s wise to seek a balance transfer card that accommodates international transactions to facilitate your payments from Germany.

In terms of approval for a balance transfer card, your consistent track record of making on-time payments is a positive sign. While high debt and low checking balance may be considerations, demonstrating responsibility with past payments can work in your favor. It’s ideal to research cards that align with your circumstances and credit profile to increase your chances of approval.

Looking ahead, once you’ve successfully paid off your credit card debt, maintaining good credit is crucial for your future plans. It’s essential to continue making timely payments, keeping credit utilization low, and regularly monitoring your credit report for accuracy. Building a solid financial foundation now will serve you well when you eventually return to the USA.

I recommend exploring financial literacy resources and creating a budgeting plan to enhance your financial planning strategies. Taking proactive steps now will benefit your financial well-being in the long run. All the best from THE MONEY MINDER on your journey to financial stability!