BT from Chase Ink to BankAmericard - Advice please..

[Anonymous]

Hey All,

I recently recieved an offer from BOA ($0 balance/ $3K CL) to do either a balance transfer, direct deposit or check cash advance with 0%APR until August 2016 with a 3% fee.

My personal credit is in good standing, no lates, low credit util. I have a balance of around 4400 on a Chase Ink (5K CL) for my business but it'll be a while before

I can really pay it down, which means paying alot of interest in the meantime.

So my questions are:

- Does carrying a high balance on a business card affect my personal credit score?

- Will doing a BT on my Chase card put me in the "doghouse" with Chase?

- Does it make financial sense to do the BT at all?

Any advice is appreciated as always!.

Cheers.

[Creditaddict]

I would probably hit up BofA for a CLI first so if you do it not only can you do the entire balance but you can do the entire balance and not have it completely maxed out... If you have had the card for some time now you can probably get a nice bump... I would request $20k online and it should instant counter or send to underwriter which you can call.

carrying balance on business cards that don't report to personal (chase) does not hurt your personal credit.

doing a bt away from chase to someone else should help you with chase since you are paying them.

i would say if you are paying high interest and need over 6 months to pay then it makes sense to do the bt.

[Anonymous]

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@Anonymous wrote:

Hey All,

I recently recieved an offer from BOA ($0 balance/ $3K CL) to do either a balance transfer, direct deposit or check cash advance with 0%APR until August 2016 with a 3% fee.

My personal credit is in good standing, no lates, low credit util. I have a balance of around 4400 on a Chase Ink (5K CL) for my business but it'll be a while before

I can really pay it down, which means paying alot of interest in the meantime.

So my questions are:

- Does carrying a high balance on a business card affect my personal credit score?

- Will doing a BT on my Chase card put me in the "doghouse" with Chase?

- Does it make financial sense to do the BT at all?

Any advice is appreciated as always!.

Cheers.

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The Chase Ink does not report nor is it factored into your score.  It is a hidden tradeline.  So if the BOA card is a personal card and you do a balance transfer, that will actually affect your score because personal cards will report on your CR and will show maxed out.  I don't think it makes sense to BT to a hidden tradeline that is not affecting your credit.

[Anonymous]

Thanks CA.

I decided not to do the BT, but requested the BOA CLi as you suggested. I went to 10K and got a referral.

My question is this, I made the request on Wednesday. Do I wait for the response or go ahead and call the UW as soon as possible?

Thanks in advance,

H.

[Creditaddict]

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@Anonymous wrote:

Thanks CA.

I decided not to do the BT, but requested the BOA CLi as you suggested. I went to 10K and got a referral.

My question is this, I made the request on Wednesday. Do I wait for the response or go ahead and call the UW as soon as possible?

Thanks in advance,

H.

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I would call because if you have not seen the cli online then they either need to speak to you or denied you.

[Anonymous]

Sure enough!

I got a letter in the mail today with the denial.

Time to try the back door!