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Valued Contributor
RockinRay
Posts: 1,938
Registered: ‎08-13-2007

Re: A good 0% BT card I would be good for

I think this was a smart financial move for LS to take.

 

Going from 9.9% to 0% just makes sense. Yes, he will take a hit for the new account, but who really cares!

 

Remember, it is all about the money and what makes the most sense.

Ray

** Every Card has a Job, and Every Card does its Job **

Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011

Re: A good 0% BT card I would be good for


android01 wrote:

LS2982 wrote:

android01 wrote:

LS2982 wrote:

I'm trying to knock down the balance on my PSECU card without getting hit with big interest. Is there any cards that would be good with BT's and a good limit?? I'd like to narrow it down to a TU pull where i have only 6 INQ's.

 

The barclays rewards MC is a good look in my opinion, I really dont want another account but I cant figure out a way to knock it down quick.


What is the rate on your PSECU card, and what is the balance?


9.9% , 4.9/9K.

 


Other than a BT for 0%,  you'll hardly find any credit cards that offer less than 9.9%.  Citi Diamond Preferred comes to mind as a possibility with 18 months at 0%.  You may just have to do it the old fashioned way and pay it down over time.  Be grateful that your APR is low with PSECU.  You do not want your reports to look like you are pyramiding your debt by applying for new cards to pay off other cards.  Your scores matter, specifically in this instance.  Seeking new credit to pay off any older debt isn't a good sign - personally for you, or for potential creditors.  i'm not trying to bust your chops here, but please be careful!      


I'm confused. How is this pyramiding? Isn't that the whole point behind 0% BT offers?

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: A good 0% BT card I would be good for

Discover has a 0% APR on balance transfers for 15 months...but there's a transfer fee of 3% of whatever you transfer. I was tempted to take advantage of it until I realized there was a 3% fee.

The truth is out there...
FICO scores: 724 (EQ) 709 (EX) 711 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015
Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012

Re: A good 0% BT card I would be good for

[ Edited ]

If you don't already have a Discover More card, it has an intro offer of 0% for the first 15 months (on both transfer and purchases), 3% transfer fee, $0 AF, and of course the rewards.

 

EDIT:  maiden_girl was faster than I was! lol


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
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Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: A good 0% BT card I would be good for


AZHeather wrote:

If you don't already have a Discover More card, it has an intro offer of 0% for the first 15 months (on both transfer and purchases), 3% transfer fee, $0 AF, and of course the rewards.

 

EDIT:  maiden_girl was faster than I was! lol


LOL thats hilarious!! I wonder if there is a company that offers 0% APR and 0% transfer fees....*looks around*

 

The truth is out there...
FICO scores: 724 (EQ) 709 (EX) 711 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015
Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012

Re: A good 0% BT card I would be good for

Slate from Chase!  No transfer fee, zero AF, and 15 months 0% on transfer and purchases!


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


Take the FICO Fitness Challenge ~ In the garden until June 2013!
Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: A good 0% BT card I would be good for

I'd never get approved for a Slate card from Chase! And I bank with themm!! LOL. I've been told not to get a credit card from the company I bank with...so far that's been true. They ask many more questions...

The truth is out there...
FICO scores: 724 (EQ) 709 (EX) 711 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015
Moderator
Revelate
Posts: 8,350
Registered: ‎12-30-2011

Re: A good 0% BT card I would be good for


bichonmom wrote:

android01 wrote:

LS2982 wrote:

android01 wrote:

LS2982 wrote:

I'm trying to knock down the balance on my PSECU card without getting hit with big interest. Is there any cards that would be good with BT's and a good limit?? I'd like to narrow it down to a TU pull where i have only 6 INQ's.

 

The barclays rewards MC is a good look in my opinion, I really dont want another account but I cant figure out a way to knock it down quick.


What is the rate on your PSECU card, and what is the balance?


9.9% , 4.9/9K.

 


Other than a BT for 0%,  you'll hardly find any credit cards that offer less than 9.9%.  Citi Diamond Preferred comes to mind as a possibility with 18 months at 0%.  You may just have to do it the old fashioned way and pay it down over time.  Be grateful that your APR is low with PSECU.  You do not want your reports to look like you are pyramiding your debt by applying for new cards to pay off other cards.  Your scores matter, specifically in this instance.  Seeking new credit to pay off any older debt isn't a good sign - personally for you, or for potential creditors.  i'm not trying to bust your chops here, but please be careful!      


I'm confused. How is this pyramiding? Isn't that the whole point behind 0% BT offers?

 


I think lenders look at it something like this: if you have an outstanding balance, shuffling it around and arguably worse, continuing to increase it) is an ugly situation they tend to frown upon... as sometimes people in that situation tend to wind up leaving some lender holding the bag in a CO or outright BK.  It is going to be a non-zero statistical risk in their calculations for certain.

 

Eventually lenders want the consumer to be paying back the debt.  Actually now that I think of it in today's economy, I do sort of wonder about the purposes of BT's from a lender's perspective... unless they figure the consumer won't pay it off in the term anyway and making interest on the backend, or that the consumer will start using their card out of gratitude instead?  

 

Admittedly we're way beyond normal here as far as the folks on this forum go, but the offer seems sort of suspect unless I'm missing something which I often do :smileyhappy:.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Frequent Contributor
LionLaw
Posts: 258
Registered: ‎06-10-2012

Re: A good 0% BT card I would be good for

From what I hear, Barclays is very inq sensitive. That's probably why you got denied.

The Citi Diamond Preferred, as others have pointed out, is a good bet for you. 18 Months at 0% is tough to beat.

Starting Score: 617 (EQ 6/10/12)
Current Score (8/28/13): EQ: 691 EX: 706 TU: 700
Goal Score: 700

Discover it $4,500 (02/2001); Amex PRG (Backdated to 01/2006); Amex ZYNC (Backdated to 07/2006); Wells Fargo Cash Back Visa $5,500 (12/2011); Citi Diamond Preferred MC $2,000 (07/2012); B of A Cash Rewards Visa Signature $5,000 (02/2013)

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: A good 0% BT card I would be good for


RockinRay wrote:

I think this was a smart financial move for LS to take.

 

Going from 9.9% to 0% just makes sense. Yes, he will take a hit for the new account, but who really cares!

 

Remember, it is all about the money and what makes the most sense.


I hope I made the right decision, I dont want to spook any current creditors. :smileysad:

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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