05-28-2013 12:39 PM
Hi - I've been reading the very helpful info here - now I have a question...
my wife and i have good credit these days (700+ last I checked), but my wife and I have around $7000 in balances that we're paying interest on. I have only one CC at the moment with a balance of ~$2,000 and ~$6800 in credit currently available. (My wife's limits are much higher - in fact, she was rejected recently for a new card app because she had too much credit compared to her current income - not a crisis for us right now, but it is for the banks.)
I'm looking at the offer from Chase Slate: 0% for first 15 months, and no transfer fee for the first 60 days. The plan is to transfer all the balances to the new card and set up regular payments to pay down the debt interest free (and carry no balances on the old cards).
I've got two questions:
First, my current card is also Chase, so I can't transfer directly from it to the new card - is there any risk to transfering to my wife's card first and then again to my new card (within the 60 day window) from her card - other than the 3% xfer fee on the first transfer?
Second, how should I plan the events? Do I do transfer number one, apply, and then transfer number two? Or do I apply, and then do both transfers?
Thanks for any advice out there!
05-28-2013 12:50 PM
In short, my advice is, "DON'T".
Half of your plan is OK. Open a slate and let DW make a balance transfer for the zero percent...
...if you try to transfer your Chase debt away from Chase, then back to Chase for a zero percent deal, I'm relatively certain that they'll see it and be displeased.
05-28-2013 12:55 PM
If you're willing to pay the 3% fee, you could always look at the Citi Simplicity which also has an introductory 0% offer for 18 months as opposed to 15 months. That way you aren't transferring from Chase, to another bank, then back to Chase. With your credit profile, I can't imagine you having too much trouble getting approval for the card. Others might have better ideas, but its just a thought. I believe Discover also has two introductory balance transfer promotions as well.
05-28-2013 01:09 PM
05-28-2013 02:07 PM
One of DW's cards is Citi, so we have the same problem in not being able to move one of the balances to the same CC Co. It sounds like we just work with two of them and deal with the third separately.
Not sure if there's any difference between Chase Slate and Citi. Though I guess I have a back plan if one rejects me for some reason. (I had been thinking to use one of the FCUs as a back up plan - and as far as I can tell from the forum, two new apps in a month isn't a big credit score problem.)
We have time to rebuild any short-term score hits.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.