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Established Member
Posts: 46
Registered: ‎04-18-2013
0

Re: Balance Transfer from Dis to C1, then C1 to Dis-- will this work?

Do you mind elaborating also? Why would paying off/paying down (not what I am doing but essentially looks that way) hurt my credit? Or are you asking why I am carrying a $1500 balance on Discover while I have several others paid off? If that is your question- I was carrying a $500 balance on Discover before having dental work done this month. It's the only card I carry a balance on. Either way, I am simply asking because I am learning and want to continue to learn. As I previously stated, I'm well aware that this is not a fix.
Member
Posts: 30,743
Registered: ‎02-07-2013
0

Re: Balance Transfer from Dis to C1, then C1 to Dis-- will this work?

[ Edited ]

Something you can do that may help

Try for SP only CLI's 

If you can afford to pay a big chunk of the card in question off but I know since you maybe saving for downpayment this may not be an option 

any of those 2 would get you a few points

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Established Member
Posts: 46
Registered: ‎04-18-2013
0

Re: Balance Transfer from Dis to C1, then C1 to Dis-- will this work?

This is not a deal breaker. I am 5 points short of a 700 (lender pull) and would simply get a better interest rate. Thank you for your input. Doesn't look like I'll be juggling the balance!
Established Member
Posts: 46
Registered: ‎04-18-2013
0

Re: Balance Transfer from Dis to C1, then C1 to Dis-- will this work?

Myjourney- thank you for your honest but positive feedback. I would have probably made a mistake had I not asked. You are right, it's not worth the few points I would gain. No use in risking a negative result. I have been so credit crazy these past few months and I am always eager to improve my score. Good to know this is too risky to do that.
Member
Posts: 30,743
Registered: ‎02-07-2013
0

Re: Balance Transfer from Dis to C1, then C1 to Dis-- will this work?


teachag89 wrote:
Myjourney- thank you for your honest but positive feedback. I would have probably made a mistake had I not asked. You are right, it's not worth the few points I would gain. No use in risking a negative result. I have been so credit crazy these past few months and I am always eager to improve my score. Good to know this is too risky to do that.

You are very welcome ...anytime Smiley Wink

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Established Contributor
Posts: 906
Registered: ‎10-15-2012
0

Re: Balance Transfer from Dis to C1, then C1 to Dis-- will this work?

What's the limit on your Discover? Are you maxed? If not, you're probably worrying yourself over nothing.


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25000 | Discover IT $15250 | PSECU $10000 | Citi DC $7700 | Barclay Ring $6500 | Citi DP $5400 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays Aviator $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Established Member
Posts: 46
Registered: ‎04-18-2013
0

Re: Balance Transfer from Dis to C1, then C1 to Dis-- will this work?

Simply827- $6,000 limit on the Discover Card. I'd just like to get it down to $600 or so but that's not possible right now. It will have to wait.
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Frequent Contributor
Posts: 474
Registered: ‎04-09-2012
0

Re: Balance Transfer from Dis to C1, then C1 to Dis-- will this work?

Do you have any cards you can get a SP CLI on, like any GE cards?  That would give you a higher total amount of credit available which would lower your utilization, which could help you gain a couple of points.  Also, with your Cap One, have you had that card for at least 6 months and have you had a CLI in the past 6 months?  If you have had it at least 6 months and haven't gotten a CLI in the past 6 months, email the EO (do a web search for the email address) and ask for a CLI.  Aim high - they will ask you if you will accept less if they can't accept the full amount.  It will be a SP.  I went from $1500 to $5000 to $7000 going this route.  You may even want to call Discover as they will sometimes do a CLI on a SP but make sure you stop if they say it will be a HP.

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500

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