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Established Member
teachag89
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.
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Senior Contributor
myjourney
Posts: 26,284
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

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Established Member
teachag89
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
teachag89
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.
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Senior Contributor
myjourney
Posts: 26,284
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 :smileywink:

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Established Contributor
Simply827
Posts: 686
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: EQ 682 EX 678 TU 683
Goal Score: 700+

PSECU $10000 | Discover IT $9250 | DCU $5000 | Citi TYP $4600 | Chase Freedom $4000 | Barclay Ring $3500 | PayPal Extras MC $3000 | US Airways $2000 | Cap 1 Platinum $1700 | Cap 1 QS One $1500 | Union Plus $1000 | Target $200
Established Member
teachag89
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.
Frequent Contributor
kimmiller112
Posts: 467
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 $5000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500

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