Reply
Regular Contributor
Posts: 217
Registered: ‎03-24-2009
0

Balance Transfers - how is it looked upon by cc comps?

I have a balance of about 7k on one cc and have an offer from another cc for a balance transfer which offers 0% interest for 18 months. My question is how will the original cc company take that? I wish to have a long positive relationship with them. Will they lower my CL, consider closing my account, any sort of negative connotations or would they actually be happy and reflect positively because I paid off the balance in full? 

Blogger
Posts: 2,876
Registered: ‎02-02-2012
0

Re: Balance Transfers - how is it looked upon by cc comps?

They just might... do absolutely nothing other than take the money.

 

I did a BT from my BoA account to my Discover account and I've yet to experience any adverse reaction from them.
The company is just getting paid a balance, it still made money, there's no reason to believe that paying that balance in full is going to hurt you. What you read on forums are usually the extreme situations and don't apply to every single person who does a BT and gets that card to 0.

 

Now if you did a BT and got the card to 0 and never used it again, ever... that's a different story.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Regular Contributor
Posts: 217
Registered: ‎03-24-2009
0

Re: Balance Transfers - how is it looked upon by cc comps?

gotcha, do you think it would be wise to just ask that cc directly how they feel about balance transfers or is that like asking the wolf if they like my flock of sheep? (or insert a better analogy here lol)

Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: Balance Transfers - how is it looked upon by cc comps?

Who is it that your transfering from? Most may not care, some like Merrick may, I doubt Capital One would

Blogger
Posts: 2,876
Registered: ‎02-02-2012
0

Re: Balance Transfers - how is it looked upon by cc comps?


natasjlp wrote:

gotcha, do you think it would be wise to just ask that cc directly how they feel about balance transfers or is that like asking the wolf if they like my flock of sheep? (or insert a better analogy here lol)



This would be like asking permission to pay off your bills.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Regular Contributor
Posts: 217
Registered: ‎03-24-2009
0

Re: Balance Transfers - how is it looked upon by cc comps?

this particular case would be 7k from chase preferred to a new citibank account - if I apply for it, why wouldn't I transfer the balance. I guess that is what I am trying to figure out - pros and cons. the obvious pro is no interest on 7k lol! the cons always seem hidden in this secret world of credit - - - > which is why I am here writing this post.

Established Contributor
Posts: 650
Registered: ‎03-01-2012
0

Re: Balance Transfers - how is it looked upon by cc comps?


natasjlp wrote:

gotcha, do you think it would be wise to just ask that cc directly how they feel about balance transfers or is that like asking the wolf if they like my flock of sheep? (or insert a better analogy here lol)


I believe you are over thinking it here.  Do the balance transfer.  As long as you use the card now and then, they will make money from the swipe fees.  I don't think there will be a problem.


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Community Leader
Valued Contributor
Posts: 1,408
Registered: ‎07-12-2011
0

Re: Balance Transfers - how is it looked upon by cc comps?


pakman92 wrote:

natasjlp wrote:

gotcha, do you think it would be wise to just ask that cc directly how they feel about balance transfers or is that like asking the wolf if they like my flock of sheep? (or insert a better analogy here lol)


I believe you are over thinking it here.  Do the balance transfer.  As long as you use the card now and then, they will make money from the swipe fees.  I don't think there will be a problem.


+1

Do the balance transfer.  I don't know any bank that would be unhappy to recieve a check paying off a balance.  :smileyhappy:  

 


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Blogger
Posts: 2,876
Registered: ‎02-02-2012
0

Re: Balance Transfers - how is it looked upon by cc comps?


pakman92 wrote:
 I believe you are over thinking it here.  Do the balance transfer.  As long as you use the card now and then, they will make money from the swipe fees.  I don't think there will be a problem.


Exactly.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: Balance Transfers - how is it looked upon by cc comps?

+1 I dont think Chase really cares as long as your not late....

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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.