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Balance transfer help

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Anonymous
Not applicable

Re: Balance transfer help

Thanks for the detailed info Gemeni. My profile does support a big enough limit but I see that starting limits on the Citi DP are all over the place. My scores are around 715-730 and my utilization is around 20%. With profiles similar to mine I've seen DP starting limits anywhere from $900-$12,000. Not really considering a PL, I do appreciate the info though. With the 21 months 0% interest on the DP I can absolutely pay off the $4,000 BT in that timeframe. I just hope I get a generous enough SL.
Message 11 of 13
FroggieMom
Regular Contributor

Re: Balance transfer help


@Anonymous wrote:
Thanks for the detailed info Gemeni. My profile does support a big enough limit but I see that starting limits on the Citi DP are all over the place. My scores are around 715-730 and my utilization is around 20%. With profiles similar to mine I've seen DP starting limits anywhere from $900-$12,000. Not really considering a PL, I do appreciate the info though. With the 21 months 0% interest on the DP I can absolutely pay off the $4,000 BT in that timeframe. I just hope I get a generous enough SL.

KC ...FWIW, Citi pulls EX (usually) my EX is 757 and my util is currently about 17% and my approval was for $10,300 so I think you'll likely clear enough to cover the $4000 BT + a little cushion.  On the "where does the info go question" it was after you submit the app and are approved it goes through a whole series of "customizations" you can choose including BT by either directly inputting the acct/amt info or requesting a check.  I, like Harley stated, opted for a check made out to me I could deposit into my checking acct and pay the creditor myself that way.  Just more control I felt like over the process...but simply a preference.

Summer 2018 FICO 8 scores~
Gardening until 2019....at least
Message 12 of 13
Anonymous
Not applicable

Re: Balance transfer help


@Anonymous wrote:
1) Don't get all frustrated with the B.S. details of where on the app you put freaking account numbers, friend.
These companies WANT the DEBT...They'll HELP 'transfer' i.e. ADD to what you'll OWE them either with the initial app or that 1-2 accounts you 'forgot' just after getting approved...
Trust me on that!

2) The bigger and more important concerns are
How are you scores, does your current profile warrant a big enough SL to do what you're looking to do
Can you realistically PAY-OFF the entire debt comfortably within the promotional period, for SURE?

It takes HPs to get more credit, are you OK with that?
If you don't get a big enough CL, will you HP another app then another searching, might you consider a fixed rate PL as an alternative?

The reason I like PLs as an option, is the debt shifts from revolving thus making the debt ratio possibly pretty enough to qualify for a beautiful CL, as the debt sits on a PL for a month or two

And, the worst case scenario is at the debt is placed in a position where one can fully control actually how much % is paid and for how long....

Yeah, by using a PL one might pay a month or two of % as they position themselves for the best Long-term solution but the cost is minimal compared to what could bleed out comparatively....That is if the debt isn't paid within the promotional period or it gets broken up because the SL wasn't enough to handle the entire debt etc etc

Way too many variables IMO that could be avoided with to simple 2 step process of moving 4k ( if needed) to a PL thus cleaning up CC debt ratios enough to spike one's profile enough to then qualify for a CL big enough to do as you please....

Even given the chance that the worst case is the debt is placed on a fixed rate PL that can be double, triple and or as aggressively attacked as the BT balance would have been anyway, right?
That's the point of the BT anyway correct?

Either way, with the debt sitting on the installment side it enhances the revolving side...Which can only HELP one's profile

I am loving this advice, thank you for sharing!!!

Message 13 of 13
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