I'm wondering what everyone's experience with BoA and balance transfers is. I just got a CLI from $500 back to $3500 a month ago. Now today I sent in for a balance transfer, because a 0.0% offer popped up and this is a balance I was going to pay off over the next 6-8 months. The fee would be 3% ($90) and I'm paying over $40/mo. in interest on the balance (yuck). So i figured it would be beneficial to take them up on the offer. Unfortunately, it will put me within a few hundred $ of my CL on the BoA card.
Now, I'm just remembering the circumstances why they CLD'd me in the first place. It was immediately after paying off my original BT, which is why I opened the card in the first place. I paid $200 payments a month and paid the original BT off in 6 months several years ago, and they CLD'd me.....?
Anywho, now I'm worried that I should have just left that card alone. I hope they don't deny the transfer and then CLD me back down.
I tried to do a BT on BofA late last year I think it was and they quickly CLD the account to current balance and declined the BT. I would stay clear of BofA unless your reports are pretty clean and don't have much debt
I've done 3 BT's with them without problems, but as always, YMMV.
I did pay each one down on a schedule that zeroed it out by the end of the promo period. Maybe they were reassured by seeing the balance drop quickly. Or disappointed; I dunno.
They tried to get me to do that 3% fee, 0% APR BT when I was with them on the phone the other day. The offer was only good during the phone call, and I said, nope, I don't make financial decisions on the fly like that. It would have been for 8 months, making it effectively 4.5% APR, which wasn't bad.
They just gave me this BT offer, so I'm hoping they wouldn't send out offers if they didn't want you to use them.... right?
My utilization has been hovering around 40%, I believe. Like $6000/15000 ballpark right now. That balance had been going down steadily.... then I bought a car and charged $1600 in taxes onto one of the cards
I think I'm in the beginning stages of a financial meltdown, hehe. No, not really. I've been paying a net of $1000/mo. to the cards. I just really wanted this car!