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Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008
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BofA balance transfers

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.


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
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Creditaddict
Posts: 20,079
Registered: ‎10-23-2007
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Re: BofA balance transfers

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

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: BofA balance transfers

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. :smileyvery-happy: It would have been for 8 months, making it effectively 4.5% APR, which wasn't bad.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008
0

Re: BofA balance transfers

[ Edited ]

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?  :smileyhappy:

 

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 :smileysad:

 

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!


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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