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Can someone explain please

New Contributor

Can someone explain please

I was just approved for a cc through my CU with no annual fee. My question is I reallllllly want to close my capital one and transfer the balance but I'm confused on how it will work once balance is transferred do I close the card then?? I will pay it to a zero balance before transfer. Thanks to all who answer
Fico=642 Exp=680(perCU) TU=660
Goal=anything over my current scores,,,,,,
Message 1 of 8
7 REPLIES
Super Contributor

Re: Can someone explain please


Quantarra wrote:
I was just approved for a cc through my CU with no annual fee. My question is I reallllllly want to close my capital one and transfer the balance but I'm confused on how it will work once balance is transferred do I close the card then?? I will pay it to a zero balance before transfer. Thanks to all who answer

You lost me 

You want to do a BT to your new card correct?

Why would you pay the CAP1 to zero then?

Forgive me if I missed something 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 8
New Contributor

Re: Can someone explain please

I don't know that's why I'm asking do I have to pay it off that's where I'm confused once I transfer balance what happens to the rest my available is 200/750
Fico=642 Exp=680(perCU) TU=660
Goal=anything over my current scores,,,,,,
Message 3 of 8
Super Contributor

Re: Can someone explain please


Quantarra wrote:
I don't know that's why I'm asking do I have to pay it off that's where I'm confused once I transfer balance what happens to the rest my available is 200/750

Ok got you now 

No do the BT but be prepared to pay the minimum if it doesn't go through when you expect it to..

So monitor your CAP1 account so that you know when it gets moved. If it has not moved by the time CAP1 due date..... pay the minimum payment

 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 8
Established Contributor

Re: Can someone explain please

a BT Is transferring whatever is on the card to your new one so once that happens it will already be 0 providing that you are transferring the full amount and not partial.
CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $2k - Merrick $800 - CreditOne $700 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 5 of 8
New Contributor

Re: Can someone explain please

Thanks for clearing that up so once transfer is done do you know how it will report on my cr
Fico=642 Exp=680(perCU) TU=660
Goal=anything over my current scores,,,,,,
Message 6 of 8
Valued Contributor

Re: Can someone explain please


Quantarra wrote:
Thanks for clearing that up so once transfer is done do you know how it will report on my cr

Once the transfer is done, the account you transferred from will generate a statement with -0- balance and will report zero.

 

It will not automatically get closed though.

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 7 of 8
New Contributor

Re: Can someone explain please

Thanks guys for all the info
Fico=642 Exp=680(perCU) TU=660
Goal=anything over my current scores,,,,,,
Message 8 of 8