@Anonymous wrote:
Hi All,
New to the forums as a member but I have been here several times to read posts and to learn from you all. I decided that its one would need a little more in depth answer so I'm now a member, ready to contribute, help, and be helped!
Situation: My wife and I (both 23) are closing on our first home on Wednesday! We are extremely excited as our monthly expenses will be less than if we were renting, and we will have more space, more privacy, more peace of mind, and be building equity. We have a get out of debt plan that hinges on getting approved for the Chase slate 0% and 0 balance transfer offer. The more I read about this card, the more I realize that we likely won't be approved for the limit we need. We can't apply until after closing. And have 3 cards we want to transfer over. We have a newegg preferred account (or I should say I have one.) with a balance of $529.92 A best buy credit card with a balance of $1522.54, and a US bank card with a balance of $2774.63. We would like to transfer all balances over for a total balance of 4827.09. We currently use Chase checking and savings accounts and have had a Chase Freedom account that we use and pay off each month with a $4000 limit. We plan on paying 1000 on the debt with our tax refund, (expected by the end of Feb.) Credit Karma shows my Transrisk score at 669, and my vantage score at 718. My wife also shows 669 on the Transrisk and 743 on the vantage. My wife is a student and I am a loan officer, household income is at 36000.
Questions:
1.) Do you think it is likely I will get approved with at least a 1K limit? We could easily transfer 3K from the freedom card (I've heard this is possible, any verification on this?) We pay it several times a month to make sure it doesn't go outside our normal month to month spending. We only need 1K on that card. That would give us 4K on Slate, and after paying 1K from our tax refund, would be just perfect.
2.) How will this affect my scores? Our limit with Newegg is 2k, with best buy is 2k, and with US Bank its 5.5K
3.) Does anyone know how quickly the balance transfers happen? Should I make a payment first, or will the balance transfer be my payment? Also after the balance transfer, will I still owe accrued interest the next month?
Your help and comments regarding this would be greatly appreciated!
First, congratulations on closing on your house! That's a big step, for sure. And also congrats on having a debt management plan. You've clearly thought things through and done some research.
That's fairly high util on your balances on those three cards. That's going to have an impact on any approval for a Slate card.
As you're probably aware from reading here, those are FAKO scores. Have you pulled your FICO scores from here? If not, you might want to consider pulling your scores. OR if you have the scores that your lender pulled in order to qualify for your mortgage, that would be helpful information. Presumably, you've got a fairly decent middle score, since that's what most mortgage lenders consider for underwriting, that middle FICO score of the 3.
Honestly, I think it might be a bit difficult to get a Slate based on your FAKO scores, even though you've got a history with Chase. However, if you try an automated application and get a decline, you could always call a back door number and talk directly with an analyst. Or you could apply by phone or at a Chase branch where you can talk to a real person and be able to actually explain some of your situation. That might increase your chances to get a Slate.
Have you considered some other cards as well? Perhaps an offering from CITI such as the Simplicity, Thank You or Diamond Preferred cards? They all offer some attractive BT benefits. There are other cards out there as well, beyond the Slate card, that might be good cards for your situation.
Best of Luck to you and your wife in your new home and in your credit endeavour!
