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Contemplating first BT need some help please

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Marcos8
Established Contributor

Contemplating first BT need some help please

Hello all. I have accumulated over the last month balances on all of my cards due to an impromptu vacation and having to take a seminar that was quite expensive. I'm currently looking at around 8k distributed amongst 4 cards. Current profile is as follows:

 

BOA 3506/25000

Amex 1902/27000

Cap1 1484/9000

Chase 949/10200

 

i know this will take months to bring down so I would like to simplify things and centralize the debt at 0% on my BOA card as interest will be added to each of these balances. This will also allow me to get 3/4 cards to report at zero next month to maybe offset putting the BOA card at approximately 30-32% UTL including the 4% transfer fees. Would that take the BOA card too high and make them squeamish?

 

I have never done a balance transfer before is there anything else I need to consider? Thanks

Message 1 of 14
13 REPLIES 13
Anonymous
Not applicable

Re: Contemplating first BT need some help please

that shouldn't be an issue. they're happy to get their 4% lol. as long as you pay over the minimum and they can tell you're wanting to pay it off then they should be fine
Message 2 of 14
Marcos8
Established Contributor

Re: Contemplating first BT need some help please

When a bank offers a BT offer... that can be used more than once right? Ie the offer they have can be used for transferring 3 balances to them and not one? How long will this take for the other cards to be paid off? What kind of info will BOA ask for? Do they just need account numbers or should I have addresses etc ready to input as well? 

 

Thanks

 

 

Message 3 of 14
Anonymous
Not applicable

Re: Contemplating first BT need some help please

My biggest credit card debt balance was $5800. You know what I did. I payed it off in 8-1/2 months By splitting $200 a week every week for all the 34 weeks. Man I should played it of in 7 months but intrest on my BOA was the maximum 25% Apr and so was the rest. I hope you have lower Apr than that. I was struggling but had sacrifices and it was limiting my entertainment and living on a budget.
Message 4 of 14
Marcos8
Established Contributor

Re: Contemplating first BT need some help please

My current APR is 11.99 and that is what will kick backin after the promo. An interesting note is that as all of these balances reported my FICOs from CCT have not budged. I'm wondering if I may even get a score boost from going 4/4 reporting balances to 1/4. I have never had only one card report a balance ever so maybe this will even make my score better...

Message 5 of 14
Anonymous
Not applicable

Re: Contemplating first BT need some help please

you can transfer more than one card, yes
Message 6 of 14
taxi818
Super Contributor

Re: Contemplating first BT need some help please

You will be fine. as your overall usage is still low. regardless of the actual money amount. The fact you have a plan to payoff is outstanding and very good for your fico. Its not about how fast you pay it off. Some debt is good. As long as you consistently pay it off. this is outstanding. Good luck.

Message 7 of 14
Anonymous
Not applicable

Re: Contemplating first BT need some help please

You're in good shape IMO. But if you absolutely want a BT, make sure you only transfer what you can pay back in the 0% period.

Message 8 of 14
Anonymous
Not applicable

Re: Contemplating first BT need some help please

I would hit that amex and the larger balace with the BT, and pay the chase the old fashoned way. Remember most places are 3-4% initial fee and 30 bucks is more than the interest on ~1,000 at 15%.  And your cards with the 11.9% arent all that bad. I look for help when I'm past the 19.99 threshold on a grand or more.

 

You can usually call the banks and have transfer checks sent out. Not everything has to be done online, although it's nice. For example I love Barclay's for the seamless process they have on their site.

 

when times are hard 5 minimum payments all over the place is harder to manage, I get that having 1 or 2 bills instead of 5 is better if they work with your paycheck schedules.

Message 9 of 14
NRB525
Super Contributor

Re: Contemplating first BT need some help please


@Marcos8 wrote:

Hello all. I have accumulated over the last month balances on all of my cards due to an impromptu vacation and having to take a seminar that was quite expensive. I'm currently looking at around 8k distributed amongst 4 cards. Current profile is as follows:

 

BOA 3506/25000

Amex 1902/27000

Cap1 1484/9000

Chase 949/10200

 

i know this will take months to bring down so I would like to simplify things and centralize the debt at 0% on my BOA card as interest will be added to each of these balances. This will also allow me to get 3/4 cards to report at zero next month to maybe offset putting the BOA card at approximately 30-32% UTL including the 4% transfer fees. Would that take the BOA card too high and make them squeamish?

 

I have never done a balance transfer before is there anything else I need to consider? Thanks


With a $25k CL from BofA, you'll be fine. I'm running 0% BT offers on both my BofA cards, transferred high amounts to each nearly a year ago. Recently re-upped the MC BT using the move to CapOne first, then back to BofA, as noted below.

 

First step, is to BT the amount off the BofA to your Capital One account. There should be no BT fee on the CapOne, and that clears your BofA to zero.

Second, decide what you want to do with the Chase balance. Another poster noted the 4% fee, whether you want to pay that here or just pay the Chase balance in place.I'd tend to pay it in place.

Third, after completing the BT to Cap One, waiting for that to complete. then do the transfer from CapOne to BofA on the 0% offer.

Fourth, the AMEX can either be BT straight over to the BofA after step 3, or run that through Capital One also, and include in the step 3 BT onto BofA.

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Message 10 of 14
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