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Credit Card Balance Transfers Help?

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Crashem
Valued Contributor

Re: Credit Card Balance Transfers Help?

Okay here is my advice:

 

Given what you can pay down, I would pay everything off but the Royal Carribean.  But pay that card to below 80%.  Once all that reports, her scores are going to be in the low 700's.  I would pay and CLOSE orchard/first premier/credit one/best buy cards.  I am assuming she has annual fees on those cards as well.  So once all this reports, she will have available credit of 20250 and balance of around 10k for utilization just under 50%.

 

At this point, I would have her app for Amex Zync (maybe green/gold/plat depending on her score) and add you on as AU.  Great thing about Amex charge card is that the NPSL will grow very quickly and you can use that for your business expenses.  Remember Amex charge card needs to be paid in full.  Even better, the Amex charge card balances don't count towards her utilization and therefore credit score.

 

Is the Amazon card a chase or store card from GEMB?

 

With all the toy limit cards closed (except for maybe the merrick) and the balances paid down on others aside from Royal Carribean.  She can consider apping for a couple more cards at same time as Amex Zync.  I will need to know score before I can advise which cards.  She can go for rewards or 0% BT offers as it sounds like it will take her a while to pay down the remaining limits.

 

The goals here are to improve her credit file so she gets out of toy limit land.  Get cards appropriate for both of your spending habits and put you in good situaiton for future.  I still need the open dates on the AU cards so I can recommend which ones to use.

               LIMITS IN CARD DESCRIPTIONS
Message 21 of 32
youngandcreditwrthy
Senior Contributor

Re: Credit Card Balance Transfers Help?

Ohh okay. Well, with that high of a limit, the other creditors should take notice and increase your other limits once it's paid down a little. Imo at least
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 22 of 32
youngandcreditwrthy
Senior Contributor

Re: Credit Card Balance Transfers Help?

Crashem's advice is perfect !!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 23 of 32
Legions36
Frequent Contributor

Re: Credit Card Balance Transfers Help?


@youngandcreditwrthy wrote:
I'd also straight up close FIrst Premier if she is paying an astronomical amount of fees for it, it's a horrible card!

Big time rip off. Check this out she is paying like $40 a month in fees and interest for this card on $700 balance, we just found this out this weekend so this card will for sure be paid off and closed. The other fp card with $400 limit was already paid a fee for the year so we can wait until before that time and close it then. LOL but $40 a month for that garbage is so crazy.

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 24 of 32
Crashem
Valued Contributor

Re: Credit Card Balance Transfers Help?


@Legions36 wrote:

@youngandcreditwrthy wrote:
I'd also straight up close FIrst Premier if she is paying an astronomical amount of fees for it, it's a horrible card!

Big time rip off. Check this out she is paying like $40 a month in fees and interest for this card on $700 balance, we just found this out this weekend so this card will for sure be paid off and closed. The other fp card with $400 limit was already paid a fee for the year so we can wait until before that time and close it then. LOL but $40 a month for that garbage is so crazy.


Read through my post.  Close all those cards.  You don't want First Premier showing open when she apps for better cards.  Additionally, you don't want too many toy limits showing as it will result in rejected app or another toy limit.  So close them all now with possible exception of merrick.  Also, you can probably get refund or prorated refund on annual fee paid when you close.

               LIMITS IN CARD DESCRIPTIONS
Message 25 of 32
youngandcreditwrthy
Senior Contributor

Re: Credit Card Balance Transfers Help?

Doesn't FP charge monthly fees?!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 26 of 32
Legions36
Frequent Contributor

Re: Credit Card Balance Transfers Help?


@Crashem wrote:

Okay here is my advice:

 

Given what you can pay down, I would pay everything off but the Royal Carribean.  But pay that card to below 80%.  Once all that reports, her scores are going to be in the low 700's.  I would pay and CLOSE orchard/first premier/credit one/best buy cards.  I am assuming she has annual fees on those cards as well.  So once all this reports, she will have available credit of 20250 and balance of around 10k for utilization just under 50%.

 

At this point, I would have her app for Amex Zync (maybe green/gold/plat depending on her score) and add you on as AU.  Great thing about Amex charge card is that the NPSL will grow very quickly and you can use that for your business expenses.  Remember Amex charge card needs to be paid in full.  Even better, the Amex charge card balances don't count towards her utilization and therefore credit score.

 

Is the Amazon card a chase or store card from GEMB?

 

With all the toy limit cards closed (except for maybe the merrick) and the balances paid down on others aside from Royal Carribean.  She can consider apping for a couple more cards at same time as Amex Zync.  I will need to know score before I can advise which cards.  She can go for rewards or 0% BT offers as it sounds like it will take her a while to pay down the remaining limits.

 

The goals here are to improve her credit file so she gets out of toy limit land.  Get cards appropriate for both of your spending habits and put you in good situaiton for future.  I still need the open dates on the AU cards so I can recommend which ones to use.


The amazon is a rewards visa. The newest date is the citi card as that was opened last month, the other cards that im on have been opened for at least 3-5 years i believe the mets card is the oldest. She also has 4 hardpulls in the last few months, would that get in the way of applying for new credit when all this gets done? I think i can do this by the next 2 months.

Thanks for your advice and help walking me threw this, as i really wouldn't even know where to start if it wasn't for u guys.

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 27 of 32
Legions36
Frequent Contributor

Re: Credit Card Balance Transfers Help?


@Crashem wrote:

@Legions36 wrote:

@youngandcreditwrthy wrote:
I'd also straight up close FIrst Premier if she is paying an astronomical amount of fees for it, it's a horrible card!

Big time rip off. Check this out she is paying like $40 a month in fees and interest for this card on $700 balance, we just found this out this weekend so this card will for sure be paid off and closed. The other fp card with $400 limit was already paid a fee for the year so we can wait until before that time and close it then. LOL but $40 a month for that garbage is so crazy.


Read through my post.  Close all those cards.  You don't want First Premier showing open when she apps for better cards.  Additionally, you don't want too many toy limits showing as it will result in rejected app or another toy limit.  So close them all now with possible exception of merrick.  Also, you can probably get refund or prorated refund on annual fee paid when you close.


Ok i will close those cards. The Merrick is fairly new also but she starts with a $600 limit and in 6months of payments they bump it to $1200 just like that.

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 28 of 32
Crashem
Valued Contributor

Re: Credit Card Balance Transfers Help?

You need to find out what credit reports hard pulls are on.  As for au accounts, I would get rid of Citibank and maybe amazon.

               LIMITS IN CARD DESCRIPTIONS
Message 29 of 32
youngandcreditwrthy
Senior Contributor

Re: Credit Card Balance Transfers Help?

It seems like most lenders just worry about inquiries within the last six months. And most lenders don't pull every report, so figuring out which report(s) has/have the least/most inquiries is paramount as Crashem noted above
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 30 of 32
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