Difference in BT?

[Anonymous]

What is the difference in a balance transfer from one card to the next and a balance transfer check that I can deposit to my account and do whatever I want with the money (e/g. make a payment to the card).

e.g. The difference in balance transfer from card to card, and a BT check deposited to my bank account as cash, and then I pay the other card myself from my bank acct. Will that make a difference? Is any better than the other for FICO Scoring?

[Anonymous]

Scoring wise - it's the same 

The good thing is the creditor getting paid off does not know it's a BT

[Anonymous]

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liz20 wrote:
What is the difference in a balance transfer from one card to the next and a balance transfer check that I can deposit to my account and do whatever I want with the money (e/g. make a payment to the card).

e.g. The difference in balance transfer from card to card, and a BT check deposited to my bank account as cash, and then I pay the other card myself from my bank acct. Will that make a difference? Is any better than the other for FICO Scoring?

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No, a BT from CC to CC is the same as a BT check.  FICO doesn't know about how you did a BT.  All it knows is your balance on each account as they update once a month.

Important note: Make sure you check the T&C on the BT to make sure you're aware of any fees associated with using the check.  Also make sure it's actually a BT check and not a Cash Advance check.  If it's a Cash Advance check, you'll likely be charged a cash advance fee and an enormous interest rate with no grace period.

[Anonymous]

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@Anonymous wrote:

Scoring wise - it's the same

The good thing is the creditor getting paid off does not know it's a BT

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Even if both cards are from the same creditor?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
What is the difference in a balance transfer from one card to the next and a balance transfer check that I can deposit to my account and do whatever I want with the money (e/g. make a payment to the card).

e.g. The difference in balance transfer from card to card, and a BT check deposited to my bank account as cash, and then I pay the other card myself from my bank acct. Will that make a difference? Is any better than the other for FICO Scoring?

---

No, a BT from CC to CC is the same as a BT check. FICO doesn't know about how you did a BT. All it knows is your balance on each account as they update once a month.

Important note: Make sure you check the T&C on the BT to make sure you're aware of any fees associated with using the check. Also make sure it's actually a BT check and not a Cash Advance check. If it's a Cash Advance check, you'll likely be charged a cash advance fee and an enormous interest rate with no grace period.

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So it will be the same if I get a check or not, as just calling to do the BT by phone from card to card.???

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
What is the difference in a balance transfer from one card to the next and a balance transfer check that I can deposit to my account and do whatever I want with the money (e/g. make a payment to the card).

e.g. The difference in balance transfer from card to card, and a BT check deposited to my bank account as cash, and then I pay the other card myself from my bank acct. Will that make a difference? Is any better than the other for FICO Scoring?

---

No, a BT from CC to CC is the same as a BT check. FICO doesn't know about how you did a BT. All it knows is your balance on each account as they update once a month.

Important note: Make sure you check the T&C on the BT to make sure you're aware of any fees associated with using the check. Also make sure it's actually a BT check and not a Cash Advance check. If it's a Cash Advance check, you'll likely be charged a cash advance fee and an enormous interest rate with no grace period.

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So my Fico Score won't change because I'm having the same amount of debt if I do a BT? or would it be affected in a negative way?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Scoring wise - it's the same

The good thing is the creditor getting paid off does not know it's a BT

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Even if both cards are from the same creditor?

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Most creditors won't let you BT from one card of theirs to another of theirs with a promo BT offer.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
What is the difference in a balance transfer from one card to the next and a balance transfer check that I can deposit to my account and do whatever I want with the money (e/g. make a payment to the card).

e.g. The difference in balance transfer from card to card, and a BT check deposited to my bank account as cash, and then I pay the other card myself from my bank acct. Will that make a difference? Is any better than the other for FICO Scoring?

---

No, a BT from CC to CC is the same as a BT check. FICO doesn't know about how you did a BT. All it knows is your balance on each account as they update once a month.

Important note: Make sure you check the T&C on the BT to make sure you're aware of any fees associated with using the check. Also make sure it's actually a BT check and not a Cash Advance check. If it's a Cash Advance check, you'll likely be charged a cash advance fee and an enormous interest rate with no grace period.

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So it will be the same if I get a check or not, as just calling to do the BT by phone from card to card.???

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Yes, it's the same.

[Anonymous]

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liz20 wrote:

So my Fico Score won't change because I'm having the same amount of debt if I do a BT? or would it be affected in a negative way?

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There's not enough information to tell how your FICO will react.  Your overall revolving debt will remain the same, but the utilization on each individual card will change, which may cause your scores to go up or down.

What are the balances and credit limits on each of the two cards, and how much do you plan to BT?

[Anonymous]

Most creditors won't let you BT from one card of theirs to another of theirs with a promo BT offer.

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Wow, is this true? 'cause I was planning on doing that from one citi card to another one? I thought that was ok to do.