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Frequent Contributor
urgent_help_needed
Posts: 268
Registered: ‎01-23-2009
0

Re: Getting a Cash Advance Could Itself Trigger AA?

The Affinity Federal Credit Union looks interesting.  How did you end up joining?  I see a list of organizations that make

you eligible but they look like mostly fairly obscure organizations.  I was hoping something like AAA membership would

qualify me.  Any kind of loopholes that allow you to join?

Senior Contributor
score_building
Posts: 3,525
Registered: ‎01-10-2008
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Re: Getting a Cash Advance Could Itself Trigger AA?

you can just call them or app online and tell them you'd like to join the CU. it will run you like 30 dollars or so to join one of their qualifying orgs in NJ which they can guide you to upon application.  if you app online there is a box to check if you aren't an employee or a member of one of the listed orgs but want to join.  gl.


urgent_help_needed wrote:

The Affinity Federal Credit Union looks interesting.  How did you end up joining?  I see a list of organizations that make

you eligible but they look like mostly fairly obscure organizations.  I was hoping something like AAA membership would

qualify me.  Any kind of loopholes that allow you to join?


FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Frequent Contributor
urgent_help_needed
Posts: 268
Registered: ‎01-23-2009
0

Re: Getting a Cash Advance Could Itself Trigger AA?

[ Edited ]

I am particularly interested in cards where I can request BT checks at low rates with capped fees, or doing a direct BT transfer into a checking account.  Are cards still doing these?  Is doing one of these non-card-to-card BT deals seen as "desperate" like cash advances?

 

I have some BT checks I received in the mail for my BOA account for a 1%APR.  Would be nice to use one, except 

I'm worried it could trigger AA because it will make me look "desperate". Is this a valid concern? I am at about 50% utilization on this BOA card.

Message Edited by urgent_help_needed on 03-16-2009 07:52 AM
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
0

Re: Getting a Cash Advance Could Itself Trigger AA?

[ Edited ]

In order to use one of these low interest BT, you need to have that card paid to a very low balance and preferably $0. Then you must use the card little or preferably not at all. Otherwise any payment that you make will go to the higher rate interest part of your balance and you will pay the transfer fee but get no benefit.

 

If you have any balance before the transfer, any payments will go toward your BT and the low interest rate balance. You will pay the full interest rate on your balance until the end. If you make any charges after the BT, you will pay full interest on that amount until the very end. The card companies are just hoping someone will not understand this. Some of them are very sneaky although BofA has stood out as being reasonable on this.

 

Some of them will even charge you the default interest rate on the transfer fee. The one I have used recently from BofA was a 0% transfer so there should be NO interest, right. Even then they charged me $1.50 each month as that was their MINIMUM interest. That is actually very reasonable compared to most.

Message Edited by GregB on 03-16-2009 08:15 AM

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