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How long do balance transfers take?

Established Contributor

How long do balance transfers take?

I recently submitted a balance transfer and I am wondering if it will have a chance of happening before the card that I am transferring FROM reports this month.  How long do balance transfers typically take to process.  I am transferring to my Cabelas card if that matters.  When I submitted the balance transfer request online, it asked for the card number and payment address for the card I am transferring the balance from--do they actually MAIL a payment?  I would think this could all be done electronically in today's world, but, based on the info they asked for, it sounds like it will be done by mail (meaning it won't happen in time for the CC to report $0 for this month).  I may end up with a double-whammy this month on my FICO if the actual transaction takes place AFTER the "from card" reports and BEFORE the "to card" reports Smiley Sad
2 REPLIES
Frequent Contributor

Re: How long do balance transfers take?

I did a BT with USBank, was told they were mailing a check. Took 7 days from request to posting on the other account. Realistically, I would give it 7-10 days. I did get hit with the balance posting on both accounts though. But unless you are planning to apply for something else, really doesnt matter because your scores will bounce back the following reporting period. And if I remember correctly there was no change to my fico scores, but I did not have large balances on cards or high overall utilization.

 

01/04/10 TU 778 EQ 731
08/05/09 TU 762 EQ 722
02/12/09 TU 722 EQ 704 EX 690
EQ sensitive to inqs & student loan.
Established Contributor

Re: How long do balance transfers take?

Thanks for the reply.  Well, the transfer would have had to have been processed by the end of the day yesterday in order for my US Bank CC to report $0 for this month (they always report the balance from the last day of each month rather than the statement balance), but it didn't happen.  Now, I will just have to hope my Cabela's account reports before the transfer happens.  I have only had this card for about 2 months, and I haven't really taken a look at when they report.

 

Look like my credit is going to look pretty rough as far as UTL goes for the next 30 days.  I won't be applying for anything anyway, but, like most everyone else, I am living in constant fear of CLD's, so hopefully this will not burn me somewhere.