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Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: Largest balance transfer?

@startome!
You don't how right you are! I work in leasing/prop mgmt, and even one maxxed out credit card w 6 mos of on time pmts will
Keep you from having to put 3-6 months as a deposit at the property I work. I'd rather have a credit card then have to pay 6 months of rent. Luckily, my rent is comp'ed! Haha
I really try to encourage my friends to build their credir, but alas even my gen is scared of cred cards sometimes. Heh
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
Valued Contributor
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Registered: ‎01-24-2012
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Re: Largest balance transfer?

[ Edited ]

I have no personal experience with it, but I believe some issuers cap the amount that you can transfer. When Chase sent me the offer I could only transfer up to 15,000 and no more, including fees. I believe PNC didn't have a cap, but I can't remember. Some people transfer in the 10,000's to bank accounts and such, so there is that. The Chase Slate is the best card for balance transfers since it is no fee and no interest, but you can't transfer Chase to Chase. Bank of America/FIA is pretty easy to get a high limit with. You don't like Citi but they have a really long balance transfer period too.

 


SnackTrader wrote:
I haven't! I would be happy to attach statements to prove it, but with 5 CCs it might take a while.

I paid down debt to the tune of $15k+ over the last 18 months, and have well over $5k in my savings. I have no reason to add CC debt to the mix. I make good money and live cheap. I went without CCs for years, and paid everything in cash. Nothing has changed since I got CCs. That is exactly why I preach fiscal responsibility here, because I live it. If I was to carry balances, it would feel wrong for me to advocate financial responsibility because I wouldn't be using those methods in my own life.

 So many people should live like this. I try to tell people the same thing, especially my older brother, but they don't listen. People think if they can charge they can afford but that is not the same thing. I would rather borrow money from family than pay interest on a credit card. I don't believe in spending what I don't have, but that doesn't seem to be the mentality of the majority.

Contributor
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Registered: ‎08-22-2013
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Re: Largest balance transfer?


I would rather borrow money from family than pay interest on a credit card. .


 

I would rather pay interest.  I don't want to default on a loan to family.  Things can get awkward pretty quick.  I have seen relationships ruined over a few hundred dollars.

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Valued Contributor
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Registered: ‎12-29-2011
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Re: Largest balance transfer?

Good topic. I need to balance transfer at least 4k from Chase to either Citi or BofA but I don't think any of these folks will give me that much to transfer Smiley Sad We need to start a list of BT cards.

The truth is out there...
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Regular Contributor
Posts: 399
Registered: ‎08-21-2013
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Re: Largest balance transfer?

[ Edited ]

Oh wow, 3-6 months is a LOT of money I can save. Thank you for that information =)

I think a lot of their fear of cards is because of how much trouble our parents got in with them... That's where most of my financial responsibility came from. My parents involved me in their finances at a young age and showed me their mistakes. I rarely asked for much as a kid, and it helps me live frugally now. I am very thankful for their education and involving me.

 

That's something that really interests me about BTs, a lot of people move their debt around a lot (I have a friend right now who has been doing this) but they don't really pay much off. That's why sometimes consolidation can be a bad thing not a good thing, because it can make people feel more comfortable with their debt. They treat the symptom, not the problem of overspending. I love being on here though, it's tons of people who want to see their lives get better, or help other improve their lives.

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

Starting total revolving credit: $0 | Current total revolving credit: $1600.00

Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013


2013 Goals:
1,000.00 Emergency Fund
1,000.00 Emergency Fund, AGAIN
Mechanically Sound Car
Unsecured Card

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500


Valued Contributor
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Registered: ‎01-24-2012
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Re: Largest balance transfer?


brianjb wrote:

I would rather borrow money from family than pay interest on a credit card. .


 

I would rather pay interest.  I don't want to default on a loan to family.  Things can get awkward pretty quick.  I have seen relationships ruined over a few hundred dollars.


I would never default on any loan, from family or a lender. If I asked my parents for money I would definitely pay it back. You're right about it ruining things. I let my older brother use a card for some cashback and to help his credit since it's terrible. He ended up charging thousands to it and took months to pay it back. Even though he paid it back, he didn't pay it when I said it was supposed to be paid by, so I no longer speak to him.

Valued Contributor
Posts: 1,997
Registered: ‎01-24-2012
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Re: Largest balance transfer?


brianjb wrote:

I would rather borrow money from family than pay interest on a credit card. .


 

I would rather pay interest.  I don't want to default on a loan to family.  Things can get awkward pretty quick.  I have seen relationships ruined over a few hundred dollars.


I would never default on any loan, from family or a lender. If I asked my parents for money I would definitely pay it back. You're right about it ruining things. I let my older brother use a card for some cashback and to help his credit since it's terrible. He ended up charging thousands to it and took months to pay it back. Even though he paid it back, he didn't pay it when I said it was supposed to be paid by, so I no longer speak to him.

 


maiden_girl wrote:

Good topic. I need to balance transfer at least 4k from Chase to either Citi or BofA but I don't think any of these folks will give me that much to transfer Smiley Sad We need to start a list of BT cards.


 Why do you feel that you do not qualify for a decent limit with them? Looking at the signature I see nothing stopping you from getting a high enough limit.

 


Startome wrote:

That's something that really interests me about BTs, a lot of people move their debt around a lot (I have a friend right now who has been doing this) but they don't really pay much off. That's why sometimes consolidation can be a bad thing not a good thing, because it can make people feel more comfortable with their debt. They treat the symptom, not the problem of overspending. I love being on here though, it's tons of people who want to see their lives get better, or help other improve their lives.


This is a terrible way to "manage" debt and can lead to disaster. Eventually the balance transfers will run out and they will have made no progress. Unless the balance transfer is free, they are adding 3-5% to the debt each time they do it.

Regular Contributor
Posts: 399
Registered: ‎08-21-2013
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Re: Largest balance transfer?

Yes, I have a friend who does a lot of work with loans (I think payday lenders, not sure, I just know the interest is crazy high and if you miss a payment... They completely freak out) and uses one loan to pay off another. It's just a viscous cycle. I wish I knew how to advise him (He's usually open to suggestions if you're one of those few respectful people in his life) on this. Anyone have any experience with how to get out of a balance transfer/CC or Loan Cycle? I notice too some of you have had some large balance transfers, and paid them =)

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

Starting total revolving credit: $0 | Current total revolving credit: $1600.00

Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013


2013 Goals:
1,000.00 Emergency Fund
1,000.00 Emergency Fund, AGAIN
Mechanically Sound Car
Unsecured Card

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500


Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
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Re: Largest balance transfer?

[ Edited ]

Thanks navigatethis12. I have like a million inquires on my CR at the moment (EX 37, EQ 12, TU 26). Every time I've ever tried to apply to Citi, they hit me with a crazy excuse why my app is denied. Lol. I'll try again in a few months but I think they'll just deny me again and I'll waste a inquiry. The last app I did with them, I got turned down for doing a $500 BT from Walmart Discover to my CAP1..

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
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Valued Contributor
Posts: 9,045
Registered: ‎10-21-2012
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Re: Largest balance transfer?

[ Edited ]

Why not just pay the stale balances from your other CCs rather than rolling off to other CCs?  Would be simpler IMO.  I don't do BTs.  However, if you have the extra income (HHI of $149K +/-?), rent is comped, no auto loans, no mortgage, somewhat deferred SLs... there should be PLENTY of liquid assets to retire the debt, especially from a disposable income perspective.  How are those REIT dividends these days?

 

No one would be chastising your financial outlook (although some folks could I suppose) but one would wonder why these CC balances have been carried on the books or bounced from CC to CC for so long.

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