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Largest balance transfer?

New Contributor

Re: Largest balance transfer?

I just transferred $3k worth of balances to my FNBO Amex. Right now I have 0% apr until March 2014, but I received an offer in the mail last week for 5.99% interest for the life of the BT amount and no balance trans fees. I transferred over balances from 5 cards so that no BT fee helped A LOT!! However, I was pre approved for the AMEX and received a "special invite" in the mail, but I think they offer the same promo on FNBO website. 


Starting Score: 624
Current Score: 710(MYFICO 06/10/2013) Experian: 705 (Pulled from Bank of America while applying for an auto loan 5/2013)Goal Score: 800 Club

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Valued Contributor

Re: Largest balance transfer?

FinStar is my favorite!

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Valued Contributor

Re: Largest balance transfer?


maiden_girl wrote:

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..


Oh OK. Citi can be very hard or very easy, there is no middle lol. I had about fifteen or so inquiries and they approved me for two in the same day. However, other people have gotten turned down for having two or three, so who really knows. Bank of America in my experience doesn't care too much about inquiries, as long as everything else is fine. Once the inquiries are at least one year old, they stop being such a problem. Even six months lowers the negative impact to lenders' approval or denial.

 


Startome wrote:

Anyone have any experience with how to get out of a balance transfer/CC or Loan Cycle?


Tough love? Tell him to stop being a git and realise how much money he is wasting by continuing to carry this debt around. Show him that it can lead to bankruptcy or other severe negatives.

 


FinStar wrote:

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.


Youngandcreditwrthy has said before that they have investments or something and they earn more than the interest they are paying, so that's why they refuse to pay off the cards. They also have said that 0% is always something to take advantage of.

Regular Contributor

Re: Largest balance transfer?


navigatethis12 wrote:

Startome wrote:

Anyone have any experience with how to get out of a balance transfer/CC or Loan Cycle?


Tough love? Tell him to stop being a git and realize how much money he is wasting by continuing to carry this debt around. Show him that it can lead to bankruptcy or other severe negatives.


 

 

 

 

Hahaha ok, sounds like a plan. Now to figure out how to stop his wife from going spend crazy.... -.-

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


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Senior Contributor

Re: Largest balance transfer?


SnackTrader wrote:
FinStar is my favorite!

Awww shucks.. Snackies!!!  Robot Very Happy

 

A real and honest approach is best IMO...  after all...

 

 

 

Moderator Emerita

Re: Largest balance transfer?

Valued Contributor

Re: Largest balance transfer?

That is my opinion as well. But at some point all of this just became hitting my head against a brick wall. So to avoid brain damage, I just hold my tongue and observe.

We all want the best for young, but I sometimes wonder if he wants the best too...

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Valued Contributor

Re: Largest balance transfer?

Thanks a bunch! I will consider BofA as well. They do have a 15 month offer too!

As of 2017, rebuilding...
Moderator Emerita

Re: Largest balance transfer?

@SnackTrader

Sometimes the best way to help someone is to let them help themselves. I know he asked not to be chastised and I will honor that request. I know it does becomes difficult to give the same advice and since we all want the best for him, we do wonder why?

@young

Going down the list of possibilities, Chase (out), Citi (out), Barclays (out), BoA (possible), CUs (possible).

I know you don't want to pay interest but if you are truly trying to consolidate, you might want to look into Lending Club.
Senior Contributor

Re: Largest balance transfer?

Awww you guys/gals.... I would say the sentiment is very mutual - y'all make this such a great forum and we have great community indeed!