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Valued Contributor
Posts: 8,495
Registered: ‎10-21-2012
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Re: Largest balance transfer?


SnackTrader wrote:
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...

LMAO... no kidding!  I'm totally with you Snack!  We are all rying to help him so he doesn't get stuck in a bad spot/situation, especially at such a young age.

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Re: Largest balance transfer?


09Lexie wrote:
@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.

+1

 

I concur Lexie & Snack... I believe navigatethis12, longtimelurker (and others) have also offered some great and sound advice.  And, young has made some recent strides/improvement to lessen his exposure with other lenders thus minimizing the risk potential.

Frequent Contributor
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Re: Largest balance transfer?

[ Edited ]

about 16k, both with BoA World MC and Chase, prior to conversion to Freedom.

 

no recon

12 months int free

 

3% fee.

 

That was ok when I was paying 8%+ on car loan.

 

 

FICO EX 827, 2015 Feb; FICO EQ 836/900 (Citi), 2014 Dec; FICO TU08 818, 2015 Feb.

BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club MC 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 11.3k; AmEx BCP 2014 24.1k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k

Frequent Contributor
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Registered: ‎12-29-2012
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Re: Largest balance transfer?

If I were in the same situation as young, I would also be shifting credit card debt around.

Never waste an opportunity if there's money to be made.
Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Valued Contributor
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Re: Largest balance transfer?

If you're snowballing and not paying off anything..then it's not good to shift the debt around because BT fees start adding up. 3%. 4% over here. 5% there.

The truth is out there...
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Re: Largest balance transfer?


Laugh wrote:
If I were in the same situation as young, I would also be shifting credit card debt around.

Never waste an opportunity if there's money to be made.

Please expand on this... Curious to learn where is the money to be made and what benefits do you see from shifting/carrying long term CC debt?  Unlike a mortgage or well-leveraged, high-yield investments.

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Re: Largest balance transfer?

[ Edited ]

FinStar wrote:

Laugh wrote:
If I were in the same situation as young, I would also be shifting credit card debt around.

Never waste an opportunity if there's money to be made.

Please expand on this... Curious to learn where is the money to be made and what benefits do you see from shifting/carrying long term CC debt?  Unlike a mortgage or well-leveraged, high-yield investments.


Navigate wrote that young hasn't paid off the debt because his cash is tied up in a high yield investment.

 

If that's the case, I would also BT my current debt until the gains I want are realized. After that, I would pay off my debt.

 

I'm not encouraging anyone to shift debt around. I pay in full every month. I have also never carried a balance. However, if I see a stock that is ripe for the picking, there is no doubt in my mind that I would BT my credit card debt inorder to maximize my gains.  

Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Valued Contributor
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Registered: ‎09-15-2012
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Re: Largest balance transfer?

Laugh,

I think the criticism comes from the philosophy that there is no risk to the investment and that you KNOW that your pick is a winner. If your investment is so guaranteed, why isn't everyone else doing it? Then take into account that you are leveraging up to make that investment, so if the guaranteed winner just happens to be a loser (and certainly it was because market forces were out to get you) then your losses are compounded.

I always question the "smartest guy in the room".

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Senior Contributor
Posts: 6,260
Registered: ‎08-16-2012
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Re: Largest balance transfer?

Thanks for the concern and advice everyone.
@oscar_actuary: I will look into that boa card.

I have no problem paying off my debt. If I see that I have no other outlet to bt or skim by with another 0% offer, I will reduce debt accordingly. Why just today, I paid another $1,000 on Amex lol...
I'm actually proud of myself for never defaulting on any credit card, ever. Period. To me, organizing and paying my cc bills is a little too much fun; I'm a finance nerd.
I'm obviously in a transitional period credit wise i.e. cutting lines, reducing debt. I'm taking these measures to ensure a better future for my creditworthiness. Lol

And for the record, I've been out of REITs for MONTHS! Once they start cutting those huge dividends, I bailed. Ain't nobody got time for losin' money!

It is worth noting that I made a few hundred dollars just by having about $10,000 worth of cc balances at 0%. :-)
And when you all say that the 3-5%fee compounds the debt when you do it...
Here's my perspective:
A. I always pay WAY more than the min pmt-
B. if you're using a 0% for purchases, and you have cash avail to pay a diff balance, you can AVOID that 3% fee.
C. Why would anyone continuously transfer balances and pay a fee every single time and only pay the minimum? You think I got to $170k in cred by "just paying the min"
Wth.

Please excuse those horendous assumptions. I didn't get all this cred by paying the mins and continuously xferring balances year after year. I have a credit history of paying balances IN FULL, even if not every month.

Lastly, my FICO may not be 850 or even 750 quite yet, and maybe I do have a larger debt burden than most folks my age- but I'm doin' alright :-p
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
Posts: 1,292
Registered: ‎08-19-2012
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Re: Largest balance transfer?


youngandcreditwrthy wrote:
Thanks for the concern and advice everyone.
@oscar_actuary: I will look into that boa card.

I have no problem paying off my debt. If I see that I have no other outlet to bt or skim by with another 0% offer, I will reduce debt accordingly. Why just today, I paid another $1,000 on Amex lol...
I'm actually proud of myself for never defaulting on any credit card, ever. Period. To me, organizing and paying my cc bills is a little too much fun; I'm a finance nerd.
I'm obviously in a transitional period credit wise i.e. cutting lines, reducing debt. I'm taking these measures to ensure a better future for my creditworthiness. Lol

And for the record, I've been out of REITs for MONTHS! Once they start cutting those huge dividends, I bailed. Ain't nobody got time for losin' money!

It is worth noting that I made a few hundred dollars just by having about $10,000 worth of cc balances at 0%. :-)
And when you all say that the 3-5%fee compounds the debt when you do it...
Here's my perspective:
A. I always pay WAY more than the min pmt-
B. if you're using a 0% for purchases, and you have cash avail to pay a diff balance, you can AVOID that 3% fee.
C. Why would anyone continuously transfer balances and pay a fee every single time and only pay the minimum? You think I got to $170k in cred by "just paying the min"
Wth.

Please excuse those horendous assumptions. I didn't get all this cred by paying the mins and continuously xferring balances year after year. I have a credit history of paying balances IN FULL, even if not every month.

Lastly, my FICO may not be 850 or even 750 quite yet, and maybe I do have a larger debt burden than most folks my age- but I'm doin' alright :-p

Not to sound like a broken record but I don't believe you got all of that credit by paying more than the minimum, you got most of that credit by fudging your income on your applications.

 

I think that is the point of most of the people here, if you really had the income you put on your applications you wouldn't have a problem paying down your credit card debt.

 

I'm not going to say anything bad about you carry debt, I charged about 25k in May for wedding/honeymoon stuff and carried that balance at 0% for most of the summer.  but with less income than you as well as a truck payment/house payment and wife in college I was still able to pay 5k/month on my balance until it was paid off

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