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Need Advice: To BT or NOT?

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Anonymous
Not applicable

Need Advice: To BT or NOT?

I have a balance with BofA that I want to BT to my Chase Sapphire. My CL is at 22K and my balance is 0 on the Sapphire. The BofA card is technically closed in one sense - I did not accept the rate jack they offered me two months ago - so I'm stuck with my old terms and the account will stay open until the balance is paid off or I do a product change.

 

The balance on the BofA is $2700 (it's my mom's). She plans to pay it off over two years. The APR is 5.9%. Even with the fee she will save a few bucks with the BT to the Sapphire at 2.9% F APR. 

 

However, do you think it is safe to do a BT to Chase? Or, is there a high potential that it will flag something and damage my Chase CLs and APRs? Thoughts? I want to do it to get rid of BofA and help my mom out. However, BofA is leaivng me alone in the meanwhile, so I could just leave it there and let it get paid out and closed. 

 

Overally, my current aggregate util is at 9% accross my CCs.

 

Any thoughts or feedback is greatly appreciated!!

Message 1 of 19
18 REPLIES 18
Anonymous
Not applicable

Re: Need Advice: To BT or NOT?

I've had Chase accounts for several years without problems, including getting unsolicited CLI's.  From what I've seen in this forum, Chase is primarily "skittish" with inherited cards (i.e. WAMU, Providian), not cards issued directly by them and were subject to their internal credit process.

 

I doubt that a $2700. BT with a CL of $27K is going to "red flag" your account.  I would make your decision on the best financial result for you.

Message 2 of 19
creditwherecreditisdue
Senior Contributor

Re: Need Advice: To BT or NOT?


@Anonymous wrote:

I have a balance with BofA that I want to BT to my Chase Sapphire. My CL is at 22K and my balance is 0 on the Sapphire. The BofA card is technically closed in one sense - I did not accept the rate jack they offered me two months ago - so I'm stuck with my old terms and the account will stay open until the balance is paid off or I do a product change.

 

The balance on the BofA is $2700 (it's my mom's). She plans to pay it off over two years. The APR is 5.9%. Even with the fee she will save a few bucks with the BT to the Sapphire at 2.9% F APR

 

However, do you think it is safe to do a BT to Chase? Or, is there a high potential that it will flag something and damage my Chase CLs and APRs? Thoughts? I want to do it to get rid of BofA and help my mom out. However, BofA is leaivng me alone in the meanwhile, so I could just leave it there and let it get paid out and closed. 

 

Overally, my current aggregate util is at 9% accross my CCs.

 

Any thoughts or feedback is greatly appreciated!!


You would have to be insane to make this BT to save a trifle. Are you suicidal? Why on earth would you tempt fate in this most hostile of environments, and with Chase on top of all! Best rethink this plan.

Message 3 of 19
Anonymous
Not applicable

Re: Need Advice: To BT or NOT?

It's not just about the savings - it's also about me not wanting to give BofA anymore money becuase of how they treat customers (a little moronic I know --- my interest payments mean nothing in the scheme of things) - however, I agree with the points both posters have made. Hence, I'm torn...
Message 4 of 19
YoungEntrepeneur
Established Contributor

Re: Need Advice: To BT or NOT?

If you go through with this BT, you might be losing more than you can gain. A card with a CL of $27k is just begging to be hit with a CLD in this credit environment.
Message 5 of 19
creditwherecreditisdue
Senior Contributor

Re: Need Advice: To BT or NOT?

Well it's a fool's errand. Be smart and don't hang yourself over nothing.
Message 6 of 19
Anonymous
Not applicable

Re: Need Advice: To BT or NOT?

Although the previous posters made good points, I believe Chase is more likely to give a CLD on a $27K limit for inactivity than prudent management.  Chase makes money from a BT.  It doesn't make money from a card that is SD because of fear of use.
Message 7 of 19
Anonymous
Not applicable

Re: Need Advice: To BT or NOT?


@Anonymous wrote:
Although the previous posters made good points, I believe Chase is more likely to give a CLD on a $27K limit for inactivity than prudent management.  Chase makes money from a BT.  It doesn't make money from a card that is SD because of fear of use.

 

That's been my line of thought more recently...hmm...

Message 8 of 19
creditwherecreditisdue
Senior Contributor

Re: Need Advice: To BT or NOT?

Flip a coin. However, you have no compelling economic reason to make this BT.
Message 9 of 19
Scamp
Valued Contributor

Re: Need Advice: To BT or NOT?


creditwherecreditisdue wrote:

@Anonymous wrote:

I have a balance with BofA that I want to BT to my Chase Sapphire. My CL is at 22K and my balance is 0 on the Sapphire. The BofA card is technically closed in one sense - I did not accept the rate jack they offered me two months ago - so I'm stuck with my old terms and the account will stay open until the balance is paid off or I do a product change.

 

The balance on the BofA is $2700 (it's my mom's). She plans to pay it off over two years. The APR is 5.9%. Even with the fee she will save a few bucks with the BT to the Sapphire at 2.9% F APR

 

However, do you think it is safe to do a BT to Chase? Or, is there a high potential that it will flag something and damage my Chase CLs and APRs? Thoughts? I want to do it to get rid of BofA and help my mom out. However, BofA is leaivng me alone in the meanwhile, so I could just leave it there and let it get paid out and closed. 

 

Overally, my current aggregate util is at 9% accross my CCs.

 

Any thoughts or feedback is greatly appreciated!!


You would have to be insane to make this BT to save a trifle. Are you suicidal? Why on earth would you tempt fate in this most hostile of environments, and with Chase on top of all! Best rethink this plan.


 

Tsk. Friendly, respectful and supportive, please.  Comments and questions regarding OP's mental state for considering a certain course of action don't really fall in that category. Smiley Wink

 

However, CWCID does have something of a point regarding Chase and BT's right now, Pj - might want to do a quick search for Chase threads and read some of the recent ones regarding the AA that's been taken on folks who either have had a BT on a Chase card for a while and/or recently BT'd only to have Horrid Things happen to that account right after.

 

I hear you on wanting to get that balance away from BofA - I've got one with them, myself, on a 0% that's going to expire in a few months, and I'm hoping to sort something out to pay them off and then close everything I had with them, for the same kinds of reasons you cite.

 

Give it a good think and then do what you believe would be best all around for you, as fully informed about the possible benefits and possible repercussions as you can manage.

 

Good luck!

Message Edited by Scamp on 07-18-2009 07:24 AM
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