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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Need Advice: To BT or NOT?

[ Edited ]

If the OP was a noob and had a serious problem he would get: 


Scamp wrote:

Tsk. Friendly, respectful and supportive, please. 


He isn't. He is a super-contributor with over 800 posts and hell-bent on making a potential disaster for himself. Under those circumstances he gets a good shaking. It wasn't all that harsh and it is definitely in his best interest. Many folks have gotten as much or more from mod's when heading down the road to ruin!

Message Edited by creditwherecreditisdue on 07-18-2009 11:01 AM
Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: Need Advice: To BT or NOT?

[ Edited ]

creditwherecreditisdue wrote:

If the OP was a noob and had a serious problem he would get: 


Scamp wrote:

Tsk. Friendly, respectful and supportive, please. 


He isn't. He is a super-contributor with over 600 post and hell-bent on making a potential disaster for himself. Under those circumstances he gets a good shaking. It wasn't all that harsh and it is definitely in his best interest. Many folks have gotten as much or more from mod's when heading down the road to ruin!


All our members, regardless of longevity, deserve 'friendly, respectful and supportive' from each other.

 

I didn't say you were "all that harsh"; I pointed out that comments and questions regarding another member's mental state are not exactly F, R & S.

 

Demanding 'Are you suicidal?' (or 'insane' or 'stupid', etc.) is judgmental and unnecessarily confrontational in pretty much any situation, and it most certainly isn't necessary or the best method to be used when attempting to dispense 'tough love' - I doubt you have seen or will ever see a mod on here use it.

 

Did OP need to be made aware of the possible negative consequences of their action?  Of course!  But that can be accomplished without telling someone he or she is 'insane' or asking if he/she is 'suicidal' (or otherwise questioning his/her mental faculties) for even considering it - as OP informed us in a subsequent post, there was more to it for him/her than just the financial aspect of the situation, so going through with the BT despite the financial risks may have other benefits that OP feels outweigh the possible negative consequences.

 

Message Edited by Scamp on 07-18-2009 08:47 AM
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Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: Need Advice: To BT or NOT?

[ Edited ]

If you asked this question say 2 years ago, I would say go for it but these days withh AA and Chase being a prime player in AA, I would not do it.

 

I would check a local CU out since I have heard they are less inclined to do AA these days.

 

I forgot to add that CLs are perhaps more important these days these days than interest rates.

Message Edited by marty56 on 07-18-2009 12:52 PM
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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Need Advice: To BT or NOT?


marty56 wrote:

If you asked this question say 2 years ago, I would say go for it but these days withh AA and Chase being a prime player in AA, I would not do it.

 

I would check a local CU out since I have heard they are less inclined to do AA these days.

 

I forgot to add that CLs are perhaps more important these days these days than interest rates.

Message Edited by marty56 on 07-18-2009 12:52 PM

I concur 100%! +1

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Need Advice: To BT or NOT?

Just remember, when you BT to the 2.9% fixed, that if you use the card for other purchases, your payments will be applied to the lower APR BT portion first, which means you end up with a BT at your normal purchase rate.  :smileysurprised:

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Established Contributor
Pj1369
Posts: 844
Registered: ‎09-23-2007
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Re: Need Advice: To BT or NOT?

So the verdict is: NO BT. Seeing all the recent postings and news, I realized it is not worth the risk. However, I'm not accepting the new BofA product change offer either. I will pay off the balance at the old terms and let it close out. And, I'll use my Chase cards as normal - no BTs to them.

 

These CCCs are going nuts. Oh well. Becuase of this board I have 8 cards and over $100K in CC cushion - so to the CCCs: bring it!

 

Thanks all for the continued advice and support.

__________________________________________________
Time to clean house and get rid of CCs from bad CCCs. Opt'd Out and Paying off the Balance: BofA. Closed: Chase Freedom. Keeping: Amex Blue, Amex Costco Cash back, Citi Forward, USAA MC, USAA Amex, and PenFed Platinum Cash Back. Next up for review: Chase Sapphire...
Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008
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Re: Need Advice: To BT or NOT?


Pj1369 wrote:

 

These CCCs are going nuts. Oh well. Becuase of this board I have 8 cards and over $100K in CC cushion - so to the CCCs: bring it!

 

Thanks all for the continued advice and support.


Cushion for what?  If they are looked upon as an emergency fund to tide you over until you can access your own funds to keep the roof over your head and bills paid, fine.  But if that CL is thought of to fund your lifestyle if you lose your job or pay for that dream vacation that means you don't have enough cash reserves of your own.  That's why we are in this position, misuse and misunderstanding of what CL's are for.  I believe too many people strive for high limits not only to prop their FICO score up, but they come to view those lines as some sort of income stream that can be tapped now and paid back later.  To each their own, but large CL's don't mean squat if you don't have the cash flow to pay them off quickly.

Established Contributor
Pj1369
Posts: 844
Registered: ‎09-23-2007
0

Re: Need Advice: To BT or NOT?

[ Edited ]

Watchmann wrote:

Pj1369 wrote:

 

These CCCs are going nuts. Oh well. Becuase of this board I have 8 cards and over $100K in CC cushion - so to the CCCs: bring it!

 

Thanks all for the continued advice and support.


Cushion for what?  If they are looked upon as an emergency fund to tide you over until you can access your own funds to keep the roof over your head and bills paid, fine.  But if that CL is thought of to fund your lifestyle if you lose your job or pay for that dream vacation that means you don't have enough cash reserves of your own.  That's why we are in this position, misuse and misunderstanding of what CL's are for.  I believe too many people strive for high limits not only to prop their FICO score up, but they come to view those lines as some sort of income stream that can be tapped now and paid back later.  To each their own, but large CL's don't mean squat if you don't have the cash flow to pay them off quickly.


 

I have a 9 month emergency fund (in MMFs, CDs, and High Yield Savings) - so what you refer to does not apply to me, and I agree with you broader statement.

 

As for cushion - I'm referring to any potential crazy rate jacks or CDLs. I have the "cushion" and extra credit cards in case I may need to close one or or just stop using it until (a) things get better or (b) I get forced to close them for non-use. Hopefully, neither will happen, but in case it does, it won'tbe detrimental to my finances or my FICO scores.

Message Edited by Pj1369 on 07-20-2009 12:46 AM
__________________________________________________
Time to clean house and get rid of CCs from bad CCCs. Opt'd Out and Paying off the Balance: BofA. Closed: Chase Freedom. Keeping: Amex Blue, Amex Costco Cash back, Citi Forward, USAA MC, USAA Amex, and PenFed Platinum Cash Back. Next up for review: Chase Sapphire...
Regular Contributor
ma_fico
Posts: 137
Registered: ‎05-14-2007
0

Re: Need Advice: To BT or NOT?


Pj1369 wrote:

So the verdict is: NO BT. Seeing all the recent postings and news, I realized it is not worth the risk. However, I'm not accepting the new BofA product change offer either. I will pay off the balance at the old terms and let it close out. And, I'll use my Chase cards as normal - no BTs to them.

 

These CCCs are going nuts. Oh well. Becuase of this board I have 8 cards and over $100K in CC cushion - so to the CCCs: bring it!

 

Thanks all for the continued advice and support.


I understand the sentiment, but in the couple of years it will take your mom to pay this off, you might change your mind.  BoA r/j-ed me (~28% iirc) way back with a large balance; I opted out, paid it/bt'd it away, and started using it again (as a pif-er, of course) and kept it open. 

 

Fast forward, several CLIs and an apr reduction, and they're tied for my highest CL, they're my second oldest TL, and my second lowest APR (currently 8.25%),

 

Just saying you may want to keep your options open.

 

Good luck, no matter what you decide!


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