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

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!!

__________________________________________________
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...
Frequent Contributor
Posts: 320
Registered: ‎05-03-2009
0

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.

I want PATIENCE...and I want it NOW
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Need Advice: To BT or NOT?


Pj1369 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.

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

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...
__________________________________________________
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
Posts: 586
Registered: ‎03-03-2009
0

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

Re: Need Advice: To BT or NOT?

Well it's a fool's errand. Be smart and don't hang yourself over nothing.
Frequent Contributor
Posts: 320
Registered: ‎05-03-2009
0

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.
I want PATIENCE...and I want it NOW
Established Contributor
Posts: 844
Registered: ‎09-23-2007
0

Re: Need Advice: To BT or NOT?


illtakecreditforthat 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...

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

Re: Need Advice: To BT or NOT?

Flip a coin. However, you have no compelling economic reason to make this BT.
Valued Contributor
Posts: 2,791
Registered: ‎03-18-2007
0

Re: Need Advice: To BT or NOT?

[ Edited ]

creditwherecreditisdue wrote:

Pj1369 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. :smileywink:

 

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
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.