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Frequent Contributor
frugalQ
Posts: 491
Registered: ‎03-23-2012
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Need advice on chase slate offer

I got an offer in the mail for chase slate. The offer says "this offer is yours if you respond by xx/xx/12". I need advice on whether to accept. Here's some background:

Have Freedom 3k limit, discover 6.5k limit, cap1 2.5k limit, and Amex Green. I PIF my Amex monthly, but I let the balance post..approx 2k per month. I have $500 left to pay off 0% intro balance. All other balances are 0.

DH and I just refi'd our home, but I'm positioning us to start construction on a new house in May, 2013 (to ensure that we stay in current home for 1 year per occupancy guidelines).

My dilemma: should I go for the Slate (which is 0% for 15 mos) and BT my Amex and discover balances? Or, should I just bite the bullet and pay the ~2.5k? My goal is to have all cards show $0 on CR. I actually have the funds to pay both off so that they will report 0, but I'm wondering if its better to continue to keep those funds in savings for down payment/closing/upfront PMI.

Our DTI is fine for qualifying for both homes. I'm just trying to maximize our FICO scores for when we pull the trigger on the new mortgage process. As of September, or mid scores where 680ish (can't remember exact number, but was shocked that it was over 680)

All advice is greatly appreciated.
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Frequent Contributor
frugalQ
Posts: 491
Registered: ‎03-23-2012
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Re: Need advice on chase slate offer

Oh, the purpose of the Slate would be strictly for BT purpose.....I would have 60 days to transfer balance for free. I don't have a need for any more reward cards.
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Valued Contributor
Dustink
Posts: 3,008
Registered: ‎10-02-2012
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Re: Need advice on chase slate offer

If you can easily PIF then it would not be worth the INQ, otherwise if you need it then it would be a good way to avoid interest charges.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Frequent Contributor
frugalQ
Posts: 491
Registered: ‎03-23-2012
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Re: Need advice on chase slate offer

Thank you!!

Your point is well taken. I guess I'm just in 'hoarder mode' because we are trying to save as much as we can.

I have a really cool budget spreadsheet that allows me to put in scenarios and see the 12 month outcome. From a purely savings perspective, it makes more sense to get the Slate, but I don't know what it would do to my scores.

Also, there are unknowns...I'm not certain that I would even get 3k CL to cover the transfer and have some wiggle room on the card.

Anyone else with an opinion?
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
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wallyworld123
Posts: 455
Registered: ‎01-04-2012
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Re: Need advice on chase slate offer

I would accept the slate offer. in my opinion its better to have it and not need it then to need it and not have it. There is no annual fee and 15 months is plenty of time for you to get some extra things with your home in order. my opinion.

Valued Contributor
Dustink
Posts: 3,008
Registered: ‎10-02-2012
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Re: Need advice on chase slate offer

[ Edited ]

[Lol] I blame my computer for that

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Frequent Contributor
frugalQ
Posts: 491
Registered: ‎03-23-2012
0

Re: Need advice on chase slate offer

Huh? Dustink, I think you have the wrong thread. Lol
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Frequent Contributor
frugalQ
Posts: 491
Registered: ‎03-23-2012
0

Re: Need advice on chase slate offer

Wallyworld, I was also thinking about implications after we move into new house. My issue with that is if I get card now, I won't have 15 months to float any new expenses. If I wait to get the card after everything is done, I will have extended time to pay whatever expense off.

But, who is to say that there will be a 15 month offer this time next year.

I feel like I keep talking myself out of getting the card, but I'm just trying to analyze both sides.

I guess it comes down to whether I want to keep the $$ and spread balance across 15 months or just pay it off. I'm leaning towards getting the card because it will help to pad our savings account, but I'm afraid of how long it will take for my scores to rebound from the inq/new account hit.
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Valued Contributor
Dustink
Posts: 3,008
Registered: ‎10-02-2012
0

Re: Need advice on chase slate offer


frugalQ wrote:
Huh? Dustink, I think you have the wrong thread. Lol

Not sure how that happened...haha

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Frequent Contributor
wallyworld123
Posts: 455
Registered: ‎01-04-2012
0

Re: Need advice on chase slate offer


frugalQ wrote:
Wallyworld, I was also thinking about implications after we move into new house. My issue with that is if I get card now, I won't have 15 months to float any new expenses. If I wait to get the card after everything is done, I will have extended time to pay whatever expense off.

But, who is to say that there will be a 15 month offer this time next year.

I feel like I keep talking myself out of getting the card, but I'm just trying to analyze both sides.

I guess it comes down to whether I want to keep the $$ and spread balance across 15 months or just pay it off. I'm leaning towards getting the card because it will help to pad our savings account, but I'm afraid of how long it will take for my scores to rebound from the inq/new account hit.

I do understand your concern. whatever you decide keep us posted its always a give and take in scenarios like this.


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