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Need to transfer a balance to close on our home ASAP... HELP!

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Anonymous
Not applicable

Need to transfer a balance to close on our home ASAP... HELP!

I am trying to transfer an $1100 balance from my Navy Federal Rewards Visa to my American Express card. I need it to be done instantly if possible. The faster that I can have this post to my account, the quicker we close on the house. I have never done a balance transfer before and would appreicate any advice.

 

Thanks

Chris

Message 1 of 10
9 REPLIES 9
jsucool76
Super Contributor

Re: Need to transfer a balance to close on our home ASAP... HELP!

it can take quite a bit for a bt to go through. sometimes up to 2 weeks. why is it you're balance transferring?
Message 2 of 10
Anonymous
Not applicable

Re: Need to transfer a balance to close on our home ASAP... HELP!


@Anonymous wrote:

I am trying to transfer an $1100 balance from my Navy Federal Rewards Visa to my American Express card. I need it to be done instantly if possible. The faster that I can have this post to my account, the quicker we close on the house. I have never done a balance transfer before and would appreicate any advice.

 

Thanks

Chris


The quickest way to use balance transfer checks.  Write a check on the NFCU credit account and then deposit it and pay the Amex card.  Do you have balance transfer checks?

Message 3 of 10
NRB525
Super Contributor

Re: Need to transfer a balance to close on our home ASAP... HELP!


@Anonymous wrote:

I am trying to transfer an $1100 balance from my Navy Federal Rewards Visa to my American Express card. I need it to be done instantly if possible. The faster that I can have this post to my account, the quicker we close on the house. I have never done a balance transfer before and would appreicate any advice.

 

Thanks

Chris


A balance of all of $1,100 is making the difference in closing your house? You can't just pay the balance off?

I'm not sure I follow the reasoning for the BT making any difference in the mortgage underwriting. Please expand on the reasons?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 4 of 10
Anonymous
Not applicable

Re: Need to transfer a balance to close on our home ASAP... HELP!

The Utilization is higher then what they want it to be. My loan officer told me at first it was not a big deal, but the underwriter said it needed to be payed down. I have been told it can be done online and be processed in 1-2 days but with the holday on monday, I was not sure exactly when it would post and we are supposed to be closing on wednesday.

 

 

 

Thanks

Message 5 of 10
Anonymous
Not applicable

Re: Need to transfer a balance to close on our home ASAP... HELP!

@Cjones3147,

 

If you are closing on Wednesday, that is really a stretch.  You will have to find some other way to pay it down before Wednesday.

 

 

Message 6 of 10
Anonymous
Not applicable

Re: Need to transfer a balance to close on our home ASAP... HELP!


@Anonymous wrote:

The Utilization is higher then what they want it to be. My loan officer told me at first it was not a big deal, but the underwriter said it needed to be payed down. I have been told it can be done online and be processed in 1-2 days but with the holday on monday, I was not sure exactly when it would post and we are supposed to be closing on wednesday.

 

 

 

Thanks


But a BT isn't paying it down, it's moving it over. Are you just saying because it wouldn't report on the new card yet? Take advantage of the limbo period? 

Message 7 of 10
Anonymous
Not applicable

Re: Need to transfer a balance to close on our home ASAP... HELP!

i requested a balance transfer from my amex gold to my discover and in less than two days is already a pending  change on my discover.  but a week or two its appropiate

gl

Message 8 of 10
barbaralee
Established Contributor

Re: Need to transfer a balance to close on our home ASAP... HELP!

I am confused as to how doing a balance transfer would be "paying it down". You're still going to be showing as owing $1100, except now you are owing Amex instead of Navy Fed. 

 

This is a real dumb question... but... can't you just pay off the $1100? Maybe have a family member give you a loan, or something? $1100 is not much at all, especially (I would think) for a home buyer. 


@Anonymous wrote:

The Utilization is higher then what they want it to be. My loan officer told me at first it was not a big deal, but the underwriter said it needed to be payed down. I have been told it can be done online and be processed in 1-2 days but with the holday on monday, I was not sure exactly when it would post and we are supposed to be closing on wednesday.

 

 

 

Thanks


 

Message 9 of 10
Anonymous
Not applicable

Re: Need to transfer a balance to close on our home ASAP... HELP!


@barbaralee wrote:

I am confused as to how doing a balance transfer would be "paying it down". You're still going to be showing as owing $1100, except now you are owing Amex instead of Navy Fed. 


@Anonymous wrote:

The Utilization is higher then what they want it to be. My loan officer told me at first it was not a big deal, but the underwriter said it needed to be payed down. I have been told it can be done online and be processed in 1-2 days but with the holday on monday, I was not sure exactly when it would post and we are supposed to be closing on wednesday.

 

 

 

Thanks


 


OP, it could take up to 2 weeks for an BT initiated online to show up. So so you would need to ask someone for a short term loan and send yourself the balance transfer money so you can payback that person. 

 

Barbaralee: maybe like other poster suggested, OP could be counting on the BT funding credit card account not reporting to the CRAs for a few weeks. Is that the case, OP?

 

Message 10 of 10
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