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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
@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?
@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?
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
@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.
@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?
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
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
@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?