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Over the last couple of years I have amassed credit card debt that I am trying to pay off, but the interest is killing me. As of yesterday I had the following cards.
FIA: B $8400, CL $8500, 22.74%
Barclays: B $1900, CL $200, 20.99%
Discover: B $3850, CL $4000, 0% through the end of the year
Zales: B $0, CL $4000
Macy's; B: $0 CL $1200
I am also an authorized user on a credit card my mom has which has a balance of $2000 and a CL of $23,000.
I received an offer from Citi for a card with 18 months of 0% on balance transfers. Before applying I checked my experian score and it was 696.
I applied for the Citi card and was approved for a $5,000 limit and after the intro period an apr of 17.99%. This is the first card I've received in years where I received the middle rate, not the worst rate. I immediately transferred $4000. I have 4 months to transfer balances so in a couple months I will transfer over another $1000.
I then saw Chase was offering the Slate card with 0% balance transfers for 15 months and no fee. I applied and was approved at a rate of 12.99%, the best they offer. I only received a $400 credit limit though.
My question is, what are the chances I can get that Slate limit raised so I can do a worthwhile balance transfer? I'm surprised that my limit is so low but I got the best rate. I have 60 days to do the balance transfer. Should I call and request a limit increase now, or wait a month? Could my limit be so low because I just opened another card?
@NYTerp wrote:Over the last couple of years I have amassed credit card debt that I am trying to pay off, but the interest is killing me. As of yesterday I had the following cards.
FIA: B $8400, CL $8500, 22.74%
Barclays: B $1900, CL $200, 20.99%
Discover: B $3850, CL $4000, 0% through the end of the year
Zales: B $0, CL $4000
Macy's; B: $0 CL $1200
I am also an authorized user on a credit card my mom has which has a balance of $2000 and a CL of $23,000.
I received an offer from Citi for a card with 18 months of 0% on balance transfers. Before applying I checked my experian score and it was 696.
I applied for the Citi card and was approved for a $5,000 limit and after the intro period an apr of 17.99%. This is the first card I've received in years where I received the middle rate, not the worst rate. I immediately transferred $4000. I have 4 months to transfer balances so in a couple months I will transfer over another $1000.
I then saw Chase was offering the Slate card with 0% balance transfers for 15 months and no fee. I applied and was approved at a rate of 12.99%, the best they offer. I only received a $400 credit limit though.
My question is, what are the chances I can get that Slate limit raised so I can do a worthwhile balance transfer? I'm surprised that my limit is so low but I got the best rate. I have 60 days to do the balance transfer. Should I call and request a limit increase now, or wait a month? Could my limit be so low because I just opened another card?
INCREASE NOW! They will pull another credit report but something I didn't know until to late is my partner got approved for Slate to do BT and I thought we should CLI right away but the 2nd pull made us not... only to the next month find out they had ALREADY pulled 2, which other posters said they will then use one of those for the CLI vs. getting a new one but if you wait more than 7, 30 what ever days they have to get a new one rather they did 1 or 2! and $400!!!
I mean I understand your Util. is pretty bad but with a manual review you can explain your plan and explain what isn't showing yet with Citi, if you can get them to come up to at least the citi limit, you could do more transfer and do the other $1k on citi then go to BofA and be like look, I'm getting things in order, bring me down in interest!? PLEASE! good luck.
Well I called the Credit Analyst number and was told my limit was so low becuase of the 3 cards at their credit limit. I told her about the Citi card but she said that she didn't think that would change anything. She said to put in the request they would need to pull another credit report and then manually look at it. Would it be worth the extra pull? The report will be exactly the same.
I had them do the pull and was approved for a CL increase to $3,000. it's going to be so nice not having almost $200 every month going just to interest. I can now envision having these cards one day being paid off.
Well done! Good for you for being persistent!
And after you're done transferring those balances, sock drawer those cards and get your finances under control before they kill you from stress.
man, I should done that with my slate. At the time, I didnt know what a recon was. Oh well.