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So who's been balance chased or CLD's lately?

Frequent Contributor

Re: So who's been balance chased or CLD's lately?

It hasn't happened to me yet, but I'm nervous.  I had a large (14k) balance on a Chase card at 15% interest and transferred 7k to a citi card, 5 to a BoA card and paid the other 2 off with savings.  The transfers were both 0% for a year and I'm planning on paying only the minimums while we focus on our HELOC with a 10K balance at 7.5%.  If we can pay off the HELOC by the end of the year then I'll either take advantage of whatever other 0% offers are floating around and/or transfer the cards to the HELOC.
 
But I'm nervous that if I only pay the minimums for 6 or 8 months that when I transfer the balances away at the end of the year they might lower the CL's.  But since my goal is to pay as little interest as possible, I guess that's a chance I'll have to take.
 
 
Message 11 of 20
Moderator Emeritus

Re: So who's been balance chased or CLD's lately?



FretlessMayhem wrote:
I really don't see why cash advances freak out creditors so much. If they are bothered by them that much, they need to just not offer that service.

The banks offer cash advances because they are lucrative.  The clock starts ticking for finance charges the minute the ATM spits out the cash.  And you are usually charged a transaction fee (a percentage of the balance advanced).
 
However, the bank views it as a warning sign if you are using your credit cards for cash advances because it suggests that you are in financial trouble.  This may/may not be true, but why would you be borrowing cash?
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 12 of 20
Regular Contributor

Re: So who's been balance chased or CLD's lately?

I guess I have another one to report.

I BT'd 4K from Juniper/Barclay last week. I had a 10K CL and just checked it, they CLD'd me to 1K. I have 5 yrs of history, never a missed payment. Chock it up to the panic in the air I guess.
We gave up the fight and filed BK in 2010. Smiley Sad
Message 13 of 20
Super Contributor

Re: So who's been balance chased or CLD's lately?



Cheezy wrote:
I guess I have another one to report.

I BT'd 4K from Juniper/Barclay last week. I had a 10K CL and just checked it, they CLD'd me to 1K. I have 5 yrs of history, never a missed payment. Chock it up to the panic in the air I guess.

Where did you BT it to?  And which card CLD'ed you?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 14 of 20
Regular Contributor

Re: So who's been balance chased or CLD's lately?

Barclay/Juniper closed my Barnes and Noble MC after a 30 day review because I opened up some other accounts after theirs.
Message 15 of 20
Frequent Contributor

Re: So who's been balance chased or CLD's lately?

I finally got my paper statement from Target and the only thing it says is that if I make my minimum payments on time or early they will consider raising my credit limit. That is crazy not only have I always paid on time in the past two months I'd paid off everything I bought w/in a week of buying it (minus the 800 dollars charged on it when they started balance chasing me b/c they only allow 2 online payments in 7 days).

I'm sending them a letter to ask for better explanation, we'll see if they answer it.
FICO 6/2/08 , EX 754, 5/2 TU 720 EQ 722
Message 16 of 20
Regular Contributor

Re: So who's been balance chased or CLD's lately?



MidnightVoice wrote:
Where did you BT it to?  And which card CLD'ed you?



I BTd from Juniper to Discover. Juniper CLD'd me after the transfer was completed.
We gave up the fight and filed BK in 2010. Smiley Sad
Message 17 of 20
Super Contributor

Re: So who's been balance chased or CLD's lately?



Cheezy wrote:

I BTd from Juniper to Discover. Juniper CLD'd me after the transfer was completed.

The more I hear about BTs the less I like the idea.  The CCCs advertise them, but seem to hate them.  Smiley Sad
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 18 of 20
Senior Contributor

Re: So who's been balance chased or CLD's lately?



MidnightVoice wrote:


Cheezy wrote:

I BTd from Juniper to Discover. Juniper CLD'd me after the transfer was completed.

The more I hear about BTs the less I like the idea. The CCCs advertise them, but seem to hate them. Smiley Sad





Unless it's BOA. For whatever reason, they are seriously all about it, and push really hard when I talk to them on the phone.
Here we go again...
Message 19 of 20
Regular Contributor

Re: So who's been balance chased or CLD's lately?



MidnightVoice wrote:
The more I hear about BTs the less I like the idea.  The CCCs advertise them, but seem to hate them. 



I agree! But we went from 16.99% with juniper to 3.99% for 4 years with Discover. We are working on our snowball payoff chart and that was too good an offer to pass up. It never dawned on me that Juni would CLD us though.
We gave up the fight and filed BK in 2010. Smiley Sad
Message 20 of 20