Credit Cards Center Credit cards from our partners
Reply
Valued Member
Posts: 37
Registered: ‎01-20-2013
0

balance transfer to existing card or new app?

i'm trying to help my parents out with their credit card bill.  

they have 7000 on a chase card and their score won't get approved for a new credit card with 0% transfer.  they have tried.

 

so i have a new discover card still and i was thinking either 1) transfer or 2) app for a new credit card for this purpose.  obviously, my credit score will get a ding but what would be the better move?  

 

my score is TU 799, eq 774 (discover CL 17,500, amex 3800, eligible for 3X CLI in 10 days!).  the credit cards are pretty new, both opened in april although amex gave me backdating.  (my current utilization is about 10% which will certainly increase once i transfer.)  

 

i was planning to garden til next year for a good MC/Visa but if i do app earlier, will i be eligible for a decent card at this time or the recent inquiries stop me?  my thought on apping for a new card is if i'm going to pay for it then i might as well as start the aging process now.  

 

heck, maybe i can't even transfer since it's my parents' card and this is a pointless question.  

 

any thoughts from the experts?  

 

Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: balance transfer to existing card or new app?


toli77 wrote:

i'm trying to help my parents out with their credit card bill.  

they have 7000 on a chase card and their score won't get approved for a new credit card with 0% transfer.  they have tried.

 

so i have a new discover card still and i was thinking either 1) transfer or 2) app for a new credit card for this purpose.  obviously, my credit score will get a ding but what would be the better move?  

 

my score is TU 799, eq 774 (discover CL 17,500, amex 3800, eligible for 3X CLI in 10 days!).  the credit cards are pretty new, both opened in april although amex gave me backdating.  (my current utilization is about 10% which will certainly increase once i transfer.)  

 

i was planning to garden til next year for a good MC/Visa but if i do app earlier, will i be eligible for a decent card at this time or the recent inquiries stop me?  my thought on apping for a new card is if i'm going to pay for it then i might as well as start the aging process now.  

 

heck, maybe i can't even transfer since it's my parents' card and this is a pointless question.  

 

any thoughts from the experts?  

 


AFAIK you can BT a balance from a different person's car to yours. If your not planning any new apps for a bit I would go the BT route.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: balance transfer to existing card or new app?

You should not have any issues doing a BT onto your account, but keep in mind that once you transfer the debt it becomes yours and will negatively impact your scores until its paid down, and if your parents decide that they don't want to pay it off, then you are stuck with it.

 

IMO, I would talk to your parents about possibly co-signing a personal loan with them so that they still remain liable for the debt.  There is no way I would transfer a parent's debt to one of my cards... If they really needed the money and I had the cash I might just gift them the funds rather than take on liability for a debt thats not mine.

 

Also, consider transferring the debt, then have them apply for a new card with a 0% offer and then transfer their debt back to them.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Highlighted
Blogger
Posts: 3,360
Registered: ‎10-19-2012
0

Re: balance transfer to existing card or new app?

Usually the bank will send you a check to fill if you want to do a balance transfer. You can then write the check to someone else, and the amount will become a balance on your credit card. I think you're good. 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.