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balance transfer to existing card or new app?

Valued Member

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?  

 

Message 1 of 4
3 REPLIES
Mega Contributor

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.




EQ FICO 548 3/3/16
Message 2 of 4
Moderator Emeritus

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?
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Message 3 of 4
Blogger

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. 

Message 4 of 4