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Established Contributor
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Registered: ‎07-07-2010
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balance transfer during mortgage process?

I am supposed to close nov 1st. I have a feeling we miht be behind but I don't know for sure. All my cash is tied up in this mortgage and I have a 3700 balance on my visa which the promotional interest runs out on nov 2nd. I reallly need to transfer that to my psecu by using one of the 3.9% checks they sent me out.

 

Can I do this? Will it even report on my credit by the time i do it? Say If i send it out in the mail oct 26?

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Established Contributor
Posts: 736
Registered: ‎07-07-2010
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Re: balance transfer during mortgage process?

[ Edited ]

So say by the end of the mortgage I have the same account in cc debt , just about 4600 bucks. but all on my psecu instead of my visa.... and they repull my credit. is this going to set off any alarms? Also tho I calculated out the interest I would be charged if I don;t do this balance transfer ... and its like 60 bucks a month. That would definitely raise my minimum payment.

 

My gut feeling says I should just do it and if they ask why do write a letter saying I am paying those off over the next 6 months and it makes more sense to get the 2.9 rate compared to the 20 rate

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Established Contributor
Posts: 736
Registered: ‎07-07-2010
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Re: balance transfer during mortgage process?

Well thoughts on this if you like but I think I can't stomach 60 dollars a month in interest . It would make me sick. I'm going to do this balance transfer but not until one week from now. That way the chances are it won't reflect even if they pulled my credit again towards the end.

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Community Leader
Super Contributor
Posts: 5,731
Registered: ‎03-06-2010
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Re: balance transfer during mortgage process?

:smileyhappy: I see you answered your own question. I don't think there are a lot of us on this site at at 4 am, but who knows....

 

The only risk you are taking is that the charge from the BT shows on your new visa before it is credited off the old one which would make your debt appear higher than it actually is - but then a normal LOE should explain that away. By all means, do what you can to save the interest. It makes good financial sense.

Established Contributor
Posts: 736
Registered: ‎07-07-2010
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Re: balance transfer during mortgage process?

It's coming off of a bank of america visa so when it updates to 0 can't I do an address change on it just accept the same address as before and it will auto update to all three cb's?

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
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