11-26-2013 08:01 AM
I have been out of my Chap. 7 since 12/10 slowly regaining my credit back (one slip up in 2012 with a 30 day late on a CC)
Recently have been getting bombarded with Barclay pre selected offers
My question is I have a Merrick and a Credit One the I am paying annual fees /$8.25 monthly on Credit One and Merrick is about $6.25 / I have had these cards since 04/11. Probably owed $800 on both . Both balances are below 40% CL
Would it be wise to go ahead and apply with Barclays and transfer balances to Barclays? assuming I get approved and the opening CL is enough?
Typically what is everyone seeing on the initial CL on Barclays? I don't want to apply for it and have a $250 CL would not help me out at all(I know this is hard to answer but just an average)
Have not ran my Credit Report for a score in awhile other than Credit Karma and my annual free credit report
Any input would be helpful
I wish I would have found this site 3 years ago
11-26-2013 08:32 AM
Welcome to the forum. The Mods will probably move this to the rebuilding forum so your question can be better answered. I think 40% utilization may be to high also how old are your current cards, average age of accounts and inquires will be needed for anyone to give you an answer. Preselected is not preaproved so there is definitely no guarantee of getting the card. I'm sorry I can't be more help. There will be someone that has experienced the same issues that will give you advice.
11-26-2013 08:51 AM
thanks for the response
Where/How do I fill out profile on age of accounts balances etc...?
11-26-2013 08:55 AM
or google balance transfer calculator......the site will do the math for you
11-26-2013 12:35 PM
Assuming the CL is sufficient to permit a BT, and that they make a BT offer at 0% shortly after opening, which is questionable, you will normally pay an initial 5% BT fee.
Thereafter, your account effectively becomes two separate accounts, each with its own balance and interest rate.
Monthly payments made at the min will be applied to the low/0% BT balance, so paying down the existing balance on the other interst-bearing "account" can only be effected by paying more than the min each month.
For most consumers, they will not pay off the BT within the intro period, and thus it thereafter is charged the prevailing account interest rate.
Based on normal consumer habits, they will get a net gain on the BT. That is why they offer them.
To beat them at their game, you have to up your min payments each month, and get it paid down within the intro period. They are betting that you wont, and will be left with a higher account balance at the full APR.
11-26-2013 03:02 PM
thanks for your help