topic Re: Best Balance Transfer Card in Credit Card Approvals

Best Balance Transfer Card

1_2 — Mon, 23 Feb 2015 04:38:33 GMT

I'm going to be out of work for the next 6 months due to 2 upcoming surgeries. I have enough in my emergency fund to live on for about a year. But I have 3450.00 in credit card debt. I can make the payments but I've been thinking why should I pay high interest rates if I can get a zero interest card. My credit is excelent. I dont want to deplete my emergency fund if I can help it...just in case.

Normally, I pay my balances off in full each month but I've already been out of work since just after Christmas and of course I charged Christmas not knowing I would be out of work.

My questions are, 1 what credit card would be my best option for balance transfers? 2. What if I dont get a high limit and my 3450.00 on the balance transfer card was over the 30% mark? Would this hurt my score, considering the fact the rest of my cards would have zero balances. 3. Can I transfer balances from several cards? My credit card debt is spread out over several cards.

My highest credit limit now is 18000.00 wiht AMEX, the rest average around 6 to 7 thousand except Dillards which is a measly 1500.00 but I dont owe on it.

Would the fact that I am currently on sick leave ruin my chances of getting a card? I am getting sick leave pay but its not very much, certinaly not what I'm accustomed to earning. I have 1 hard pull on Equifax due to fall on in November. 2 on Experian due to fall off this summer and 1 on Transunion that wont fall off until March 2016.

I have been told Bank of America and Chase Slate would be good options. Chase bombards me weekly with offers but I've also heard neither of those give high limits. I would like input from myfico forum because this is where I've always gotten the best advice. If I can get a zero balance card, I can have this debt paid off in six months even though I'm not working and suffice to say, I wont be charging anything else until I return to work.

In my wallet, Amex, Discover it, Capital One Quick Silver, Citi Thank You Preferred, Barclayd Platinum Master Card, Walmart Mastercard, Dillards, my mortgage is with Chase

Re: Best Balance Transfer Card

bigblue7722 — Mon, 23 Feb 2015 03:45:21 GMT

@1_2 wrote:
I'm going to be out of work for the next 6 months due to 2 upcoming surgeries. I have enough in my emergency fund to live on for about a year. But I have 3450.00 in credit card debt. I can make the payments but I've been thinking why should I pay high interest rates if I can get a zero interest card. My credit is excelent. I dont want to deplete my emergency fund if I can help it...just in case.

Normally, I pay my balances off in full each month but I've already been out of work since just after Christmas and of course I charged Christmas not knowing I would be out of work.

My questions are, 1 what credit card would be my best option for balance transfers? Chase Slate 2. What if I dont get a high limit and my 3450.00 on the balance transfer card was over the 30% mark? Call and recon the limit may be another HP but worth saving the money Would this hurt my score, considering the fact the rest of my cards would have zero balances. I would say no it wont hurt your score it will help it cause your adding more CL to help with your Ratios you make get the new account ding with inq and lower average age of accounts but again its worth saving money in a time of need. 3. Can I transfer balances from several cards? YES My credit card debt is spread out over several cards.

My highest credit limit now is 18000.00 wiht AMEX, the rest average around 6 to 7 thousand except Dillards which is a measly 1500.00 but I dont owe on it.

Would the fact that I am currently on sick leave ruin my chances of getting a card? I would just put my normal yearly income I am getting sick leave pay but its not very much, certinaly not what I'm accustomed to earning. I have 1 hard pull on Equifax due to fall on in November. 2 on Experian due to fall off this summer and 1 on Transunion that wont fall off until March 2016.

I have been told Bank of America and Chase Slate would be good options. Chase bombards me weekly with offers but I've also heard neither of those give high limits. I would like input from myfico forum because this is where I've always gotten the best advice. If I can get a zero balance card, I can have this debt paid off in six months even though I'm not working and suffice to say, I wont be charging anything else until I return to work.

Re: Best Balance Transfer Card

Tszone — Mon, 23 Feb 2015 03:46:12 GMT

Check the Chase website for a preapproval for the Slate, zero intro APR and zero balance transfer fee.

Re: Best Balance Transfer Card

1_2 — Mon, 23 Feb 2015 03:54:12 GMT

Chase always says I'm pre-qualified, so does Bank of America. I have a letter here from Chase for the Slate card that actually says I'm pre-qualified. Not sure if that really means I am but I feel sure I could get either card. I'm just worried I wouldnt get a high enough balance. Do they ask you why you are wanting to do transfers? If so, what should I say

Re: Best Balance Transfer Card

Skye12329 — Mon, 23 Feb 2015 03:56:35 GMT

If your total utilization is low and your score is decent then I can see Chase giving you a decent limit for slate no problem. Also Chase won't ask why for balance transfer. I never heard of a lender asking why.

Re: Best Balance Transfer Card

Anonymous — Mon, 23 Feb 2015 04:01:27 GMT

Slate

Re: Best Balance Transfer Card

1_2 — Mon, 23 Feb 2015 04:19:00 GMT

@bigblue7722 wrote:
@1_2 wrote:
I'm going to be out of work for the next 6 months due to 2 upcoming surgeries. I have enough in my emergency fund to live on for about a year. But I have 3450.00 in credit card debt. I can make the payments but I've been thinking why should I pay high interest rates if I can get a zero interest card. My credit is excelent. I dont want to deplete my emergency fund if I can help it...just in case.

Normally, I pay my balances off in full each month but I've already been out of work since just after Christmas and of course I charged Christmas not knowing I would be out of work.

My questions are, 1 what credit card would be my best option for balance transfers? Chase Slate 2. What if I dont get a high limit and my 3450.00 on the balance transfer card was over the 30% mark? Call and recon the limit may be another HP but worth saving the money Would this hurt my score, considering the fact the rest of my cards would have zero balances. I would say no it wont hurt your score it will help it cause your adding more CL to help with your Ratios you make get the new account ding with inq and lower average age of accounts but again its worth saving money in a time of need. 3. Can I transfer balances from several cards? YES My credit card debt is spread out over several cards.

My highest credit limit now is 18000.00 wiht AMEX, the rest average around 6 to 7 thousand except Dillards which is a measly 1500.00 but I dont owe on it.

Would the fact that I am currently on sick leave ruin my chances of getting a card? I would just put my normal yearly income I am getting sick leave pay but its not very much, certinaly not what I'm accustomed to earning. I have 1 hard pull on Equifax due to fall on in November. 2 on Experian due to fall off this summer and 1 on Transunion that wont fall off until March 2016.

I have been told Bank of America and Chase Slate would be good options. Chase bombards me weekly with offers but I've also heard neither of those give high limits. I would like input from myfico forum because this is where I've always gotten the best advice. If I can get a zero balance card, I can have this debt paid off in six months even though I'm not working and suffice to say, I wont be charging anything else until I return to work.

Thank you so much. I really appreciate your adice. I can see from your signature you know your credit cards.

Re: Best Balance Transfer Card

1_2 — Mon, 23 Feb 2015 04:21:59 GMT

@Tszone wrote:
Check the Chase website for a preapproval for the Slate, zero intro APR and zero balance transfer fee.

Thank you very much. I really appreciate your adice. I need all the advice I can get. The doctors have actually said that I shouldn't be out of work more than 12 weeks but I'm going with worse case senario just to be on the safe side for my credit, plus they cant get the first surgery scheduled until March 10.

Re: Best Balance Transfer Card

1_2 — Mon, 23 Feb 2015 04:25:50 GMT

@Anonymous wrote:
Slate

Thanks

Re: Best Balance Transfer Card

skigirl916 — Mon, 23 Feb 2015 04:26:39 GMT

Chase Slate for sure.

Re: Best Balance Transfer Card

onstar — Mon, 23 Feb 2015 04:35:24 GMT

Yup. Chase Slate is the best. 0% interest for BT for 15 months, $0 BT fee, and $0 AF.

Also consider:

Barclay US Airways (3% BT fee; 0% on BT transfer for 15 months; $89 AF). Yeah, you gotta pay 3% fee and $89 AF, but you get 50,000 miles after first purchase & paying AF; this is basically a free plane ticket. So if you will be needing a plane ticket in the near future, then this might be a good option for you.

Re: Best Balance Transfer Card

1_2 — Mon, 23 Feb 2015 04:36:48 GMT

I wish these pre-qualifed letters they send me weekly would state an amount but none of them do. (sigh) I'm worried if I only got say a 4000.00 or 4500.00 limit what that would do to my credit by putting that much on it or God forbid I wasted a hard pull and didnt even get approved for enough to cover all my balances. I've never been very good at calling for recon. I mustered up enough courage to do it with Capital One and it worked out well but I was trembling. I'm such a "fraidy" cat then when my first 61 days were over with AMEX I didnt have the nerve to ask them for 3x my limit and only asked for 2x. Then I forgot about it until recently and again, only asked them to double it. I could kick myself over that. I dont know why I'm that way,. I could have had that limit really high by now if I had kept at it.

Re: Best Balance Transfer Card

NRB525 — Mon, 23 Feb 2015 04:37:54 GMT

First off, sorry to hear you are out of work.

Second off, um, on these apps they are likely going to ask for income level. I'm not sure your current status will support a new app, at least not one that gets scrutinized.

What are the existing interest rates you have? Can you list out your cards, what their interest rate is, and how much is owed on each card?

You have only $3k outstanding. Why can't you just pay those off in place, emphasizing getting the high interest card out of the way first then working down? If you are talking paying it off in 6 months anyway, that is usually not a lot of interest cost, even on a high rate card, if you pay it down in the first month with your $500 per month you are planning on paying anyway. $3,400 at even 20%, compounded for 6 months (if you did not make ANY payments) is only $376. You will be making payments, however, and you may have some cards less than 20% compounding, so this amount drops substantially.

Not worth the app, in my opinion. Worth the faster action to just pay down the existing cards.

Re: Best Balance Transfer Card

1_2 — Mon, 23 Feb 2015 04:41:51 GMT

@onstar wrote:
Yup. Chase Slate is the best. 0% interest for BT for 15 months, $0 BT fee, and $0 AF.

Also consider:
Barclay US Airways (3% BT fee; 0% on BT transfer for 15 months; $89 AF). Yeah, you gotta pay 3% fee and $89 AF, but you get 50,000 miles after first purchase & paying AF; this is basically a free plane ticket. So if you will be needing a plane ticket in the near future, then this might be a good option for you.

Thank you but I doubt I will be traveling very much for the next year. I still appreciate your input though. It looks like everyone agrees Chase Slate would be my best bet.

Re: Best Balance Transfer Card

NRB525 — Mon, 23 Feb 2015 04:48:24 GMT

@onstar wrote:
Yup. Chase Slate is the best. 0% interest for BT for 15 months, $0 BT fee, and $0 AF.

Also consider:
Barclay US Airways (3% BT fee; 0% on BT transfer for 15 months; $89 AF). Yeah, you gotta pay 3% fee and $89 AF, but you get 50,000 miles after first purchase & paying AF; this is basically a free plane ticket. So if you will be needing a plane ticket in the near future, then this might be a good option for you.

The 3% BT fee is going to be wasted because OP is going to pay down the cards in 6 months. So it's really a 6%+ annuallized, hard cost (not decreasing APR monthly cost) to pay up front.

The $89 AF up front, regardless of the miles, is another hard cost OP does not need.

Combine the $100 BT fee with the $89 AF up front, thats $190, compared to the worst case existing 20% APR which is $370 if all payments were delayed, but payments are happening in 6 months, so it's down to around $200 if paid in place anyway.

The US Airways card works for some. For this situation, not a good idea.

Re: Best Balance Transfer Card

1_2 — Mon, 23 Feb 2015 05:53:48 GMT

I pulled the trigger on the Chase Slate. It says no annual fee. They only gave me a 6,500.00 limit though. I said I was planning on paying off the cards in six months but that also depends on medical bills that I will surely be facing. I want to try to pay those as I go. Under the circumstance, that might not be easy and its possible I wouldnt be able to pay my cards off in six months. I would rather be safe than sorry. I know the hard pull isnt a good thing but I already did it.

At least now I wont have to worry about paying but one credit card bill per month. Last month I was upset awaiting test results I forgot to pay my cards on the date I normally do. Thankfully I came to my senses just in the nick of time and wasnt late on any but it was too close for comfort. Once I realize I had almost missed making my payments on time I did set up auto pay on all the cards I could but Walmart Mastercard didnt have that option.

I'm thinking with all I'm going through I will just set the Chase card up to pay automatically. I'm sure they do that because as I said, I have my mortgage with them and its on auto pay.

I am dissapointed in the credit limit though and the approval notice said if I needed more to cover my needs I can call them once I get the card. I may do that if I dont chicken out. I will simply say I would like a limit that would keep my balance below 30% unless some of you can advice me something better to say.

Thanks again to everyone for all your wonderful advice. My fico forums is and has been my go to for all things credit. I've gone from hacing horrid credit to excellent and a home owner thanks to all the advice I've gotten here.

Re: Best Balance Transfer Card

NRB525 — Mon, 23 Feb 2015 13:58:02 GMT

Congratulations on the new Slate! That limit will be fine.

Your utilization will be fine, because you have no reason to worry about a few points drop in your FICO, you will not be apping anything until this balance is down and you are back to work anyway.

Set the autopay to pace the amount to the expiration of the 0% period, dont try to pay it in 6 months, it is better to go slower now with 0%.

Good luck, and best wishes for a speedy recovery!

Re: Best Balance Transfer Card

Anonymous — Wed, 25 Feb 2015 02:33:35 GMT

Congratulations! Good choice.

Re: Best Balance Transfer Card

wacdenney — Wed, 25 Feb 2015 02:44:58 GMT

The thing about Slate is what are you suppose to do with it once your BT is paid off? It becomes pretty useless. I would rather pay the 3% and have a card I could keep personally. I would have voted for Discover but meh Slate is good and not transfer fee. You could always move the limit to a different Chase card once the limit is paid off I suppose.