topic Re: Using a Gold spade to dig under a fence.... in Credit Card Applications

Using a Gold spade to dig under a fence....

tcbofade — Mon, 05 Jan 2015 02:42:16 GMT

OK, as most of you know, DW is going to start the refinance process on Tuesday.

No idea how long it will take, but the idea is to pay off credit card debt. We're going to be awfully close.

(approximate home equity equals approximate CC debt.)

Assume for the moment that we will have some CC debt left. Several of her accounts are still on zero percent introductory deals through some part of 2015. I'm already thinking about what offers are out there with zero percent intro deals. I know about Slate and Simplicity, and don't qualify for either of them today, but should in the next 30 days or so...

I think we missed the NASA boat, and Citi DC just doesn't look that appealing as a BT card.

What else should I be looking at?

Re: Using a Gold spade to dig under a fence....

Anonymous — Mon, 05 Jan 2015 02:48:12 GMT

@tcbofade wrote:
OK, as most of you know, DW is going to start the refinance process on Tuesday.

No idea how long it will take, but the idea is to pay off credit card debt. We're going to be awfully close.

(approximate home equity equals approximate CC debt.)

Assume for the moment that we will have some CC debt left. Several of her accounts are still on zero percent introductory deals through some part of 2015. I'm already thinking about what offers are out there with zero percent intro deals. I know about Slate and Simplicity, and don't qualify for either of them today, but should in the next 30 days or so...

I think we missed the NASA boat, and Citi DC just doesn't look that appealing as a BT card.

What else should I be looking at?

Credit unions would be a good place to look.

Re: Using a Gold spade to dig under a fence....

coldnmn — Mon, 05 Jan 2015 02:50:20 GMT

I had an offer on Citi pre qualify 18 months 12.9% after and 3% transfer fee. That wasn't to bad but I'm waiting to see if eventually they offer me the $200 bonus. Good Luck TC!

Re: Using a Gold spade to dig under a fence....

Anonymous — Mon, 05 Jan 2015 02:57:03 GMT

@tcbofade wrote:
OK, as most of you know, DW is going to start the refinance process on Tuesday.

No idea how long it will take, but the idea is to pay off credit card debt. We're going to be awfully close.

(approximate home equity equals approximate CC debt.)

Assume for the moment that we will have some CC debt left. Several of her accounts are still on zero percent introductory deals through some part of 2015. I'm already thinking about what offers are out there with zero percent intro deals. I know about Slate and Simplicity, and don't qualify for either of them today, but should in the next 30 days or so...

I think we missed the NASA boat, and Citi DC just doesn't look that appealing as a BT card.

What else should I be looking at?

What LTV are you planning to borrow to? I am just curious, I used to work in the secondary market when I was in college. If it's too personal, don't feel bad telling me I'm a jerk. Good luck on the re-fi either way.

Re: Using a Gold spade to dig under a fence....

tcbofade — Mon, 05 Jan 2015 03:01:16 GMT

@Anonymous wrote:
@tcbofade wrote:
OK, as most of you know, DW is going to start the refinance process on Tuesday.

No idea how long it will take, but the idea is to pay off credit card debt. We're going to be awfully close.

(approximate home equity equals approximate CC debt.)

Assume for the moment that we will have some CC debt left. Several of her accounts are still on zero percent introductory deals through some part of 2015. I'm already thinking about what offers are out there with zero percent intro deals. I know about Slate and Simplicity, and don't qualify for either of them today, but should in the next 30 days or so...

I think we missed the NASA boat, and Citi DC just doesn't look that appealing as a BT card.

What else should I be looking at?
What LTV are you planning to borrow to? I am just curious, I used to work in the secondary market when I was in college. If it's too personal, don't feel bad telling me I'm a jerk. Good luck on the re-fi either way.

No worries.

It kind of depends on the appraisal. Assume it comes in at 200k (which is what our insurance agent says), wifey will do an 80% LTV as to avoid PMI. When that is complete, I may or may not be interested in taking a second mortgage to further consolidate.

If the appraisal comes in at 250k, (or more) that'll change a LOT of things.

We shall see.

Re: Using a Gold spade to dig under a fence....

Anonymous — Mon, 05 Jan 2015 03:06:30 GMT

Smart move on the keeping it under 80% LTV or potentially pulling a second for the remainder. If you were doing something crazy I wouldn't have discouraged you as it isn't my place, but I will say I'm happy you're being smart about it! I have seen some pretty crazy things, especially when I was working bundling mortgages for secondary market distribution and also setting daily rates (capital markets; for a large lender) back during the meltdown. The bankers told me many extremely crazy things went down on a daily basis.

AMEX EDP has 15 month 0% on BTs, another card to consider if you are one that is not afraid to carry a balance on AMEX.

Re: Using a Gold spade to dig under a fence....

bobbay — Mon, 05 Jan 2015 04:52:23 GMT

Good luck with the refi! Congrats on completing such a big undertaking. Im sure you are relieved to finally be done and clear the deck.

Re: Using a Gold spade to dig under a fence....

tcbofade — Tue, 06 Jan 2015 01:19:40 GMT

@bobbay wrote:
Good luck with the refi! Congrats on completing such a big undertaking. Im sure you are relieved to finally be done and clear the deck.

Very much so.

Lots of details yet to be defined, and that is making me a bit nuts, but we'll be in a better place tomorrow, and know more and more as we go.