topic Help with strategy for App Spree?! in Credit Card Applications

Help with strategy for App Spree?!

JMCB — Thu, 23 Jun 2022 09:32:06 GMT

I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!

I've received the following Pre-approved offers in the mail:

Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.

WF Reflect - 0% at 21 month - Read they pull EX mostly

BoA - 0% at 18 months - Read they pull EX mostly

US Bank - 0% at 20 months - Read they pull EX mostly

Want to do CLI for Chase (EX) & Barclays (TU)

Re: Help with strategy for App Spree?!

AverageJoesCredit — Thu, 23 Jun 2022 11:36:09 GMT

@JMCB wrote:
I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!

I've received the following Pre-approved offers in the mail:
Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.
WF Reflect - 0% at 21 month - Read they pull EX mostly
BoA - 0% at 18 months - Read they pull EX mostly
US Bank - 0% at 20 months - Read they pull EX mostly
Want to do CLI for Chase (EX) & Barclays (TU)

The biggest questions will be a) will they approve with that debt showing, no matter how good your scores is, and b) what kind of limits will thy give? The only cardi would think you might get a high limit on is WF but that's a maybe. I wouldn't care to go for all four as hps don't scare me but knowing I'm in a similar debt situation I can relate. I can't be approved for anything due to really bad income but if your income is good you have better chances than iI. US Bank ismore conservative and inquiry sensitive as is Citi so I'd make those priority. Best of luck.

Re: Help with strategy for App Spree?!

JMCB — Thu, 23 Jun 2022 11:54:59 GMT

Thanks for the reply Joe! So would you go with Wells Fargo 1st, then maybe Citi? Income isn't really an issue. I report about $200k a year. Just paid off $600k mortgage. I should have the debt paid within 18 months. I use to have 6 citi cards around $15k limits each. But 2 Citi cards were deactivated for no use. Actually about 8 cards total got deactivated in the last 3 years for no use which I regret because I wouldn't have this problem right now. Currently, my main cards are (2) Discover at $15k each, Citi at $16k, BB/Citi at $12k, Barclays at $12k, Lowes at $20k, and Home Depot/Citi at $20k. Thanks again!

Re: Help with strategy for App Spree?!

bigseegar — Thu, 23 Jun 2022 13:05:12 GMT

I banked with WF from the 1990's-2010's and had two mortgages and credit cards with them. They can be very tough for approvals and although you probably won't have a problem if your scores are over 700 with the few other DP's you gave. However don't expect a super high SCL as they are known for lower SCL's on new cards. I don't think you'll get any where near that $55K with them. I'd venture if approved your CL would be $10K or less to start. But you never know until you try. If you are eligible to join I'd look at NFCU. They are well known for much higher SCL. Twenty years ago they gave me a $20K SL on my very first card with them.

Re: Help with strategy for App Spree?!

JMCB — Thu, 23 Jun 2022 13:36:22 GMT

Thank you Bigseegar for the response! I guess I shouldn't assume that lenders match around the same CL to compete with each other. I didn't think about them being conservative being a new card.

Even if I could get $10k each for 4 new cards, that's $40k. Then my Citi, 2 discovers, Barclays, BB, Chase is another $80k. Thats $120k in 0% balance transfers. That would be about 46% Util spread evenly and would drop total Util down to 26%. I wish my capital one offered 0%.

I think I'll apply for WF 1st since they are conservative. Citi 2nd and then BoA since I get a pre-approval mailer at once a month from those 2. Then US Bank last. Then request CLI on Chase, then Barclay. Thanks again!

Re: Help with strategy for App Spree?!

bigseegar — Thu, 23 Jun 2022 15:45:40 GMT

@JMCB Also if you are in Truist Bank service area their "Future" Visa card is currently offering 0% APR for 15 months within 90 days of card issue. No AF card but they also are known to start low normally between $4,500-$6,500. I actually have 2 of the Future cards and even though I don't need to use the BT feature as I never go above 3% UTL. I could "double" up lol.

Re: Help with strategy for App Spree?!

Trini88 — Mon, 27 Jun 2022 06:42:47 GMT

@AverageJoesCredit wrote:
@JMCB wrote:
I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!

I've received the following Pre-approved offers in the mail:
Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.
WF Reflect - 0% at 21 month - Read they pull EX mostly
BoA - 0% at 18 months - Read they pull EX mostly
US Bank - 0% at 20 months - Read they pull EX mostly
Want to do CLI for Chase (EX) & Barclays (TU)

The biggest questions will be a) will they approve with that debt showing, no matter how good your scores is, and b) what kind of limits will thy give? The only cardi would think you might get a high limit on is WF but that's a maybe. I wouldn't care to go for all four as hps don't scare me but knowing I'm in a similar debt situation I can relate. I can't be approved for anything due to really bad income but if your income is good you have better chances than iI. US Bank ismore conservative and inquiry sensitive as is Citi so I'd make those priority. Best of luck.

1st US Bank since the are strict in inquiries

2nd Citi because they are hard to get into

3rd Bank of America because if you aren't a customer they won't approve at 3/12

4th Wells Fargo

5th Chase for credit limit increase in case anything funny with their 5/24

6th Barclays for credit limit increase because I'm pretty sure they are the only ones that's gonna pull TU

Re: Help with strategy for App Spree?!

Trini88 — Mon, 27 Jun 2022 06:42:20 GMT

@AverageJoesCredit wrote:
@JMCB wrote:
I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!

I've received the following Pre-approved offers in the mail:
Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.
WF Reflect - 0% at 21 month - Read they pull EX mostly
BoA - 0% at 18 months - Read they pull EX mostly
US Bank - 0% at 20 months - Read they pull EX mostly
Want to do CLI for Chase (EX) & Barclays (TU)

The biggest questions will be a) will they approve with that debt showing, no matter how good your scores is, and b) what kind of limits will thy give? The only cardi would think you might get a high limit on is WF but that's a maybe. I wouldn't care to go for all four as hps don't scare me but knowing I'm in a similar debt situation I can relate. I can't be approved for anything due to really bad income but if your income is good you have better chances than iI. US Bank ismore conservative and inquiry sensitive as is Citi so I'd make those priority. Best of luck.

I quoted you by accident, sorry

Re: Help with strategy for App Spree?!

KatSoDak — Mon, 27 Jun 2022 14:06:17 GMT

I would apply at Citi first because (unless things have changed internally) the bank won't approve if you have applied for a card from any other bank within the past 7 days.

I suggest US Bank next.

Re: Help with strategy for App Spree?!

calisig — Mon, 27 Jun 2022 18:47:14 GMT

@JMCB - I personally would not try to solve this debt problem with more credit cards. Your score - which drives everything else - would be much better off if you get a personal loan, HELOC, or whatever other installment type loan you can get. I think more revolving credit cards to fund $55k is a dangerous way fund this debt ... good luck

Re: Help with strategy for App Spree?!

Mdowning30 — Wed, 29 Jun 2022 14:58:28 GMT

I would maybe look at some cards that dont charge a transfer balance fee or a personal loan that way uyou dont have to worry about the utilization.

Re: Help with strategy for App Spree?!

sarux3 — Wed, 29 Jun 2022 19:05:23 GMT

I concur with above posters, it sounds like a personal loan would be ideal for your situation. With your scores, income, and low DTI thanks to paying off your mortgage (congrats!) and having no other installment debt, you would likely qualify for a favorable interest rate and a loan that would nearly (if not entirely) pay off the CC debt that you are intending to transfer. Putting that balance into an installment loan relieves your revolving portfolio of carrying that load long-term, which will be much better for your credit profile over time. And if you aren't able to land a large enough loan to cover the full balance, then I'd recommend a BT card or two to clean up the leftovers.

Re: Help with strategy for App Spree?!

SouthJamaica — Thu, 30 Jun 2022 15:21:58 GMT

@JMCB wrote:
I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!

I've received the following Pre-approved offers in the mail:
Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.
WF Reflect - 0% at 21 month - Read they pull EX mostly
BoA - 0% at 18 months - Read they pull EX mostly
US Bank - 0% at 20 months - Read they pull EX mostly
Want to do CLI for Chase (EX) & Barclays (TU)

If I were you I would try to get a credit union non-rewards platinum card with no balance transfer fee and no cash advance fee.