topic Re: Stupid Mistake in Credit Cards

Stupid Mistake

Aarvard — Sat, 23 May 2015 04:21:27 GMT

I'm insanely mad at myself right now. Who knows that Capital One can post balance transfer within 24 hours???

Originally I wanted to transfer my $1,200 balance on Venture to Discover, which I did 3 days ago, and this transaction is still pending. Thinking that I could lower the util rate on Discover card by making another transfer to QuickSilver, whose statement ended today, I started the transfer yesterday, and now my balance on QS is $750, right before midnight. Not only I let 3 cards report a balance, but also I "max" my QS out
How the hell am I that stupid

Re: Stupid Mistake

gdale6 — Sat, 23 May 2015 04:25:45 GMT

@Aarvard wrote:
I'm insanely mad at myself right now. Who knows that Capital One can post balance transfer within 24 hours???
Originally I wanted to transfer my $1,200 balance on Venture to Discover, which I did 3 days ago, and this transaction is still pending. Thinking that I could lower the util rate on Discover card by making another transfer to QuickSilver, whose statement ended today, I started the transfer yesterday, and now my balance on QS is $750, right before midnight. Not only I let 3 cards report a balance, but also I "max" my QS out
How the hell am I that stupid

Sorry this happened but I always assume a BT will post within hours if its done online and next day if check is deposited into my bank account. The good thing is if you pay them all off and go back to 1 card reporting you will regain Fico points that are lost.

Re: Stupid Mistake

Anonymous — Sat, 23 May 2015 04:29:10 GMT

This too, shall pass.

Re: Stupid Mistake

Aarvard — Sat, 23 May 2015 04:30:26 GMT

@gdale6 wrote:
@Aarvard wrote:
I'm insanely mad at myself right now. Who knows that Capital One can post balance transfer within 24 hours???
Originally I wanted to transfer my $1,200 balance on Venture to Discover, which I did 3 days ago, and this transaction is still pending. Thinking that I could lower the util rate on Discover card by making another transfer to QuickSilver, whose statement ended today, I started the transfer yesterday, and now my balance on QS is $750, right before midnight. Not only I let 3 cards report a balance, but also I "max" my QS out
How the hell am I that stupid
Sorry this happened but I always assume a BT will post within hours if its done online and next day if check is deposited into my bank account. The good thing is if you pay them all off and go back to 1 card reporting you will regain Fico points that are lost.

Before initiating the transfer I looked up in Cap1 website and it said "usually within 10 business day." What took me aback is that the transfer I made on Discover is still pending even though it was made before the transfer to QS--the creditor I assume to be the tortoise of the lenders.
Beside I wanna app for Amex Gold Enhanced Business card next month, so this is

Re: Stupid Mistake

revjamesl — Sat, 23 May 2015 06:37:38 GMT

It will be okay.

Re: Stupid Mistake

JSS3 — Sat, 23 May 2015 11:59:01 GMT

I don't think what you did was stupid at all. Who expects a BT to clear that fast? They usually do take 5-14 business days when it's done from credit card to credit card. The fastest way is with a check and even that takes 2-3 days depending on the amount(1-day float, 2-day float, etc). You aren't the only one who'd think you were safe. I would've never known Cap1 moved so swiftly if not for this thread.

With that said, your plans only seem to have gotten pushed back a month. A month passes quickly.

Re: Stupid Mistake

securingourfuture — Sat, 23 May 2015 11:45:46 GMT

@Aarvard wrote:
I'm insanely mad at myself right now. Who knows that Capital One can post balance transfer within 24 hours???
Originally I wanted to transfer my $1,200 balance on Venture to Discover, which I did 3 days ago, and this transaction is still pending. Thinking that I could lower the util rate on Discover card by making another transfer to QuickSilver, whose statement ended today, I started the transfer yesterday, and now my balance on QS is $750, right before midnight. Not only I let 3 cards report a balance, but also I "max" my QS out
How the hell am I that stupid

Don't beat yourself up. You never know how fast these things will happen sometimes. It will be all good in June, and you can chalk it up to a lesson learned.

Re: Stupid Mistake

Anonymous — Sat, 23 May 2015 11:48:32 GMT

Sorry. We'll just think of you as taking one for the team. Iv'e never had a BT take less than 10 days I don't think.

Re: Stupid Mistake

Anonymous — Sat, 23 May 2015 15:25:26 GMT

Why are you so upset? Do you need to apply for credit in the next couple of weeks?

Re: Stupid Mistake

Aarvard — Sat, 23 May 2015 17:04:48 GMT

@Anonymous wrote:
Why are you so upset? Do you need to apply for credit in the next couple of weeks?

Yeah. I want that Amex Gold Business card with 75k points for 5k spending.

Re: Stupid Mistake

Aarvard — Sat, 23 May 2015 17:06:42 GMT

@JSS3 wrote:
I don't think what you did was stupid at all. Who expects a BT to clear that fast? They usually do take 5-14 business days when it's done from credit card to credit card. The fastest way is with a check and even that takes 2-3 days depending on the amount(1-day float, 2-day float, etc). You aren't the only one who'd think you were safe. I would've never known Cap1 moved so swiftly if not for this thread.

With that said, your plans only seem to have gotten pushed back a month. A month passes quickly.

Yup. Once in a millenium I would think BT takes a whooping 24hrs to post, especially with Cap1.