topic Re: BT question in Credit Cards

BT question

Jaylima91 — Mon, 25 May 2015 12:42:05 GMT

Other than the fact that your utilization on a BT would change. Do any of the two banks report anything to the CRAs of a "Balance Transfer" being performed on the account? Like maybe on comments section or something?

Re: BT question

Anonymous — Mon, 25 May 2015 12:44:58 GMT

No.

Re: BT question

Jaylima91 — Mon, 25 May 2015 12:45:57 GMT

Ok and also, will the other bank see that it's a BT or will it just seem like a regular payment made to that account?

Re: BT question

kdm31091 — Mon, 25 May 2015 13:58:29 GMT

@Jaylima91 wrote:
Other than the fact that your utilization on a BT would change. Do any of the two banks report anything to the CRAs of a "Balance Transfer" being performed on the account? Like maybe on comments section or something?

No, nothing will show on your report other than the changed balances between accounts.

Re: BT question

Jaylima91 — Mon, 25 May 2015 15:27:25 GMT

@Jaylima91 wrote:
Ok and also, will the other bank see that it's a BT or will it just seem like a regular payment made to that account?

Does anyone know the answer to this?

Re: BT question

Burned2manybridgesB4 — Mon, 25 May 2015 15:33:44 GMT

@Jaylima91 wrote:
@Jaylima91 wrote:
Ok and also, will the other bank see that it's a BT or will it just seem like a regular payment made to that account?
Does anyone know the answer to this?

It'll look like a PIF, in regards to the balance being zeroed out, but any UW worth their weight will obviously see one go (for example) from 7k to 0k, and suddenly another card goes from 0k to the same rough amount. Especially if the card reports your brackets (balance/payment/minimum due) every month.

Re: BT question

DaveInAZ — Mon, 25 May 2015 17:17:34 GMT

@Jaylima91 wrote:
@Jaylima91 wrote:
Ok and also, will the other bank see that it's a BT or will it just seem like a regular payment made to that account?
Does anyone know the answer to this?

I did a BT last month from Barclays NFL to Cap One QS, my payment details:

PAYMENTS, CREDITS & ADJUSTMENTS FOR ACCOUNT #xxxx

1 24 APR CAPITAL ONE ONLINE PYMTAuthDate 22-APR ($50.00)
2 30 APR ELECTRONIC PAYMENT ($1,151.24)

The $50 payment was the min payment made online, in case the BT didn't credit in time. The 2nd large payment credited as "electronic payment" was the BT, they could probably dig through the details and find it originated from Barclays, but with thousands if not millions of payments each month I highly doubt they would bother.

Re: BT question

Jaylima91 — Mon, 25 May 2015 17:19:07 GMT

Thank you Dave. That clarifies it for me

Re: BT question

NRB525 — Mon, 25 May 2015 19:51:10 GMT

@DaveInAZ wrote:
@Jaylima91 wrote:
@Jaylima91 wrote:
Ok and also, will the other bank see that it's a BT or will it just seem like a regular payment made to that account?
Does anyone know the answer to this?
I did a BT last month from Barclays NFL to Cap One QS, my payment details:

PAYMENTS, CREDITS & ADJUSTMENTS FOR ACCOUNT #xxxx

1 24 APR CAPITAL ONE ONLINE PYMTAuthDate 22-APR ($50.00)
2 30 APR ELECTRONIC PAYMENT ($1,151.24)

The $50 payment was the min payment made online, in case the BT didn't credit in time. The 2nd large payment credited as "electronic payment" was the BT, they could probably dig through the details and find it originated from Barclays, but with thousands if not millions of payments each month I highly doubt they would bother.

Well, this is on the CC bank where the BT is leaving. That will report to the CRA as 1,251.24, if it reports a payment at all. The balance end of one month drops by that amount (presuming no other charges) to what the ending balance is after the BT.

This is a BT I made off of my BofA AMEX to US Bank in August, to take advantage of a 0% US Bank offer: Amount Paid shows as the $12k, and would add the payment if I had made one.

This is a BT off of Capital One that I made in May 2014, moving a balance from CapOne to my BofA MC account for another 0% BT. Note that CapOne shows no payment at all, even comparing to the monthly payments I was making on the carried balance for several months prior.