topic Re: Next Balance Transfer Card? in Credit Cards

Next Balance Transfer Card?

tcbofade — Sun, 31 Jan 2016 04:32:46 GMT

OK, not today, but soon.... 30 days or so, DW will be seeking a new balance transfer card.

Scores around 650, util around 60%. No Bank of America products, No Chase Slate.

Any ideas? Anything better about one vs another?

Zero interest for as long as possible, and lowest BT fees are important.

Re: Next Balance Transfer Card?

takeshi74 — Sun, 31 Jan 2016 04:38:32 GMT

Don't count on a new card for a BT with high utilization like that. Revolving utilization has a high impact. It can not only impact approvals but the limit and APR that one would qualify for. One could get approved with high revolving utillization only to end up with a card with a low and useless limit.

Keep in mind that the generally suggested maximum is 30%. Even 30%, however, is far from ideal.

You really just have to work on paying down balances on revolvers.

Re: Next Balance Transfer Card?

myjourney — Sun, 31 Jan 2016 05:42:13 GMT

Is that overall UTL or one card?
It's been awhile since we chatted so run me thur the whole profile

New mortgage...about year and half old.

Did you refi- for home improvements or use CC's?

Anymore loans?

Etc etc

Re: Next Balance Transfer Card?

Anonymous — Sun, 31 Jan 2016 06:08:52 GMT

@tcbofade wrote:
OK, not today, but soon.... 30 days or so, DW will be seeking a new balance transfer card.

Scores around 650, util around 60%. No Bank of America products, No Chase Slate.

Any ideas? Anything better about one vs another?

Zero interest for as long as possible, and lowest BT fees are important.

Citi Simplicity or DP is probably obtainable. Limit is probably not going to be decent.

Discover IT and Blaycard Rewards are crapshoot, they might or might not give you a good credit limit, or a balance transfer offer for that matter.

Credit Unions usually have good offers as well, depend on where you live.

Re: Next Balance Transfer Card?

tcbofade — Sun, 31 Jan 2016 12:36:18 GMT

@myjourney wrote:
Is that overall UTL or one card?
It's been awhile since we chatted so run me thur the whole profile

New mortgage...about year and half old.
Did you refi- for home improvements or use CC's?
Anymore loans?
Etc etc

New mortgage November of 2013. Used CC's for Home Improvements. Can't refi due to high CC balances. (low DTI)

DW has no other loans... One mortgage, 20ish CC's. Current util 73%. Should be just under 60% on or about 01 March.

Re: Next Balance Transfer Card?

myjourney — Sun, 31 Jan 2016 18:51:49 GMT

Have her run the Citi preapproval link

This is a long shot with UTL but if DPC comes up I would try it since it has no real rewards but known to start at a better limit than Simplicity

Plus it's 21 months @ $0%

Re: Next Balance Transfer Card?

UncleB — Sun, 31 Jan 2016 20:02:26 GMT

There have been several good suggestions so far. If it were me, I would also check into a credit union.

I believe with your circumstances they would be in a better position to approve you for a card that would have a credit line large enough to be used for a balance transfer.

If you go with any of the 'big' banks you're likely to end up with a credit line that's too small for your needs.

Just my 2¢.

Re: Next Balance Transfer Card?

NRB525 — Sun, 31 Jan 2016 20:11:39 GMT

@tcbofade wrote:
@myjourney wrote:
Is that overall UTL or one card?
It's been awhile since we chatted so run me thur the whole profile

New mortgage...about year and half old.
Did you refi- for home improvements or use CC's?
Anymore loans?
Etc etc
New mortgage November of 2013. Used CC's for Home Improvements. Can't refi due to high CC balances. (low DTI)

DW has no other loans... One mortgage, 20ish CC's. Current util 73%. Should be just under 60% on or about 01 March.

With that many cards already in the purse, it would help to list out the bank, card, CL, open balance, and whether each balance is already on a promotional APR, to see where DW is today. Some of the existing cards may just need an ask to try to get a BT offer.

I would echo the caution in apping for a "BT card" at that level of utilization. My experience was low starting CL in that situation.

Re: Next Balance Transfer Card?

tcbofade — Mon, 01 Feb 2016 00:57:44 GMT

Thanks all.

When we get closer, I can post the relevant information from my excel sheet.... right now, she's over 70% util, but we're planning to get her under 60% in February.

I didn't think about the local credit union... thank you.

Citi DP? We will check into that. She has a $9K Simplicity.

Right now today, her scores are too low to even consider. (She has several maxed out accounts) As we pay them down, her scores should rise to the 660's or so just after 01 March.

Thanks again!

Re: Next Balance Transfer Card?

tcbofade — Mon, 01 Feb 2016 02:26:51 GMT

Right at this moment, nothing shows up on Citi's pre qual link...but DP is on the top of their "suggested to apply for" list.

She'll have a much better score early in March... I think that we'll wait to apply.

Re: Next Balance Transfer Card?

myjourney — Mon, 01 Feb 2016 02:30:22 GMT

@tcbofade wrote:
Right at this moment, nothing shows up on Citi's pre qual link...but DP is on the top of their "suggested to apply for" list.

She'll have a much better score early in March... I think that we'll wait to apply.

Yes wait and check again

Re: Next Balance Transfer Card?

tcbofade — Wed, 27 Apr 2016 10:33:12 GMT

So, lots has changed over the last 90 days or so. DW will be looking for some BT cards, and or "better" cards than what she has next week.

Scores should be in the 670's across the board, low inquiries, high utilization. She already has Slate and Simplicity, and Bank of America is not an option.

As of 01 May, the now famous 5/24 rule won't be an issue.

I'm thinking... in order...

Chase FU. (two reasons...I want the BT availability, and I want to follow her around the house asking her about her "FU")

Citi DF. (Long term 0% BT offer)

Cap One Quiksilver AND Venture combo. (QS for BT's, Venture for util padding...)

...then possibly that new Marvel card, just because it's awesome looking??