topic Re: Should I balance transfer? in Credit Cards

Should I balance transfer?

mattayy — Tue, 09 Feb 2016 04:15:51 GMT

Just got approved for a couple cards over the last two weeks but none of which have 0% interest for a period of time...I owe $750 on my barclaycard, $850 on nordstrom, $1350 on QS and $750 on walmart all which have interest rates in the 20%, would it be smart to try and grab a 0% interest card or dumb to open that many cards at once? Or do you think I would even be approved? Just a thought and wanted to get everyones opinions

Re: Should I balance transfer?

degs138 — Tue, 09 Feb 2016 04:59:34 GMT

If the amount of interest you will pay is higher than the balance transfer fee then you should BT. Anything you can do to save money is the name of the game.

Re: Should I balance transfer?

mattayy — Tue, 09 Feb 2016 05:11:48 GMT

true true that makes sense, any suggestions on some good BT cards that aren't super difficult to get approved for?

Re: Should I balance transfer?

Anonymous — Tue, 09 Feb 2016 05:13:29 GMT

@mattayy wrote:
Just got approved for a couple cards over the last two weeks but none of which have 0% interest for a period of time...I owe $750 on my barclaycard, $850 on nordstrom, $1350 on QS and $750 on walmart all which have interest rates in the 20%, would it be smart to try and grab a 0% interest card or dumb to open that many cards at once? Or do you think I would even be approved? Just a thought and wanted to get everyones opinions

You recently got approved for Amex SPG, PRG and some Southwest card. I don't think it would be a good idea to app for anymore. Also, earlier today, I scoured this site (not the forums) to read about scores. FICO strongly suggest against moving debt around -pay it down or completely, instead. One more thing: having balances spread throughout several cards will only lower your scores....just my opinion(s), bud.

Re: Should I balance transfer?

mattayy — Tue, 09 Feb 2016 05:22:35 GMT

gah you're probably right just thought it might be easier to just have all of that debt on one card with no interest but paying them down is probably the right answer... I just didn't want to

Re: Should I balance transfer?

Anonymous — Tue, 09 Feb 2016 05:29:37 GMT

@mattayy wrote:
gah you're probably right just thought it might be easier to just have all of that debt on one card with no interest but paying them down is probably the right answer... I just didn't want to

@LMAO!!! Same here. Earlier today, I went to Wally to grocery shop (I buy my speedos elsewhere ). But anyway, I used my Amex to pay and as soon as I got in my car I though, "those points just keep piling and piling up." And then I finished with, "now I have to get home and @#$% pay it! I prefer not to."

Re: Should I balance transfer?

mattayy — Tue, 09 Feb 2016 05:37:41 GMT

LOL it's such a love hate relationship!!

Re: Should I balance transfer?

NRB525 — Wed, 10 Feb 2016 04:39:21 GMT

@Anonymous wrote:
@mattayy wrote:
Just got approved for a couple cards over the last two weeks but none of which have 0% interest for a period of time...I owe $750 on my barclaycard, $850 on nordstrom, $1350 on QS and $750 on walmart all which have interest rates in the 20%, would it be smart to try and grab a 0% interest card or dumb to open that many cards at once? Or do you think I would even be approved? Just a thought and wanted to get everyones opinions
You recently got approved for Amex SPG, PRG and some Southwest card. I don't think it would be a good idea to app for anymore. Also, earlier today, I scoured this site (not the forums) to read about scores. FICO strongly suggest against moving debt around -pay it down or completely, instead. One more thing: having balances spread throughout several cards will only lower your scores....just my opinion(s), bud.

I agree, given the limits that were given on the BofA card and Discover card, both are examples of good BT cards, it seems unlikely that OP will get a nice big BT card result, sorry. Best, for now, to lean into the cards and pay them down as quickly as possible. The good news is the interest cost should only be $60 - $65 per month. If you want to feel better, during 2011 I was at a point where I was paying over $600 per month, every month, in credit card interest. And that was down from $700 per month in 2009.

However, as to moving the debt around, my opinion is that trying to save interest cost comes first. If one has a good BT offer, it should be used. FICO can pound sand while I'm saving interest cost. FICO may complain a bit, but the FICO score will get better in time. That interest cost, I want to save those interest expense dollars now.

Re: Should I balance transfer?

mattayy — Wed, 10 Feb 2016 06:06:10 GMT

True! I have had the BofA and Discover for a couple years though and got them when my credit was in the low 600's and now I am getting approved for way higher limits so I thought maybe it'd be a good idea lol I just hate interest haha I am giving up on all credit cards

Re: Should I balance transfer?

NRB525 — Wed, 10 Feb 2016 06:12:28 GMT

@mattayy wrote:
True! I have had the BofA and Discover for a couple years though and got them when my credit was in the low 600's and now I am getting approved for way higher limits so I thought maybe it'd be a good idea lol I just hate interest haha I am giving up on all credit cards

Have you tried the Discover Request a CLI? It is a SP unless they tell you otherwise.

With history on the BofA, are you willing to give them a HP to see if they can raise your limit? Ask them for $10k or $25k and see what they counter with?

Re: Should I balance transfer?

UncleB — Wed, 10 Feb 2016 06:52:04 GMT

Lots of good advice here... I'll just add that the only "probably sure thing" card with a balance transfer promotion that I can think of is another Quicksilver.

The 0% promo is only good for nine months, though, and of course you'd have to hold your nose and take the infamous 'triple pull'. On the plus side, you would be able to combine the credit line with your other QS once you're finished paying off the balance.

I also firmly agree that I would value saving interest over having a higher FICO score. Money is something that you can 'touch', and any FICO hit from utilization will always bounce back, anyway.

Good luck whatever you decide!

Re: Should I balance transfer?

mattayy — Wed, 10 Feb 2016 07:23:22 GMT

I try with Discover every couple months and it's a no go every time and I tried with BofA like a month ago and it was a no...my scores have risent probalby 30-40pts since then but I still feel like BofA won't do it...stingy lol

Re: Should I balance transfer?

mattayy — Wed, 10 Feb 2016 07:24:52 GMT

I have two QS cards one paid off and one with a $1350 balance and it won't let me combine them for some reason, I don't have any pending charges everything is in good standing it is annoying lol wish I could go for the Venture but I feel like I will get denied wahhhh

Re: Should I balance transfer?

UncleB — Wed, 10 Feb 2016 07:31:21 GMT

@mattayy wrote:
I have two QS cards one paid off and one with a $1350 balance and it won't let me combine them for some reason, I don't have any pending charges everything is in good standing it is annoying lol wish I could go for the Venture but I feel like I will get denied wahhhh

If you're going for a balance transfer rate deal, just remember that Venture doesn't have one.

Re: Should I balance transfer?

mattayy — Wed, 10 Feb 2016 07:32:48 GMT

I wish I could do the chase slate card or BofA better balance or regular one

Re: Should I balance transfer?

takeshi74 — Wed, 10 Feb 2016 14:33:39 GMT

@mattayy wrote:
I owe $750 on my barclaycard, $850 on nordstrom, $1350 on QS and $750 on walmart all which have interest rates in the 20%, would it be smart to try and grab a 0% interest card or dumb to open that many cards at once? Or do you think I would even be approved?

So you're at 50%, 71%, 96% (maxed) and 75% on those cards? And you have that recent credit seeking activity? I don't suggest counting on a new card for BT. I can't tell you if you'd get approved or not but that's not the only consideration. Even if approved you'd likely get a low limit which would make a new card useless for BT'ing.

@mattayy wrote:
I just hate interest haha I am giving up on all credit cards.

Make sure you work on whatever it was that led you to carry balances. Credit cards and paying interest aren't mutually inclusive. It's all about how your sitaution, how you manage your fianances, etc.