topic Re: Which card should I ask for CLI first for balance transfer? in Credit Cards

Which card should I ask for CLI first for balance transfer?

jbishop1001 — Thu, 11 Feb 2016 03:40:16 GMT

I'm going to be paying a huge chunk of my debt soon and am interested in transferring the remaining balance to something with a lower APR. I'm wondering which card I should begin with first? Looking for whoever I have a shot at a higher limit with... as well as soft pulls. I've done some minor research but could benefit from some guidance. Thanks!

Chase Freedom

Barclay Ring

Cap 1 Quicksilver or Qs1 (Will be combining my cards soon)

Cap 1 Playstation

I haven't gotten any CLI on Ring or Freedom ever due to high utl. but have only had each card about 9 months.

Capital One is the same story - high utl. Haven't seen increase since credit steps. But haven't tried, either. Hoping for a good increase... if one at all.

All of these cards will have a 0 balance at time of request, except QS1 will have 20% utl ($500 balance) Barclay ring would be ideal, as my apr is only 8% - but I don't know how they are with CLI.

Re: Which card should I ask for CLI first for balance transfer?

Anonymous — Thu, 11 Feb 2016 04:46:10 GMT

before focusing on CLI focus on paying down. you stated most will at time of purchase but if you're doing a BT then idk why you'd do it to an existing card with an APR?

Re: Which card should I ask for CLI first for balance transfer?

NRB525 — Thu, 11 Feb 2016 05:08:53 GMT

How much will you be trying to BT to consolidate?

What are the CL on Ring and QS1?

Do you have BT offers from Freedom? Playstation?

Re: Which card should I ask for CLI first for balance transfer?

SouthJamaica — Thu, 11 Feb 2016 12:30:20 GMT

@jbishop1001 wrote:
I'm going to be paying a huge chunk of my debt soon and am interested in transferring the remaining balance to something with a lower APR. I'm wondering which card I should begin with first? Looking for whoever I have a shot at a higher limit with... as well as soft pulls. I've done some minor research but could benefit from some guidance. Thanks!

Chase Freedom
Barclay Ring
Cap 1 Quicksilver or Qs1 (Will be combining my cards soon)
Cap 1 Playstation

I haven't gotten any CLI on Ring or Freedom ever due to high utl. but have only had each card about 9 months.

Capital One is the same story - high utl. Haven't seen increase since credit steps. But haven't tried, either. Hoping for a good increase... if one at all.

All of these cards will have a 0 balance at time of request, except QS1 will have 20% utl ($500 balance) Barclay ring would be ideal, as my apr is only 8% - but I don't know how they are with CLI.

1. I think you should wait until at least a month after you pay stuff down, let your scores go up, before doing anything.

2. Capital One you can ask for a CLI anytime without any negative consequences, but they rarely lower interest rates except on a temporary basis.

3. Barclays Ring is a hard pull unless you call up and ask if there's a soft pull offer; Barclays Ring likes to see an average balance (not reported balance) of 20 to 35% when it considers CLI.

Re: Which card should I ask for CLI first for balance transfer?

takeshi74 — Thu, 11 Feb 2016 15:50:22 GMT

@jbishop1001 wrote:
I'm going to be paying a huge chunk of my debt soon and am interested in transferring the remaining balance to something with a lower APR. I'm wondering which card I should begin with first? Looking for whoever I have a shot at a higher limit with...

We really can't tell you that and it's not just a matter of the creditor. Your credit profile and incoome determine the CLI that you would qualify for with any creditor. Revolving utilziation has a high impact so if you have high revolving utilization then get it down first. Of course, the BT won't be relevant when you have low revolving utilization.

Regardless, for the BT you need to do the math to compare the interest you'd pay if you didn't BT versus the BT fee and interest you'd pay, considering how long it takes you to pay down the balance. You also need to keep in mind that the revolving utilization on the card you're BT'ing to would matter as well.

There isn't quite enough information in your OP but it sounds like you need to just pay down your balances versus relying CLI's and BT's.

@jbishop1001 wrote:
Chase Freedom
Barclay Ring
Cap 1 Quicksilver or Qs1 (Will be combining my cards soon)
Cap 1 Playstation

Freedom will be a hard pull for CLI. With Barclay you can request an APR reduction to see if you can get an SP CLI. No idea on Capital One. Again, however, what you qualify for will be based on your credit profile and income. if you have high revolving utilization then don't expect much, if anything. Make sure all lower balances have reported after you've paid them down before making the requests.

@jbishop1001 wrote:
All of these cards will have a 0 balance at time of request

It is not just the balance on the card that matters. You entire credit profile will be considered.