topic Re: Balance transfer and Utilization in Credit Cards

Balance transfer and Utilization

Anonymous — Mon, 30 Jan 2017 20:20:57 GMT

I've got a Citi double cash credit card in the mail on its way.
When it arrives I would like to do a balance transfer from a JCPenney card from hell.
Then JCPenney will report on Feb 22nd with a zero balance.

If I apply for a Chase card on the 6th of March will I have a zero utilization on both the Citi and JCPenney? Or will Citi report the balance transfer right away? Not sure when Citi statement will close because I haven't even gotten the card yet.

Re: Balance transfer and Utilization

NRB525 — Mon, 30 Jan 2017 21:10:27 GMT

I would presume that your new Citi card will have a statement date in the last half of each month, meaning it will be close to the same timing of the JCP card of the 24th. It should almost certainly be before the 6th of a month, meaning you can plan for the Citi card showing this balance when you app on the 6th.

Next comment: Why do you think this might be a problem for your March 6 app?

Re: Balance transfer and Utilization

Anonymous — Mon, 30 Jan 2017 21:36:22 GMT

No it shouldn't be a problem. I was just wanting to have the least amount of utilization as possible when I apply for my next card. Either way I will be doing the balance transfer for the 0% APR from Citi double cash.

Re: Balance transfer and Utilization

gardini51 — Tue, 31 Jan 2017 02:26:21 GMT

I recently had a balance transfer go through from my citi double cash to my chase freedom and I must have timed it just right because the balance transfer went though the day before my freedom statement cut. So I had the amount 'double' reported until my double cash statement cut a couple weeks later.

Re: Balance transfer and Utilization

Anonymous — Tue, 31 Jan 2017 01:46:02 GMT

Oh man, that would be just my luck. Haha.