topic Re: Balance Transfer inquiry. in Credit Cards

Balance Transfer inquiry.

Anonymous — Wed, 24 May 2017 23:29:29 GMT

This is my first BT, so please excuse any misunderstandings.

I was doing some research on balance transfers and I was just trying to see how much my credit limit would be on a slate, clicked apply then chase just opened it for me. So I guess I might as well take advantage of the zero dollar fee and the 15 month 0%.

The thing is, I have a chase sapphire with $14,796 and a chevron/texaco card with $1,126.

My limit on the slate will be 2,000. My credit score is 750..kind of dissappointed with the limit but I'll be calling slate as soon as I get the card and request for an increase.

As for taking advantage of the 60 days, should I BT only what I can pay off per month, (that way the sapphire card gets "paid" monthly and I can pay only the slate month to month) or should I max BT on the slate?

If I max BT, I'll had to pay both cards monthly..where as if BT small amounts, I can pay the slate only?

Re: Balance Transfer inquiry.

ecxpa — Wed, 24 May 2017 23:38:16 GMT

@Anonymous wrote:
This is my first BT, so please excuse any misunderstandings.

I was doing some research on balance transfers and I was just trying to see how much my credit limit would be on a slate, clicked apply then chase just opened it for me. So I guess I might as well take advantage of the zero dollar fee and the 15 month 0%.

The thing is, I have a chase sapphire with $14,796 and a chevron/texaco card with $1,126.

My limit on the slate will be 2,000. My credit score is 750..kind of dissappointed with the limit but I'll be calling slate as soon as I get the card and request for an increase.

As for taking advantage of the 60 days, should I BT only what I can pay off per month, (that way the sapphire card gets "paid" monthly and I can pay only the slate month to month) or should I max BT on the slate?

If I max BT, I'll had to pay both cards monthly..where as if BT small amounts, I can pay the slate only?

Your post is a little confusing; what do you want to BT.......it sorta sounds like you have a lot of small balances that you could transfer and then PIF.....is that the case? A CC maxed out is not good for your credit report irregardless whether or not it is a BT.

Re: Balance Transfer inquiry.

Anonymous — Thu, 25 May 2017 00:11:14 GMT

I have 2 CC's. one has a high balance and the other is low. I would like to pay off the saphhire with the new slate.

I guess my question is, what would be the most efficient way to do so.

Re: Balance Transfer inquiry.

Anonymous — Thu, 25 May 2017 00:30:51 GMT

The problem is they are both Chase cards. They don't do balance transfers between accounts with the same bank. What you might be able to do is have the balance transfer pay to your checking account and pay the large balance from your checking.

Re: Balance Transfer inquiry.

ecxpa — Thu, 25 May 2017 00:30:57 GMT

what are your credit limits on the Sapphire and Chevron card..........you said you were approved for 2K......it would be a hard go for Chase to give you a CLI on a new card to cover both these balances. I don't think you can do a balance transfer between cards from the same bank though. Looks like you may be able to transfer the Chevron card. Your other options would be to try other banks or consider a loan to pay off both credit cards. Generally, personal loan rates are lower than CC rates. Credit Karma has a link for loan pre-approvals.

Re: Balance Transfer inquiry.

thummel — Thu, 25 May 2017 00:52:36 GMT

You can't BT balances with cards that are issued by the same bank. If your scores are good I would look into a Citi card like the simplicity or the diamond prefered.

Re: Balance Transfer inquiry.

Anonymous — Thu, 25 May 2017 01:05:15 GMT

Awesome, thanks for all the replies guys, I really appreciate it.

I will be using the slate to pay off the chevron/texaco for now.

For my Saphhire card, I'll consider a personal loan...any other options? (will also look into the citi cards)

I also do not want to be paying for 2 cards each month if I do a partial BT on my saphhire to another card.