topic Re: Follow Up===> I Have A Great Question in Credit Cards

I Have A Great Question

Anonymous — Fri, 26 May 2017 04:31:48 GMT

I currently have a BarclayCash Credit Card and they offered me a $7,500CL & I've had it since early 10/16 & got the $200.00 if you spend $500 in 3 months promo and I did I accomplish that. But then they offered me a Balance Transfer for 0% up until 05/04/17 and I took advantange of that. I got rid of more than have my DEBT I must've impressed the creditor because I did an online CLI and asked for $18,500, I thought It would take 10 days for them to respond. They called my back by phone within 10minutes & offered me a CLI of $15,000. Kuddos to that lady because she took about 1 minute on the phone with me.

I do have a question in which I encountered a debt amounting to $10,000 on some unexpected expenditures. The APR on my USAA Cash Rewards Card is only @ 10.65% with a debt of $5,800 but my other debt is on my USAA Limitless Cash Rewards Card is $4,200 @ 17.65%. My FICO score looks like it's around 730 but since I have put and good size dent on my credit to debt ratio the FICO score is going up. What my question is should I get a BT Card of 0% for 15, 18, 21, 24 months? Most of those cards charge 3% to transfer & that 24 month card charges 4%? I've never had one of BT cards, but do you think I would need it that bad. Those cards will lower you credit score and I have had 4 HP in 10 months. I was just wondering what would you do if you were in my position?

Also, I know you are thinking to Balance Transfer the $10,000 Debt to Barclay Cash but that card is taking care of my other debt and that $15,000Limit is occupied until 09/2018.

Re: I Have A Great Question

Anonymous — Fri, 26 May 2017 06:30:41 GMT

Well the usual option is the Chase Slate. No BT fee in the first 60 days. Bank of America just changed their Bankamericard (the pale colores no rewards one) to have no BT fee in the first 60 days.

Adding another account will cost a HP and a slight drop to AAOA, but the added utilization will help offset the few points lost.

IMO, anytime you can save interest, especially with no fee, its worth it.

Re: I Have A Great Question

HeavenOhio — Fri, 26 May 2017 12:58:54 GMT

Balance transfers in and of themselves don't cause score dings. But some of the side effects might. These could include:

The acquisition of a new card, which would generate an inquiry and lower your AAOA (average age of accounts) and AOYA (age of youngest account). That's a small ding that will be regained in time.
The possibility that the transferred balance could briefly be reported on two cards at once. That's potentially yucky, but it'll clean itself up quickly.
The possibility that the transferred balance could cause high utilization on a single card.

There are also a couple of ways that a transfer could cause a score increase:

The possibility that a new card could decrease one's overall utilization, offseting the effects of AAOA and AOYA and the inquiry.
The possibility that the transferred balance appears on neither the donor nor the recipient card for a brief time. Enjoy it, but know it won't last.

The above is mostly minutia. First, consider the financial impact and whether or not you'd benefit. And consider what's probably the biggest risk when applying for a new card. That's the possibility that the new card's limit won't be enough to accommodate the amount you'd like to transfer. Ideally, the new card's limit should be equal to or higher than the limit on the card that the transfer is coming from.

Re: I Have A Great Question

swpopham — Fri, 26 May 2017 14:15:30 GMT

Im the opposite then some, for that little amount and just deal with it over a year or less time. Opening another card for that purpose tends to start a downward spiral

Re: I Have A Great Question

NRB525 — Fri, 26 May 2017 18:44:21 GMT

Congrats on the CLI to $15k on the Barclays.

It sounds like the $10,000 is new debt after you did the BT to Barclays? If it were me, I would tread very carefully here, due to the potential reaction by Barclays. That means I would not get another card right now.

Can you list list out all your cards, which bank, credit limit and current balance? If there is room on existing BT cards, that would be a preferred option.

And I suspect with the $10k increase in debt scores are more likely to go down a bit, not up. Just my hunch.

Re: I Have A Great Question

Anonymous — Sat, 27 May 2017 01:31:52 GMT

My everyday carry around for my expenses is the USAA Limitless Cash Rewards Card is $4,200 @ 17.65% & gives 2.5% Cashback with a CL of $13,500, which is GREAT. I've only had this card since early 03/2017=====================>THATS IS ABSOLUTELY IT!!!

The USAA Cash Rewards Card is $5,800 which has been put away that has an APR of 10.65% with 1% Cashback with a CL of $15,000 is my go to card for the APR and have had it since 08/2007.

American Express Blue Cash Card had it since 11/04 APR of 13.65% CL $6,600. $0 Balance

Chase Slate Card had it since 08/2013 APR of 14.99% CL $2,500. (And I have never requested this card & I never called back to cancel bc of FICO score. $0 Balance

Chase Freedom had it since 08/2015 APR of 16.99% CL $5,000. Had a HP CLI 10/16 to $7,000 $0 Balance

Capital One Quicksilver I've had since 09/2015 APR 18.99% CL $10,000. $0 Balance

BarclayCash Card I've had it since 11/2016 APR 15.72% CL $7,500 APR Promo 0% BT & 0% APR by 05/04/17 lasts until 12/01/2017 In which I asked for a CLI of $18,500 but got $15,000 AND I LOOKS LIKE THE CREDITOR DID NOT PULL A HP OR A SP BUT I CAN BE WRONG DUE TO PHONE CALLS DURATION OF A MINUTE & followed by another Promo 2% BT 0% APR by 06/01/17 lasts until 10/01/18. CL $15,000. MAXED BALANCE DUE TO PROMOS.

I'm thinking of going the safe route of BT from USAA Limitless Cash Rewards to USAA Cash Rewards because of the 10.65% and I have that card already. I don't want to get my first BT Card and put my credit score and FICO score to lose points. I'm running $25,000/$69,600 Debt ratio.

Any advice

Follow Up===> I Have A Great Question

Anonymous — Sat, 27 May 2017 02:32:16 GMT

Re: I Have A Great Question

‎05-26-2017 06:31 PM

The USAA Cash Rewards Card is $5,800 which has been put away that has an APR of 10.65% with 1% Cashback with a CL of $15,000 is my go to card for the APR and have had it since 08/2007.

American Express Blue Cash Card had it since 11/04 APR of 13.65% CL $6,600. $0 Balance

Chase Slate Card had it since 08/2013 APR of 14.99% CL $2,500. (And I have never requested this card & I never called back to cancel bc of FICO score. $0 Balance

Chase Freedom had it since 08/2015 APR of 16.99% CL $5,000. Had a HP CLI 10/16 to $7,000 $0 Balance

Capital One Quicksilver I've had since 09/2015 APR 18.99% CL $10,000. $0 Balance

Any advice?

Re: Follow Up===> I Have A Great Question

dragontears — Sat, 27 May 2017 02:52:48 GMT

I don't have any accounts with USAA but every lender I know of will not let you BT from one of their cards to another of their cards (without using an intermediate card), so your plan may not work as listed.
An option could be to see if you have a 0 fee BT on your cap1 then BT to your USAA card.

Re: Follow Up===> I Have A Great Question

Anonymous — Sat, 27 May 2017 03:00:05 GMT

I have a Quicksilver Cap1 but I wouldn't use it. The best option for me is eat the interest by BT towards my USAA @ 10.65%, that's my best chance.

Re: Follow Up===> I Have A Great Question

dragontears — Sat, 27 May 2017 03:02:34 GMT

Ok I think you missed the point that you can not directly transfer a balance from a USAA card to another USAA card.

Re: Follow Up===> I Have A Great Question

dragontears — Sat, 27 May 2017 03:08:54 GMT

A work around is what is known as a "debt shuffle"
Transfer the balance from the limitless card to a non-USAA card (i.e. cap1 using a no fee option) then immediately transferring the balance from the non-USAA card (cap1) to the one you want the balance on.
You would have a few dollars in interest on the cap1 card but end up with the balance on the 10.65% card

Re: Follow Up===> I Have A Great Question

Anonymous — Sat, 27 May 2017 03:37:26 GMT

So there's a way to accomplish this using a "Debt Shuffle". Do I can call Cap1 to get a debt from USAA Limitless Account and immediately then proceed to call USAA to get the debt back to the 10.65% USAA Card? Does the transaction have to be posted on the Cap1 account or not? And in doing so, I would in turn do the "Work Around" in by calling USAA to immediately rescue the debt back by doing the "Debt Shuffle" using my Quicksilver Card from Cap1 to USAA's 10.65% Card? I have never heard of this.

Re: Follow Up===> I Have A Great Question

NRB525 — Sat, 27 May 2017 04:24:02 GMT

@Anonymous wrote:
So there's a way to accomplish this using a "Debt Shuffle". Do I can call Cap1 to get a debt from USAA Limitless Account and immediately then proceed to call USAA to get the debt back to the 10.65% USAA Card? Does the transaction have to be posted on the Cap1 account or not? And in doing so, I would in turn do the "Work Around" in by calling USAA to immediately rescue the debt back by doing the "Debt Shuffle" using my Quicksilver Card from Cap1 to USAA's 10.65% Card? I have never heard of this.

It is easier than that.

The Capital One Quicksilver has no BT fee. You can request a BT via the Capital One site, electronically set up the transfer to pay off the USAA card.

The payoff will take about a week to fully settle out. Relax.

After the BT makes it to the Capital One card, wait a week or so, then use the USAA site from the second USAA card to request that card to pay off the Capital One card.

The payoff should take about a week to settle out. Relax.

Don't get too hung up on any interim interest on Capital One. They are doing you a service to save money, so leaving the funds there ( or a short remainder on Capital One) is not a bad idea. The few days the debt will be on Capital One won't amount to much, and my recent experience is that during the first month and last month of a Capital One BT, there is no interest anyway, whether you add charges or not on the BT.

And I would suggest using the Capital One Quicksilver on a regular basis. That $10,000 limit for those of us with subtantial balances is a lifesaver for this type of transfer.

(and I'm sure the mods will catch up to combine these two threads )