topic Re: Balance Transfer Options? in Credit Cards

Balance Transfer Options?

Anonymous — Wed, 17 Oct 2018 04:51:28 GMT

I have about $15,200 in CC debt. About $8400 I’m being charged interest on and I’m trying to see if I can get a balance transfer card to get out of paying this interest. Income is $52k and scores are TU 681 EX 668 EQ 677. I know nothing is certain and all credit files are different, but do I have any chance at getting a new card to transfer the $8400 to?

Re: Balance Transfer Options?

Anonymous — Wed, 17 Oct 2018 21:01:45 GMT

I can't comment on your chances of getting a new card, but if you do, I would highly recommend Discover. They always have balance transfers available for me and I have used them several times. Right now I have one at 4.99% for 18 months. They usually have a 0% with 3% transfer fee for 12 months also.

Re: Balance Transfer Options?

SouthJamaica — Wed, 17 Oct 2018 22:00:57 GMT

@Anonymous wrote:
I can't comment on your chances of getting a new card, but if you do, I would highly recommend Discover. They always have balance transfers available for me and I have used them several times. Right now I have one at 4.99% for 18 months. They usually have a 0% with 3% transfer fee for 12 months also.

My recommendation for balance transfers is to join a credit union which has a platinum card with no balance transfer fee and low interest, and get one of those.

Re: Balance Transfer Options?

Nayola — Sat, 20 Oct 2018 04:21:22 GMT

Can you join PenFed or NFCU? PenFed's balance transfer credit cards have a 3 percent transfer fee, but possibly you could get a high enough credit limit that it might be worth the $200 or $300 transfer fee. NFCU has a card with a 0 percent transfer fee.

Re: Balance Transfer Options?

shiftomnimega — Sun, 21 Oct 2018 08:05:18 GMT

I like the Discover idea as I've had to dip into the 0% APR 2% BT fee offer a couple of times. I would also recommend looking into BOA's BankAmericard for a 0% APR 0% BT fee card that's on the table for 12 months.

Whichever you choose, it is imperative that you have an aggressive plan to pay down the balance within the promotional 0% period.

Re: Balance Transfer Options?

CreditInspired — Sun, 21 Oct 2018 10:53:26 GMT

It really depends.

What is the highest SL of your highest card?
How many inqs in last 6 mos?
Any derogs or baddies?
What is overall UT?

Re: Balance Transfer Options?

CreditInspired — Sun, 21 Oct 2018 10:55:08 GMT

+1
Whichever you choose, it is imperative that you have an aggressive plan to pay down the balance within the promotional 0% period.

Re: Balance Transfer Options?

Anonymous — Sun, 18 Nov 2018 22:08:40 GMT

I already have a Discover IT

Re: Balance Transfer Options?

Anonymous — Sun, 18 Nov 2018 22:12:47 GMT

The SL of my highest card was $7400. The current limit is $8400 and I owe $6600. It’s a Citi Thank You Preferred and it’s the highest CL out of my 4 cards. I was thinking about trying to get another Citi or Chase card but the balances are high on both so I’m not sure if either company would give me much.

Re: Balance Transfer Options?

Anonymous — Sun, 18 Nov 2018 22:14:11 GMT

Oh and to answer the other questions I have no derogs or baddies, no inquiries in the past 6 mos, and I’m at about 75% utilization.

Re: Balance Transfer Options?

AverageJoesCredit — Mon, 19 Nov 2018 00:24:29 GMT

Op, do you have Amex, they do offer personal loans but you have to preapproved. Have you considered a card from Boa. Their balance trsnsfer process is very easy as you can deposit into your checking and with good income limits can grow nicely in a couple months.

Re: Balance Transfer Options?

CreditCuriosity — Mon, 19 Nov 2018 02:46:09 GMT

Going to be a bit touch getting a big BT card with your scorse and utilization IMO.. Personal Debt consolidation loan might be your only option? Best of luck

Re: Balance Transfer Options?

rprisco — Mon, 19 Nov 2018 03:17:58 GMT

OP, AJC had a good idea, check amex if u have it for personal loan options, maybe also try lending club, prosper etc, they all have sp prequals. Local credit unions may be good option too.

Re: Balance Transfer Options?

Anonymous — Mon, 19 Nov 2018 04:26:13 GMT

I do have Amex. I burned BoA a while back and I’m probably ok to try again with them but I feel like I wouldn’t get a good limit.