topic Re: Balance Transfers in Credit Cards

Balance Transfers

CivalV — Sun, 20 Jan 2019 14:36:22 GMT

So BT might be the only thing I have not went crazy researching over. Would anyone happen to know if you can do more than 1 BT?

Example: If I have 3 CC accounts and I want to transfer from another CC is that allowed? Are you allowed to do that many BT from 1 account?

I know you have to have an offer available on the account you are trying to transfer. I also am aware of UTL and trying to stay under a certain percentage but I dont know the specifics ... YET

If anyone could chime in with their experience of doing a BT or your knowledge of BT I would appreciate it.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 14:39:13 GMT

The limit on how many balances you can transfer to a single account are set by the issuer. You would have to ask them. For example when I got my NFCU Platinum card I was advised that I could transfer 5 balances to it.

Re: Balance Transfers

CivalV — Sun, 20 Jan 2019 14:52:58 GMT

Wow! That is insane 5 tranfers from 1 account? I have my two premier cards that I would like to BT to. Going to focus snowballing and getting my cards under the 48.9% threshold let my scores go up and then have my boyfriend sponsor me for NFCU. TU is my highest score so hopefully when the time comes I will get approved with a decent limit. Which NFCU do you recommend for BT? I was interested in the GO Rewards CC.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 14:55:30 GMT

Platinum

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 14:56:38 GMT

The Platinum is the best BT card. It’s the only one that has 0% BT offers year round and Navy doesn’t seem to be shy about giving out large credit lines on it.

You can always go for a second card at 91/3 or 6 months. I don’t like their $50 cash redemption on cards other than the cashRewards though.

Re: Balance Transfers

CivalV — Sun, 20 Jan 2019 15:00:04 GMT

Thank you for all of this information. Do you think it is more difficult to be approved for the NFCU Plat vs GO rewards? Ive read lots of threads in regards to low scores and high SL with GO rewards.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:01:21 GMT

I think about the same for all in general.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:03:37 GMT

@CivalV wrote:
Thank you for all of this information. Do you think it is more difficult to be approved for the NFCU Plat vs GO rewards? Ive read lots of threads in regards to low scores and high SL with GO rewards.

NFCU approved me for $7200 on the Plat as my second card a few days after giving me a CLI from $3000 to $7500 on my cashRewards and a $500 CLOC and my TU was 647 when they approved me in September for the CR and 652 when they gave me the Platinum. I don’t think Navy has different UW criteria for their cards except the Flagship which requires a $5000 minimum SL.

They even gave me the lowest APR they offer on both of my cards.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:06:34 GMT

Saeren - you waited 6 months too didnt you?

OP - most app right at 91/3.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:18:29 GMT

@Anonymous wrote:
Saeren - you waited 6 months too didnt you?

OP - most app right at 91/3.

Nope, I was amazed but at 91/3 I asked for $7500 for CLI 12/10 and received it without need to recon then I went for CLOC and just asked for $500 and got instant approval then 12/16 I asked for Plat and got approved for $7200.

NFCU’s algorithms like something about my reports because they’ve extended me credit for 83% of my annual income.

Re: Balance Transfers

CivalV — Sun, 20 Jan 2019 15:19:11 GMT

So in regards to data points this is pretty much my profile.

Current TU 630
2 inquiries
2 new accounts opened in December EQ pulls.
Overall UTL 70% *I know its high, I am paying off $4000 within the next 2-3 weeks* that will put my UTL below the 48.9% threshold.
AAOA 6-7YRS AAOA 1YR 6-7MTHS
11 revolving accounts, 2 out of 11 are installment loans. Self lender started at $1700. I now only owe $700. It matures in June.
Highest SL is my Cap 1 QS1 $2750
Second highest SL Discover 5% CB $2000

At what point should I go for the NFCU membership? I dont want to waste HPs. Makes me super nervous applying for new credit. I really want to close my 2 premier cards & combine my QS1 into my QS. A little nervous as my QS1 is the only account that is 6-7YRS old. All my other accounts are either 2 years or less.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:21:33 GMT

Okay must have been someone else.

OP, Sareen is the exception on these boards for a CLI with Navy. The 2nd card approval almost seems to be a 100% lock so long you manage responsibly.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:24:35 GMT

I would pay down that utilization under 9% if you want to minimize your chances of wasted HP. It will also increase your scores. Then I’d pull the trigger for the best chance.

Re: Balance Transfers

CivalV — Sun, 20 Jan 2019 15:28:39 GMT

Thank you!! I figured that. The goal is to have my Discover as my daily driver until further notice. I want that to be the only account reporting a balance.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:28:40 GMT

@CivalV wrote:
So in regards to data points this is pretty much my profile.

Current TU 630
2 inquiries
2 new accounts opened in December EQ pulls.
Overall UTL 70% *I know its high, I am paying off $4000 within the next 2-3 weeks* that will put my UTL below the 48.9% threshold.
AAOA 6-7YRS AAOA 1YR 6-7MTHS
11 revolving accounts, 2 out of 11 are installment loans. Self lender started at $1700. I now only owe $700. It matures in June.
Highest SL is my Cap 1 QS1 $2750
Second highest SL Discover 5% CB $2000

At what point should I go for the NFCU membership? I dont want to waste HPs. Makes me super nervous applying for new credit. I really want to close my 2 premier cards & combine my QS1 into my QS. A little nervous as my QS1 is the only account that is 6-7YRS old. All my other accounts are either 2 years or less.

Honestly I would get your utilization down under the 48.9% threshold and if your scores go up to or over 650-660, you might have a good shot of getting a card but they might give you a “prove yourself” limit so I would recommend doing the app over the phone so you can tell the rep exactly how much you are looking to BT (but don’t set the BTs up in case they give you a low limit and you end up maxed out) and see if they can send that info in with your application to have it reviewed.

NFCU tends to be very accommodating in my experience.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:29:29 GMT

@Anonymous wrote:
I would pay down that utilization under 9% if you want to minimize your chances of wasted HP. It will also increase your scores. Then I’d pull the trigger for the best chance.

BT utility is kind of pointless at that point though.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:32:45 GMT

Oh yeah. Lol.

My bad. Got tunnel vision with approval. 😂😂😂

Re: Balance Transfers

CivalV — Sun, 20 Jan 2019 15:33:39 GMT

Thank you! If I can get my little foot in the door with a limit good enough for a $1400 BT transfer I will be more than happy. I have 3 cards at high UTL. Which is Cap 1 and the two premier cards. Totaling $4,100. I only want to BT the two premiers. I will PIF Cap 1 very soon. If I could set aside the rest of the $$ I will have in hand towards savings that would be great.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:34:56 GMT

@Anonymous wrote:
Oh yeah. Lol.

My bad. Got tunnel vision with approval. 😂😂😂

🤣 yeah I get that haha.

I do not really see a problem with approval at this point as much as I do the potential for a low limit “prove yourself” card.

Re: Balance Transfers

Anonymous — Sun, 20 Jan 2019 15:36:43 GMT

@CivalV wrote:
Thank you! If I can get my little foot in the door with a limit good enough for a $1400 BT transfer I will be more than happy. I have 3 cards at high UTL. Which is Cap 1 and the two premier cards. Totaling $4,100. I only want to BT the two premiers. I will PIF Cap 1 very soon. If I could set aside the rest of the $$ I will have in hand towards savings that would be great.

I would be surprised if they can’t accomodate a $1400 BT at or under 70% utilization ($2000 limit). Definitely suggest making sure to call them though.