topic Re: Balance Transfer Carousel in Credit Cards

Balance Transfer Carousel

Racer202 — Thu, 17 Oct 2019 18:24:42 GMT

I'm currently working on reducing around $25000 worth of credit card debt that i have split between three cards with 0 apr on each card. One of the promotions is ending in January and I've got $22,300 of available credit with Amex with only $200 worth of utlization. Currently, they are no balance transfer offers with them.

Any advice on how folks got BTs with Amex outside of the initial card opening promotion?!

Thanks!

Re: Balance Transfer Carousel

NRB525 — Thu, 17 Oct 2019 18:41:26 GMT

I suspect this is where we cue the crickets.

Re: Balance Transfer Carousel

ChessChik47 — Thu, 17 Oct 2019 18:50:00 GMT

@Racer202 wrote:
I'm currently working on reducing around $25000 worth of credit card debt that i have split between three cards with 0 apr on each card. One of the promotions is ending in January and I've got $22,300 of available credit with Amex with only $200 worth of utlization. Currently, they are no balance transfer offers with them.

Any advice on how folks got BTs with Amex outside of the initial card opening promotion?!

Thanks!

AMEX has a limit of $5K for any balance transfers, so not sure if AMEX is the best company to assist you with this. How much of the $25K debt is left to be paid? Offers (balance transfer and personal loans) from AMEX can take a while as AMEX takes time to observe your spending/paying habits with them.

Re: Balance Transfer Carousel

Racer202 — Thu, 17 Oct 2019 18:54:59 GMT

the entire $25k piece, however I have 0 apr $15k on my chase united card with a current utilization of 45% until the end of 2020 and another 0 apr $4k on my BOA cash rewards, uti 27% that expires June 2020. I've got $6k on my Citi simiplicity which is at 34% utlization when the 0 apr offer ends Jan 2020.

Re: Balance Transfer Carousel

NRB525 — Thu, 17 Oct 2019 18:57:34 GMT

List out your other cards also?
AMEX to my understanding does not offer BT after the first month or so of account opening / promotion. And seems to be limited to that $5k ceiling.

Re: Balance Transfer Carousel

Anonymous — Thu, 17 Oct 2019 19:11:45 GMT

AMEX long term BT options don't really happen. There may be a card like ED that may offer options other than the intro opening BT offer.

Chase - existing BT 12/2020 15K

BOA - existing BT 6/2020 4K

Citi - existing BT 1/2020 6K

Doesn't leave much besides WF, Disco, Barclay, Cap1, and USB.

https://frequentmiler.boardingarea.com/best-credit-card-sign-up-offers/

Since you can't shuffle within a lender you'll need to explore outside options or a PL to consolidate them for the time being and then use BT Checks to payoff the PL.

PL's right now are typically 6-8% depending on the lender and of course your file info. ~$150/mo interest is not ideal but, it's a whole lot less than your go to rate of 15-25% depending on the card.

Looks like the soonest deadline is Citi in 2-3 months... 6K is going to be easier to accomodate than 15K based on opening limits.

Re: Balance Transfer Carousel

Racer202 — Thu, 17 Oct 2019 19:12:44 GMT

Order of highest util.

Chase United 15000/33000 Util 45% 0 apr thru 2020

Citi Simplicity 6000/22000 Util 34% 0 apr until jan 2020

BOA Cash Rewards 3400/15000 Util 23% 0 apr through june 2020

Wells Propel 755/4500 util 16% 0 apr through jan 2020

Amex Everyday 0/18500

Amex Hilton 0/1000

Amex Delta Gold 0/1500

Amex Gold

Chase SP 0/2000

Chase BA 0/500

Chase IHG 0/500

Wells Cashwise 0/5000

Citi AA 0/7200

Citi Best Buy 0/3000

Barclays JetBlue Plus 0/9000 ( Curently have an offer for this card for 0 apr. Will probably take out 30% - 2700)

Re: Balance Transfer Carousel

mikesonthemend — Thu, 17 Oct 2019 19:17:54 GMT

If you do not have many new accounts or inquiries, US Bank and ABOC have some pretty good introductory BT offers.

Re: Balance Transfer Carousel

Racer202 — Thu, 17 Oct 2019 19:19:33 GMT

was really hoping to avoid opening new lines.

possibly looking to take out a mortgage in the new year.

Re: Balance Transfer Carousel

Anonymous — Thu, 17 Oct 2019 19:21:49 GMT

@Racer202 wrote:
Order of highest util.
~~Chase United 15000/33000 Util 45% 0 apr thru 2020~~
~~Citi Simplicity 6000/22000 Util 34% 0 apr until jan 2020~~
~~BOA Cash Rewards 3400/15000 Util 23% 0 apr through june 2020~~
~~Wells Propel 755/4500 util 16% 0 apr through jan 2020~~
~~Amex Everyday 0/18500~~
~~Amex Hilton 0/1000~~
~~Amex Delta Gold 0/1500~~
~~Amex Gold~~
~~Chase SP 0/2000~~
~~Chase BA 0/500~~
~~Chase IHG 0/500~~
~~Wells Cashwise 0/5000~~
~~Citi AA 0/7200~~
~~Citi Best Buy 0/3000~~
Barclays JetBlue Plus 0/9000 ( Curently have an offer for this card for 0 apr. Will probably take out 30% - 2700)

Well, that throws a wrench into options.

Doesn't leave much besides WF, Disco, ~~Barclay~~, Cap1, and USB.

I suppose you could shuffle the Citi balance over to Barclay depending on the time limit they gave you for the 0% period which is normally within 3 months of opening. It might be worthwhile to call the BD # for them as well and ask for a higher limit to BT w/o killing UTIL on it. They like to collect the BT Fee... I would probably shoot for 20K CL with them and see if they can meet that need or counter with a higher CL. It will likely be a HP so, maybe hold off on it until we come up with an idea for a new card.

With your timeline it's conceivable to pick up a new card the month prior to each expiring offer. Getting your goal amounts though might be difficult depending on the timing of the other cards over the last 12-24 months. Alternatively you could focus more $$$ on Citi to pay it off and reserve the new accounts for the bigger balances at a later time.

Re: Balance Transfer Carousel

Anonymous — Thu, 17 Oct 2019 19:22:28 GMT

@Racer202 wrote:
Order of highest util.
Chase United 15000/33000 Util 45% 0 apr thru 2020
Citi Simplicity 6000/22000 Util 34% 0 apr until jan 2020
BOA Cash Rewards 3400/15000 Util 23% 0 apr through june 2020
Wells Propel 755/4500 util 16% 0 apr through jan 2020
Amex Everyday 0/18500
Amex Hilton 0/1000
Amex Delta Gold 0/1500
Amex Gold
Chase SP 0/2000
Chase BA 0/500
Chase IHG 0/500
Wells Cashwise 0/5000
Citi AA 0/7200
Citi Best Buy 0/3000
Barclays JetBlue Plus 0/9000 ( Curently have an offer for this card for 0 apr. Will probably take out 30% - 2700)

You don't have many options, simply pay it down as much as you can, simplicity first obviously. When its 2 months before 0apr running out, transfer to another card and keep paying down.

The key is the balance is going down as quickly as you can each month. Thats all you can do.

Re: Balance Transfer Carousel

Anonymous — Thu, 17 Oct 2019 19:23:31 GMT

@Racer202 wrote:
was really hoping to avoid opening new lines.

possibly looking to take out a mortgage in the new year.

Well, then the options aren't there for another 0% period based on that info.

New accounts don't kill your mortgage chances it just means you write a letter explaining why you opened new credit for each account you open or apply for. It's not that big of a deal. Been there, done that.

Re: Balance Transfer Carousel

Racer202 — Thu, 17 Oct 2019 19:28:21 GMT

Barclaycard is a tough nut to crack. rang them up today telling them im considering the BT but i would like to get an increase on the line with a soft pull but was shot down with an affirmative HP response. Cant really find anything on the net about folks getting CLI with SP with those sticklers.

Re: Balance Transfer Carousel

Anonymous — Thu, 17 Oct 2019 19:30:47 GMT

@Racer202 wrote:
Barclaycard is a tough nut to crack. rang them up today telling them im considering the BT but i would like to get an increase on the line with a soft pull but was shot down with an affirmative HP response. Cant really find anything on the net about folks getting CLI with SP with those sticklers.

Already told you it's a HP. SP's come with age and use... it's a new account... weigh the benefits and check the time limit.

Re: Balance Transfer Carousel

tcbofade — Thu, 17 Oct 2019 21:23:14 GMT

You can always check for a prequal at Discover...

No HP to check, but there WILL be one if you decide to proceed.

Re: Balance Transfer Carousel

CreditCuriosity — Thu, 17 Oct 2019 23:33:39 GMT

@tcbofade wrote:
You can always check for a prequal at Discover...

No HP to check, but there WILL be one if you decide to proceed.

Discover wouldn't give him the CL needed I can pretty much say that pretty much with certainty. It isnt adviseable to open new cards 6 months before a mortgage, but i did... All depends on profile and scores. I still got the best rate, but profile supported it. Granted going to refi after next rate cut as will be worth it. As mentioned you gotta be careful as all depends on your scores and if put you in another tier and as stated you would have to possibly explain new inquiries/accounts depending on lender.

What will kill you on a mortgage is new debt or blowing out your DTI ratio above lender and dti lender tolerance on DTI

Re: Balance Transfer Carousel

tcbofade — Thu, 17 Oct 2019 23:47:39 GMT

I doubt that Discover will offer OP a $25k line, but may very well offer a line at or over $6k.

When DW and I purchased a home in 2013, she had two inquiries in the last year that she had to explain.

So she explained them.

One more piece of paper, but no issue and no concerns from lender.

Re: Balance Transfer Carousel

Anonymous — Fri, 18 Oct 2019 01:43:55 GMT

I previously consolidated/revolved balances with Bank of America. They seem to be the most generous as far as BT offers and CLI's. I'd personally prioritize paying that down to $0, request a CLI from them, and assuming you can get a large enough CL, consolidate them all into a new 0% BT offer from them. It may not be the most efficient but I, again, personally, feel like that would just be "simplest".

And American Express does not do BT offers ever outside of the introductory offer.

Re: Balance Transfer Carousel

Anonymous — Fri, 18 Oct 2019 01:50:20 GMT

@CreditCuriosity wrote:
@tcbofade wrote:
You can always check for a prequal at Discover...

No HP to check, but there WILL be one if you decide to proceed.
Discover wouldn't give him the CL needed I can pretty much say that pretty much with certainty. It isnt adviseable to open new cards 6 months before a mortgage, but i did... All depends on profile and scores. I still got the best rate, but profile supported it. Granted going to refi after next rate cut as will be worth it. As mentioned you gotta be careful as all depends on your scores and if put you in another tier and as stated you would have to possibly explain new inquiries/accounts depending on lender.

What will kill you on a mortgage is new debt or blowing out your DTI ratio above lender and dti lender tolerance on DTI

I've also done that, but in this case the reason for a new card is somewhat "bad",OP needed it to juggle unpaid balances around! Presumably you can try to hide that better, but as CreditCuriousity says, your DTI is going to be the issue unless there is a lot of paydown

Re: Balance Transfer Carousel

NRB525 — Fri, 18 Oct 2019 02:13:38 GMT

@Racer202 wrote:
Order of highest util.
Chase United 15000/33000 Util 45% 0 apr thru 2020
Citi Simplicity 6000/22000 Util 34% 0 apr until jan 2020
BOA Cash Rewards 3400/15000 Util 23% 0 apr through june 2020
Wells Propel 755/4500 util 16% 0 apr through jan 2020
Amex Everyday 0/18500
Amex Hilton 0/1000
Amex Delta Gold 0/1500
Amex Gold
Chase SP 0/2000
Chase BA 0/500
Chase IHG 0/500
Wells Cashwise 0/5000
Citi AA 0/7200
Citi Best Buy 0/3000
Barclays JetBlue Plus 0/9000 ( Curently have an offer for this card for 0 apr. Will probably take out 30% - 2700)

What is the pace of paying these balances? Are you planning to only need $2,700 to finish off the Simplicity balance in a few months?