topic Re: Best balance transfer strategy in Credit Cards

Best balance transfer strategy

WannabDebtFree1 — Sun, 15 Mar 2020 14:16:41 GMT

Hello all and I appreciate any advanced BT feedback/advice you can give. I currently have a balance about 8k on my CSP but got approved for a BBVA Clearpoints card 15 month 0% Balance transfer card for $4200. I'm thinking of paying down CSP like 2k and then transfer over the 4K onto the BBVA because I want to lower utilization on CSP. I may call chase for CLI on CSP but don't want a HP? Currently I've had CSP for about 7 months but not sure if they will do a CLI considering my score has been roughly the same and not increased since approved. It would be great if BBVA card was total $8k available but SL at $4200 is limiting me from being able to transfer it all. I'll wait on your thoughts on if you think Chase would approve CLI or should I just pay 2k then transfer 4K to BBVA? Thanks all in advance for your advice.

Current scores EXP 695, EQ 668, TU 689

Re: Best balance transfer strategy

seattletravels — Sun, 15 Mar 2020 16:00:38 GMT

Do you have any other cards offering BT promos? I don't think you'll see much difference in scoring for ut% since you'd be maxing out the BBVA. You would definitely see a savings in interest with what you are planning, just not clear to me where ut% comes in.

Re: Best balance transfer strategy

WannabDebtFree1 — Sun, 15 Mar 2020 16:08:53 GMT

Thanks @seattletravels I do have BB&T bright card but I'm currently paying it down and was thinking of BT some to that card as well. But I do agree with you I don't want to max out bbva with balance transfer if I don't have to. I'm definitely looking to save on interest but also lower util if possible. Most of balance on CSP was minimum $4k for SUB.

Re: Best balance transfer strategy

Gmood1 — Sun, 15 Mar 2020 16:10:41 GMT

First question, are these the only two CCs you have?

You need to break up that BT total and scatter it, if possible.

You don't want cards to look maxed out if you can help it.

Doing that will cause a temporary score ding until your utilization is below 30%.

Depending on your limit with the Chase CC. You may already be taking a score hit. Much more than an inq or two will give you.

You need a CC with a higher limit.

Or several more CCs to spread the love IMHO.

Are those scores you listed FICO scores?

Re: Best balance transfer strategy

WannabDebtFree1 — Sun, 15 Mar 2020 16:21:51 GMT

My limit on CSP is 14k current balance 8k. Yes I don't wanna look maxed out either. I'm thinking of getting another card to help with BT scatter. Was thinking of Amex blue cash preferred since I have Amex ED (out of window for BT) and Amex Platinum so it may be a SP. I have chase slate PIF and out of BT window as well. Yes scores are Fico I believe as they're from Experian account

Re: Best balance transfer strategy

Gmood1 — Sun, 15 Mar 2020 16:33:54 GMT

If Amex has a CC that will give you a long BT offer and low rate. Then it's an option. Also depends on how much they'll give you on that card.

Honestly at this point, I wouldn't sweat the HPs.

Any way into NFCU or USAA?

Both offer great BTs from time to time. With no transfer fees.

US bank is another. Though a bit more conservative than the others.

Another BBT card is another option.

If you have SP pre-approvals available.

Re: Best balance transfer strategy

Anonymous — Sun, 15 Mar 2020 16:36:05 GMT

Generally with a SUB you're supposed to pay it off as you go, not keep charging. I don't recall the CSP coming with a 0% APR promo when I applied for it. So i hope you haven't been paying interest for 7 months on that balance. Going from 58% UT on CSP to 96% on BBVA isn't going to help your scores much. So if you're wanting another BT CC, you better app before you transfer that $4K!

Also point out that an aggressive pay back plan should be used rather than letting it sit there for 15 months. IMO

Otherwise you'll be similar predicament again.

Best of luck!

Re: Best balance transfer strategy

WannabDebtFree1 — Sun, 15 Mar 2020 17:39:31 GMT

@Janus No the CSP wasn't 0 % that was BB&T. Sorry if confused on that. But unfortunately I've paid on interest so you're correct so I do have an aggressive payback plan as income will be available to pay at least $4k this week and after so discussion on boards instead of pay down plus BT seems like pay down as much as possible and transfer as less as possible to maximum both efforts of decreasing interest and lower util and not maxing out BT. My current overall util is 29% over all CC. And do have good time to pay down BB&T card which is on month 5 of 15

Re: Best balance transfer strategy

WannabDebtFree1 — Sun, 15 Mar 2020 16:49:02 GMT

Thanks for your reply @Gmood1. I'll check into USAA as I'm not familiar with NFCU. I'll check into that as well. I think BB&T wants me to payoff balance before they allow me to get another card since history with them is short and balance is high while under BT time

Re: Best balance transfer strategy

Anonymous — Sun, 15 Mar 2020 17:55:03 GMT

@Gmood1 wrote:
... Another ~~BBT~~ BBVA card is another option ... If you have SP pre-approvals available.

My initial thought was similar, but another BBVA card. I had a 2nd approval at the same time, or shortly therafter, my first approval with them. I believe both cards offer 0%. Worth a look.

Re: Best balance transfer strategy

WannabDebtFree1 — Sun, 05 Apr 2020 16:57:36 GMT

Update all as I have recently App and got approved for Bbva card, NFCU platinum, and Discover IT card totaling $10,100 SL and all 0% now for at least 12 months or so, that I'm thinking of spreading out amongst some balances I have about to come off 0% based upon the feedback I've gotten from this forum to do a couple things. 1) lower util on high interest cards and save that way 2) build relationships with NFCU and Discover as I've heard they'll likely raise limits after 3-6 months 3) pay down some debt through BT 4) go garden while these trying times and pay down balances but contemplating app for 1 more card for BT SL to $15k total but not gonna try if I don't have to. Thoughts/feedback?

Re: Best balance transfer strategy

Citylights18 — Sun, 05 Apr 2020 17:17:47 GMT

@WannabDebtFree1 wrote:
Update all as I have recently App and got approved for Bbva card, NFCU platinum, and Discover IT card totaling $10,100 SL and all 0% now for at least 12 months or so, that I'm thinking of spreading out amongst some balances I have about to come off 0% based upon the feedback I've gotten from this forum to do a couple things. 1) lower util on high interest cards and save that way 2) build relationships with NFCU and Discover as I've heard they'll likely raise limits after 3-6 months 3) pay down some debt through BT 4) go garden while these trying times and pay down balances but contemplating app for 1 more card for BT SL to $15k total but not gonna try if I don't have to. Thoughts/feedback?

Wow those are some issuers to get approved with and a decent increase in SL.

With the 0% APR balance transfer cards what you can do is put all your spend on those at 0% APR and then concentrate the cash flow in paying down the CSP. Actually I would probably use the BBVA and Discover for the 0% APR because NFCU from January 1st to February 28th offers 0% APR no fee BT. At that point what you can do is BT the balances from BBVA and Discover over to NFCU at 0% or maybe 1.99% interest.

If you do a BT from your CSP to BBVA or Disco you'll have to pay a 3% BT fee. I've paid the fee before but I had a lot larger balances like 80k instead of 8k that I was trying to manipulate for lower rates. In your case it might not be worth the fee.

Re: Best balance transfer strategy

WannabDebtFree1 — Sun, 05 Apr 2020 18:41:19 GMT

@Citylights18 thank you for your feedback. Currently I've used the BT option from NFCU because for 30 days you get 0% fee (even though they say avg is 14 days to complete) so I wanted to take full advantage of that. I definitely have thought about using Discover and Bbva like you suggested for all spend. But my inner BT wants to use some of that avail CL to lower overall util amongst CSP and unfortunate Best But citi card. Trying my best to resist but Best Buy interest starts next month unless I pay like $1500 I think? Gonna calculate interest vs BT fee and see if worth but I'm almost positive it's worth fee vs interest