topic Re: Balance Transfer Cards with good starting credit limits in Credit Cards

Balance Transfer Cards with good starting credit limits

fittiger — Sat, 26 Mar 2022 13:25:05 GMT

I'm looking to open a 0% balance transfer card to consolidate about $20k. Are some card products better than other for offering decent limits? I'm currently looking at Freedom flex, Citi double cash but open to suggestions.

Fico scores in the high 700s, average length of accounts is 9.6yr, sal $95k.

I working mind getting a card that I can use beyond the balance transfer period (freedom) but the 0% consolidation is my main goal, so minimum 15mo.

Re: Balance Transfer Cards with good starting credit limits

AverageJoesCredit — Sat, 26 Mar 2022 02:40:23 GMT

Maybe try the Wells Fargo Active Cash. Been seeing some above normal higher initial sl. Good bt promo, very usable after.

Re: Balance Transfer Cards with good starting credit limits

fittiger — Sat, 26 Mar 2022 03:01:06 GMT

Thanks for the recommendation, I'll take a look at it.

I have to say though, I shy away from Wells Fargo after their fraud account openings scandal.

Re: Balance Transfer Cards with good starting credit limits

CYBERSAM — Sat, 26 Mar 2022 03:10:00 GMT

FNBO can offer some high limits! You can also prequal

Re: Balance Transfer Cards with good starting credit limits

KLEXH25 — Sat, 26 Mar 2022 04:01:01 GMT

Almost any card is capable of having a high starting limit. It just depends on the applicant. Your score, salary, and credit age are all good, but what does the rest of your profile look like? How many cards do you have? What are your current limits? How high is your utilization (individual and total)? Even if you get a card with a $20k limit, you don't want to max it out, so perhaps splitting it between two is better. However, given the high amount that you want to consolidate, I would really try to look at a consolidation loan. My fiancé did this through his credit union, and it was the best move he could have made. Everything is paid off now and he kept all of his cards.

Re: Balance Transfer Cards with good starting credit limits

OmarGB9 — Sat, 26 Mar 2022 05:58:06 GMT

As mentioned above, really any card can have a high SL. Just depends on how your file looks at the time of applying.

Re: Balance Transfer Cards with good starting credit limits

fittiger — Sat, 26 Mar 2022 13:22:36 GMT

@KLEXH25 wrote:
Almost any card is capable of having a high starting limit. It just depends on the applicant. Your score, salary, and credit age are all good, but what does the rest of your profile look like? How many cards do you have? What are your current limits? How high is your utilization (individual and total)? Even if you get a card with a $20k limit, you don't want to max it out, so perhaps splitting it between two is better. However, given the high amount that you want to consolidate, I would really try to look at a consolidation loan. My fiancé did this through his credit union, and it was the best move he could have made. Everything is paid off now and he kept all of his cards.

Thanks for the reply and suggestion.

What I'm looking for, all things being equal, do some products grant higher limits than others? For instance does Citi tend to grants higher limits on the Diamond preferred over the Double Cash (or Vice verse) solely for product reasons? Are they going to give me a lower limit on Diamond preferred because it's only benefit is the balance transfer option and they assume that's why I'm applying? Vs the Cash Back card they assume I'm after the 2% cash back benefit.

One of the balances I want to consolidate to 0% is a consolation loan that I'm paying $129 monthly in interest and the other is a low apr credit card balance.

My cards/balances/limits are below and my utilization is fine. Newest CC account was Delta on 9/2018

- Amex Gold NPSL

- Amex Delta $0/$18,000

- Chase Freedom $0/$18,000

- Chase Freedom unlimited $0/$3500

- Citi points card $0/17,000

- PenFed Rewards $12,781/$35,000

EDIT: I'll probably be closing the Citi & Delta cards.

Re: Balance Transfer Cards with good starting credit limits

AverageJoesCredit — Sat, 26 Mar 2022 14:50:56 GMT

@fittiger wrote:
@KLEXH25 wrote:
Almost any card is capable of having a high starting limit. It just depends on the applicant. Your score, salary, and credit age are all good, but what does the rest of your profile look like? How many cards do you have? What are your current limits? How high is your utilization (individual and total)? Even if you get a card with a $20k limit, you don't want to max it out, so perhaps splitting it between two is better. However, given the high amount that you want to consolidate, I would really try to look at a consolidation loan. My fiancé did this through his credit union, and it was the best move he could have made. Everything is paid off now and he kept all of his cards.
Thanks for the reply and suggestion.

What I'm looking for, all things being equal, do some products grant higher limits than others? For instance does Citi tend to grants higher limits on the Diamond preferred over the Double Cash (or Vice verse) solely for product reasons? Are they going to give me a lower limit on Diamond preferred because it's only benefit is the balance transfer option and they assume that's why I'm applying? Vs the Cash Back card they assume I'm after the 2% cash back benefit.

One of the balances I want to consolidate to 0% is a consolation loan that I'm paying $129 monthly in interest and the other is a low apr credit card balance.

My cards/balances/limits are below and my utilization is fine. Newest CC account was Delta on 9/2018
- Amex Gold NPSL
- Amex Delta $0/$18,000
- Chase Freedom $0/$18,000
- Chase Freedom unlimited $0/$3500
- Citi points card $0/17,000
- PenFed Rewards $12,781/$35,000

EDIT: I'll probably be closing the Citi & Delta cards.

Citi is not known for high limits unless your profile is super rock solid and even then. No difference in what card you solicited in terms of a higher sl, it's all computer/ algorithm driven. Imo I would NOT close those two cards. That's alot of credit that helps your utilization. If you lose 35,000 in limits and keep a high balance somewhere it will affect your utilization and score. Just my opinion.

Re: Balance Transfer Cards with good starting credit limits

OmarGB9 — Sat, 26 Mar 2022 15:27:18 GMT

@fittiger wrote:
@KLEXH25 wrote:
Almost any card is capable of having a high starting limit. It just depends on the applicant. Your score, salary, and credit age are all good, but what does the rest of your profile look like? How many cards do you have? What are your current limits? How high is your utilization (individual and total)? Even if you get a card with a $20k limit, you don't want to max it out, so perhaps splitting it between two is better. However, given the high amount that you want to consolidate, I would really try to look at a consolidation loan. My fiancé did this through his credit union, and it was the best move he could have made. Everything is paid off now and he kept all of his cards.
Thanks for the reply and suggestion.

What I'm looking for, all things being equal, do some products grant higher limits than others? For instance does Citi tend to grants higher limits on the Diamond preferred over the Double Cash (or Vice verse) solely for product reasons? Are they going to give me a lower limit on Diamond preferred because it's only benefit is the balance transfer option and they assume that's why I'm applying? Vs the Cash Back card they assume I'm after the 2% cash back benefit.

One of the balances I want to consolidate to 0% is a consolation loan that I'm paying $129 monthly in interest and the other is a low apr credit card balance.

My cards/balances/limits are below and my utilization is fine. Newest CC account was Delta on 9/2018
- Amex Gold NPSL
- Amex Delta $0/$18,000
- Chase Freedom $0/$18,000
- Chase Freedom unlimited $0/$3500
- Citi points card $0/17,000
- PenFed Rewards $12,781/$35,000

EDIT: I'll probably be closing the Citi & Delta cards.

Overall utilization may be fine, but that Penfed card is nearly at 50%. Is that the low APR balance you're talking about?

If so, then you're basically saying you're looking to get approved for a $30k+ limit right out of the gate, which almost never happens. Maybe with Navy, if you qualify.

Re: Balance Transfer Cards with good starting credit limits

fittiger — Sat, 26 Mar 2022 21:47:19 GMT

Overall utilization may be fine, but that Penfed card is nearly at 50%. Is that the low APR balance you're talking about?

If so, then you're basically saying you're looking to get approved for a $30k+ limit right out of the gate, which almost never happens. Maybe with Navy, if you qualify.

Yes, the penfed is the low apr card i referenced, 9.99% as of my march statement. Its closer to 33% uti, not 50%.

Other than finding a 0% transfer card or two to pay down debt, im not in the market for credit nor plan to be anytime soon. I'm not worried about high utilization, and would not expect the impacts to my score to be significant anyway.

Re: Balance Transfer Cards with good starting credit limits

fittiger — Sat, 26 Mar 2022 22:34:59 GMT

@AverageJoesCredit wrote:
Citi is not known for high limits unless your profile is super rock solid and even then. No difference in what card you solicited in terms of a higher sl, it's all computer/ algorithm driven. Imo I would NOT close those two cards. That's alot of credit that helps your utilization. If you lose 35,000 in limits and keep a high balance somewhere it will affect your utilization and score. Just my opinion.

Thanks, this is helpful

Re: Balance Transfer Cards with good starting credit limits

KLEXH25 — Sun, 27 Mar 2022 01:57:13 GMT

@fittiger wrote:
@KLEXH25 wrote:
Almost any card is capable of having a high starting limit. It just depends on the applicant. Your score, salary, and credit age are all good, but what does the rest of your profile look like? How many cards do you have? What are your current limits? How high is your utilization (individual and total)? Even if you get a card with a $20k limit, you don't want to max it out, so perhaps splitting it between two is better. However, given the high amount that you want to consolidate, I would really try to look at a consolidation loan. My fiancé did this through his credit union, and it was the best move he could have made. Everything is paid off now and he kept all of his cards.
Thanks for the reply and suggestion.

What I'm looking for, all things being equal, do some products grant higher limits than others? For instance does Citi tend to grants higher limits on the Diamond preferred over the Double Cash (or Vice verse) solely for product reasons? Are they going to give me a lower limit on Diamond preferred because it's only benefit is the balance transfer option and they assume that's why I'm applying? Vs the Cash Back card they assume I'm after the 2% cash back benefit.

One of the balances I want to consolidate to 0% is a consolation loan that I'm paying $129 monthly in interest and the other is a low apr credit card balance.

My cards/balances/limits are below and my utilization is fine. Newest CC account was Delta on 9/2018
- Amex Gold NPSL
- Amex Delta $0/$18,000
- Chase Freedom $0/$18,000
- Chase Freedom unlimited $0/$3500
- Citi points card $0/17,000
- PenFed Rewards $12,781/$35,000

EDIT: I'll probably be closing the Citi & Delta cards.

That's really helpful information. I would keep all of your cards open for now before applying for any cards. Having a few higher limit cards in your pocket with low utilization can help show that you're capable of handling higher limits responsibly. Which could possibly help influence starting limits. You'll likely still need two cards, but it will definitely help you pay less interest than you are now. I think you're in a good position to get some nice cards.

Re: Balance Transfer Cards with good starting credit limits

KLEXH25 — Sun, 27 Mar 2022 02:06:27 GMT

Have you considered a Discover card? You may have a better chance for a decent SL vs Citi. Also, do you have any preapprovals from Chase? Their Slate Edge card has a 0% intro APR for purchases and BTs for 18 months. And you can always move some of your limit over from another card if needed.

Re: Balance Transfer Cards with good starting credit limits

fittiger — Sun, 27 Mar 2022 02:25:16 GMT

@KLEXH25 wrote:
Have you considered a Discover card? You may have a better chance for a decent SL vs Citi. Also, do you have any preapprovals from Chase? Their Slate Edge card has a 0% intro APR for purchases and BTs for 18 months. And you can always move some of your limit over from another card if needed.

I have considered discover but the consolidation loan that I'm wanting to balance transfer is with discover so I'm not sure if that will affect the line of credit they will offer me. I also previously had a discover cc that they closed on me for inactivity about 3 years ago, not sure if that matters.

I also looked at slate but opening a Freedom flex seems to have a similar BT offer with extra card benefits, same APR with 15 vs 18 mo... this is in my back pocket for a second card option since I can just consolidate limits from my existing Freedom. I may just start with this and BT the penfed balance and see if penfed offers me a BT.

I'm open to any lender really, especially if the product regularly allows 0/low interest balance transfer offers after the initial period.