topic Re: AMEX and balance transfers in Credit Cards

AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:34:53 GMT

so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:37:31 GMT

man, amex is a strange beast. why offer cc if they like pif? why offer sweet bt rates when they don't like revolvers? i hope it works out for you, but i wouldn't be brave enough to try it.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:38:56 GMT

dizzier wrote:
so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

Six months or so is probably going to be OK on a BT from an offer they sent you. I wouldn't go much longer than that, though. They really don't like it when you revolve a balance from purchases for more than 3 months or so.

I say probably because they are unpredictable, and YMMV.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:40:19 GMT

Make much more than min payments-

Keep your other creditors happy-

Is this you only AMEX?

Saving $ is always a good thing-

dizzier wrote:
so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:41:29 GMT

yeh i know it was a risk, but it was a good offer so i figured i'd give it a try. If anything goes wrong i have 2 other CC at $0 i can transfer back to. I don't plan to make purchases on the Amex so no embarrassing public declines for me. lol

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:41:56 GMT

Just to add a couple of points:

1) Make sure your balance on the card is $0 before you do the BT.

2) Do NOT use your card for additional purchases while you still have the BT balance.

3) Always pay significantly more than the minimum, even though it is at 0%. I would not advise making only minimum payments for 5 months and then PIF in the 6th month. They will not be happy with that.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:42:29 GMT

@Anonymous wrote:

Make much more than min payments-

Keep your other creditors happy-

Is this you only AMEX?

Saving $ is always a good thing-

@Anonymous wrote:
so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

yes this is my only amex but i have 2 other major cards.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:50:32 GMT

dizzier,

I think it is OK to do the BT. (If you trust my opinion.)

Just be sure to make large monthly payments and stay on your schedule of paying it off in six months. I don't think Amex will flinch based on your scores. I would only be concerned if your Amex account was recently opened.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 18:55:06 GMT

it is recently opened. i guess i didn't make that clear. this was an offer for a new AMEX with BT offer. this makes a difference?

Message Edited by dizzier on 02-23-2008 09:55 AM

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 19:01:45 GMT

dizzier,

Does the BT max out the Amex card?

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 19:28:47 GMT

I'd be tempted to get a Green or Plat with them (if it's in your plans) so you can get rewards and get AMEX some trans fees-

This will keep account activity with Amex- and the 2nd HARD won't hurt your score- Avg age might-

We are going to see AMEX moving BACK to their roots and to their Charge cards- I think it's smart to get in early-

@Anonymous wrote:

@Anonymous wrote:

Make much more than min payments-

Keep your other creditors happy-

Is this you only AMEX?

Saving $ is always a good thing-

@Anonymous wrote:
so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

yes this is my only amex but i have 2 other major cards.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 19:32:36 GMT

Timothy wrote:
I'd be tempted to get a Green or Plat with them (if it's in your plans) so you can get rewards and get AMEX some trans fees-

This will keep account activity with Amex- and the 2nd HARD won't hurt your score- Avg age might-

We are going to see AMEX moving BACK to their roots and to their Charge cards- I think it's smart to get in early-

since amex usuall (as i understand it) gives you a member since date of you oldest card w/amex and the history to go with it, how bad would the reaging really be?

i really want the green (can't justify the plat right now). my oldest reporting tl is 5 years average age about 1 year. should i pull the trigger?

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 19:54:10 GMT

For some reason they reported my open date on my Green as Dec 07.

I am kinda disapointed- I was hoping for 6/07

Ducky- I thought you got a Green?

I would pull the trigger on it- It has been totally cool

I justified the AF because of the lower AF on the Delta- to $30

Never been deined on it- The DW digs using it-

I have been paying the Stement balance a few days after the statement cuts- not one issue

dnm45227 wrote:

Timothy wrote:

I'd be tempted to get a Green or Plat with them (if it's in your plans) so you can get rewards and get AMEX some trans fees-

This will keep account activity with Amex- and the 2nd HARD won't hurt your score- Avg age might-

We are going to see AMEX moving BACK to their roots and to their Charge cards- I think it's smart to get in early-

since amex usuall (as i understand it) gives you a member since date of you oldest card w/amex and the history to go with it, how bad would the reaging really be?

i really want the green (can't justify the plat right now). my oldest reporting tl is 5 years average age about 1 year. should i pull the trigger?

Message Edited by Timothy on 02-23-2008 12:54 PM

Re: AMEX and balance transfers

haulingthescoreup — Sat, 23 Feb 2008 20:00:28 GMT

@Anonymous wrote:
it is recently opened. i guess i didn't make that clear. this was an offer for a new AMEX with BT offer. this makes a difference?

Hey, dizzier, my DD#1 did a BT onto a new Blue Sky when it was first offered. That was the whole point in her getting the card. She took four months to pay it off, paying way more than minimums, and they never blinked. Of course, it would be pretty d@mn nice if they would update her credit reports, but still...

Anyway, hope that helps. I think as others said that since the BT was part of their initial offer, and she paid it off briskly at higher than minimums, that helped. I think you'll be OK. Fingers crossed for ya!

BTW, her scores are in the 720 - 730 range.

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 20:17:28 GMT

Timothy wrote:
For some reason they reported my open date on my Green as Dec 07.
I am kinda disapointed- I was hoping for 6/07

Ducky- I thought you got a Green?
I would pull the trigger on it- It has been totally cool
I justified the AF because of the lower AF on the Delta- to $30

Never been deined on it- The DW digs using it-
I have been paying the Stement balance a few days after the statement cuts- not one issue
dnm45227 wrote:

Timothy wrote:
I'd be tempted to get a Green or Plat with them (if it's in your plans) so you can get rewards and get AMEX some trans fees-

This will keep account activity with Amex- and the 2nd HARD won't hurt your score- Avg age might-

We are going to see AMEX moving BACK to their roots and to their Charge cards- I think it's smart to get in early-
since amex usuall (as i understand it) gives you a member since date of you oldest card w/amex and the history to go with it, how bad would the reaging really be?

i really want the green (can't justify the plat right now). my oldest reporting tl is 5 years average age about 1 year. should i pull the trigger?

Message Edited by Timothy on 02-23-2008 12:54 PM

no green for me. kind of skiddish of the sleigh center response, i've had enough hvt. i have already paid the fee for the plat delta so thinking i would hold off until it was closer to renewal.

i just put about 1200 on the skymiles for the london trip, even used amex travel for the hotel in hopes of bolstering my profile w/them.

so timothy can i have a mod exemption to show the care givers at the sleigh center?

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 22:03:49 GMT

I have had no luck getting any HVT in the Sliegh center-

AND I am an enabler- I say go for it and let Brammy take it out on me.

dnm45227 wrote:

Timothy wrote:

For some reason they reported my open date on my Green as Dec 07.

I am kinda disapointed- I was hoping for 6/07

Ducky- I thought you got a Green?

I would pull the trigger on it- It has been totally cool

I justified the AF because of the lower AF on the Delta- to $30

Never been deined on it- The DW digs using it-

I have been paying the Stement balance a few days after the statement cuts- not one issue

dnm45227 wrote:

Timothy wrote:

I'd be tempted to get a Green or Plat with them (if it's in your plans) so you can get rewards and get AMEX some trans fees-

This will keep account activity with Amex- and the 2nd HARD won't hurt your score- Avg age might-

We are going to see AMEX moving BACK to their roots and to their Charge cards- I think it's smart to get in early-

since amex usuall (as i understand it) gives you a member since date of you oldest card w/amex and the history to go with it, how bad would the reaging really be?

i really want the green (can't justify the plat right now). my oldest reporting tl is 5 years average age about 1 year. should i pull the trigger?

Message Edited by Timothy on 02-23-2008 12:54 PM

no green for me. kind of skiddish of the sleigh center response, i've had enough hvt. i have already paid the fee for the plat delta so thinking i would hold off until it was closer to renewal.

i just put about 1200 on the skymiles for the london trip, even used amex travel for the hotel in hopes of bolstering my profile w/them.

so timothy can i have a mod exemption to show the care givers at the sleigh center?

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 22:24:11 GMT

big fat no! go back to the sleigh center!

Your consumer credit bureau score mentioned above was determined using a scoring system that evaluated the information in your file at the consumer reporting agency named below. The following are the primary factors in your credit report that affected your credit bureau score:

Derogatory public record or collection filed.

Length of time accounts have been established.

Proportion of revolving balances to revolving credit limits is too high.

Too many recent credit checks.

1. three paid collections less than when they gave me the delta

2. accounts are older now than when they gave me the delta

3. better uti rate than when approved for the delta

4. well they got me there, guilty

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 22:34:02 GMT

Don't I feel bad- I thought you had your UTL down

dnm45227 wrote:

big fat no! go back to the sleigh center!

Your consumer credit bureau score mentioned above was determined using a scoring system that evaluated the information in your file at the consumer reporting agency named below. The following are the primary factors in your credit report that affected your credit bureau score:

Derogatory public record or collection filed.

Length of time accounts have been established.

Proportion of revolving balances to revolving credit limits is too high.

Too many recent credit checks.

1. three paid collections less than when they gave me the delta

2. accounts are older now than when they gave me the delta

3. better uti rate than when approved for the delta

4. well they got me there, guilty

Re: AMEX and balance transfers

Anonymous — Sat, 23 Feb 2008 22:49:28 GMT

uti is maybe 20%. i will try and call new accounts monday and see if they will give me a shot (don't hold out much hope though).

overall my picture is tons better, so we'll see.

i haven't logged in to amex to see if they flagged me for fr or cld yet.

Re: AMEX and balance transfers

Anonymous — Sun, 24 Feb 2008 01:27:29 GMT

should i go for broke and app the plat i'm supposed to be pre-approved for. that will tell us several things.

1. do the pre-approvals mean anything

2. can anyone willing to pay the 450 actually get one

3. will amex inq's merge

feedback please!