topic Re: What to do....Balance Transfer in Credit Cards

What to do....Balance Transfer

raisinitup — Wed, 11 Sep 2013 14:11:42 GMT

Thanks in advance for your help and direction....Here's my credit picture

EQ - 680

EXP - 704

TU - 650

NFCU CC - $10k/15k limit

Macy's Amex - $1k/2k limit

FNB MC - $1400/2800 limit

Income = 50k

I'm agressively paying down my balances since I know they're not ideal but I would like to do a balance transfer to save some $$ on the interest. I'm not sure if my scores are high enough to transfer such a large balance and if they are good enough, I'm not sure which card to go with. Any suggestions ?

Re: What to do....Balance Transfer

takeshi74 — Wed, 11 Sep 2013 14:20:48 GMT

As always, it's not just a matter of scores but your entire credit picture. Your utilization is quite high at ~63% and you're not likely to get favorable limits or rates with high utilization.

Granted, YMMV and I've posted this example before but I applied near the end of last year for a Slate to BT since my utilization was high and Chase would only give me a $2,000 limit with the highest APR. Several months later I was able get my utilization under 10%. No other changes. Chase approved a $25K CSP and $25K MileagePlus Explorer (APR's are fixed on these cards). Not saying that your credit supports this. Just providing it as an example of how much utilization can impact and limit you.

Re: What to do....Balance Transfer

Burned2manybridgesB4 — Wed, 11 Sep 2013 14:20:22 GMT

Just off your current util listing, you're looking like you're on the path to trouble.

Re: What to do....Balance Transfer

raisinitup — Wed, 11 Sep 2013 14:24:44 GMT

Thanks to those who read my questions and responded with an opinion but I'm really looking for suggestions. I did include that I am in the process of agressively paying down on my cards so I'm just trying to see if the balance transfer is a viable option.

Re: What to do....Balance Transfer

Burned2manybridgesB4 — Wed, 11 Sep 2013 14:27:20 GMT

If you got an approval, I'd guess it to be 2k at best, unless you try another CU.

Re: What to do....Balance Transfer

raisinitup — Wed, 11 Sep 2013 14:29:56 GMT

So I would guess that wouldn't make sense to just transfer 2k right ?

Re: What to do....Balance Transfer

Burned2manybridgesB4 — Wed, 11 Sep 2013 14:35:04 GMT

First off, let me express that the vast majority here are not going to criticize you, judge you, etc..etc..

We're here to help, and we all have our own experiences/specialties.

The more info you provide, the more you'll get replied.

How about your AAOA, any bad stuff (co's, ca's), how long have the cards been open individually, and how long have you carried these balances on each card?

Re: What to do....Balance Transfer

Anonymous — Wed, 11 Sep 2013 14:40:43 GMT

This could be a option for you. Maybe try and open another NFCU credit card and transfer over the 2 non NFCU cards to that for the 0% they have right now (doesn't work for NFCU to NFCU BT's) and hope they give you a nice limit so then the utilization would go down. Then request a CLI for your other NFCU card and hopefully that will give you a even better utilization to where you would be more attractive for a higher limit Chase card and then transfer it all to that new card...worth a shot in moy opinion Good luck!

Re: What to do....Balance Transfer

raisinitup — Wed, 11 Sep 2013 14:54:42 GMT

Thanks and I do appreciate everyone who takes the time to read and give me some advice.

My AAOA is 5 years, My NFCU card was opened in January of this year but the others were all opened in May (we bought our first home and used them for applicances, etc). Last baddie was in 2005 when we had a charged off car loan but that's due to fall off this year (DOLA was 2007). No collections, 15 accounts paid as agreed (mostly store cards that I've had for years that I never use and student loans). Hoping when our mortgage starts reporting, my scores will improve even more.

Hope that helps !

Re: What to do....Balance Transfer

Burned2manybridgesB4 — Wed, 11 Sep 2013 14:57:49 GMT

Have you researched a HELOC, to subset the NFCU balances, or is it the other cards you want to knock off first? I can't envision Navy being your highest APR.

Re: What to do....Balance Transfer

Burned2manybridgesB4 — Wed, 11 Sep 2013 15:00:04 GMT

@Burned2manybridgesB4 wrote:
Have you researched a HELOC, to subset the NFCU balances, or is it the other cards you want to knock off first? I can't envision Navy being your highest APR.

https://www.navyfederal.org/products-services/loans/equity/equity.php

Re: What to do....Balance Transfer

raisinitup — Wed, 11 Sep 2013 15:18:42 GMT

You are correct, NFCU is my lowest APR. I hadn't considered the HELOC option but will look into that. Is that the only viable option you think ?

Re: What to do....Balance Transfer

Burned2manybridgesB4 — Wed, 11 Sep 2013 15:25:14 GMT

Due to the high util on one single card (the one that will hurt approvals the most being over 60%), along with the others showing balances too, will probably lead to a big NO from the conventional banks, or a card with a 1k+ limit, and an apr of 24%, with a bt fee of 4%

I'd check your options, but the killer is definitely the 10k bal.

*edit: always keep your DTI in mind, when carrying balances, then think like a bank lender right after that.

Re: What to do....Balance Transfer

raisinitup — Wed, 11 Sep 2013 15:51:23 GMT

OK, I'll have the 10k card paid down to $7500 in the next few months with the others paid off so I'll wait and then try to do a BT at that time. THanks!

Re: What to do....Balance Transfer

Burned2manybridgesB4 — Wed, 11 Sep 2013 15:52:37 GMT

Update the thread when you get a solution. I'd like to hear how this turns out.

Re: What to do....Balance Transfer

Creditaddict — Wed, 11 Sep 2013 17:28:58 GMT

@Burned2manybridgesB4 wrote:
Update the thread when you get a solution. I'd like to hear how this turns out.

id at least transfer the other 2 to your navy since that will be 0% right now if you can't get a pre-approval for a citi, chase slate, or discover it.

at least stop the highest interest rate and start focusing on sending all your money to 1 place... Navy!!