topic Re: Balance Transfer Question in Credit Cards

Balance Transfer Question

pip3man — Tue, 27 May 2014 19:03:12 GMT

I processed a balance transfer on my Discover card which I intend to carry for a while until the 0% APR runs out. I don't intend to charge any thing new on the card. So since I'm only using the card for balance transfer is it safe to only make the minimum payment or should I be paying 5X the minimum? Will it impact my chances of getting a credit line increase down the line cos I sure would love them to bump me in 3-6months from now but I dont know if they see the minimum payment, they prolly be thinking I'm unable to handle large payments and thus be reluctant to grant an auto or customer initiated CLI. Any thoughts on this?? Thank you

Re: Balance Transfer Question

gdale6 — Tue, 27 May 2014 22:05:46 GMT

@pip3man wrote:
I processed a balance transfer on my Discover card which I intend to carry for a while until the 0% APR runs out. I don't intend to charge any thing new on the card. So since I'm only using the card for balance transfer is it safe to only make the minimum payment or should I be paying 5X the minimum? Will it impact my chances of getting a credit line increase down the line cos I sure would love them to bump me in 3-6months from now but I dont know if they see the minimum payment, they prolly be thinking I'm unable to handle large payments and thus be reluctant to grant an auto or customer initiated CLI. Any thoughts on this?? Thank you

I did at least 2x min payment for first 6 months then increased to payout over remaining time at 0%...

Re: Balance Transfer Question

tcbofade — Tue, 27 May 2014 22:49:23 GMT

Discover is an odd duck, and they treat very similiar profiles very differently sometimes and none of us are sure why.

If it were me, I would make whatever payment is required to pay off the balance within the zero percent time frame...if they give you a CLI, great! If not, leave it SD'd with a zero balance while you pursue a lender/card that WILL grow with you.

Good luck!

Re: Balance Transfer Question

pip3man — Tue, 27 May 2014 23:25:57 GMT

@gdale6 wrote:
@pip3man wrote:
I processed a balance transfer on my Discover card which I intend to carry for a while until the 0% APR runs out. I don't intend to charge any thing new on the card. So since I'm only using the card for balance transfer is it safe to only make the minimum payment or should I be paying 5X the minimum? Will it impact my chances of getting a credit line increase down the line cos I sure would love them to bump me in 3-6months from now but I dont know if they see the minimum payment, they prolly be thinking I'm unable to handle large payments and thus be reluctant to grant an auto or customer initiated CLI. Any thoughts on this?? Thank you
I did at least 2x min payment for first 6 months then increased to payout over remaining time at 0%...

Hey gdale6 sounds like I might follow your tactics although I might just make it 4x the minimum, though I don't know what the minimum payment required on the account is at this time. Quick question with your 2x min payment, did u ever get an increase whether at the end of the promo APR or months down from the account approval? My intro APR doesn't elapse until July 2015.

Re: Balance Transfer Question

pip3man — Tue, 27 May 2014 23:31:25 GMT

@tcbofade wrote:
Discover is an odd duck, and they treat very similiar profiles very differently sometimes and none of us are sure why.

If it were me, I would make whatever payment is required to pay off the balance within the zero percent time frame...if they give you a CLI, great! If not, leave it SD'd with a zero balance while you pursue a lender/card that WILL grow with you.

Good luck!

lol prior to being approved for a Discover, I used to think they were very generous with CL & CLIs but I'll see how they play out with me. I'm hoping they just be good to me cos I intend to do the same otherwise I will send them to go chill with my CapOne card I just SD'ed lately. Thanks for sharing ya thoughts, much appreciated