topic Re: Balance Transfer Issues despite approval. in Credit Cards

Balance Transfer Issues despite approval.

Anonymous — Thu, 06 Nov 2014 02:15:08 GMT

Just got approved for a chase slate with a CL of $1000. I got it in order to do a balance transfer of $1900 from my BoA account (emergency pet surgery with bad timing). I was approved for the slate but only with a $1000 CL meaning I doubt they accepted my balance transfer (I wont know until I get the card in 7-10 days). I also have a chase freedom which has a zero balance and $2500 credit limit (card is actually shredded as I want to stop using credit cards after I pay off this balance transfer).... I'm thinking to call and ask them to transfer $1500 of my chase freedom credit limit to my chase slate so I can successfully have my full $1900 balance transfer from my BoA card transferred successfully... Is this a bad idea, would you all go about this in a different way?

Re: Balance Transfer Issues despite approval.

Anonymous — Thu, 06 Nov 2014 02:20:39 GMT

Why not either ask for a credit limit increase or transfer the boa balance to your freedom?

Re: Balance Transfer Issues despite approval.

Anonymous — Thu, 06 Nov 2014 02:21:34 GMT

@Anonymous wrote:
Just got approved for a chase slate with a CL of $1000. I got it in order to do a balance transfer of $1900 from my BoA account (emergency pet surgery with bad timing). I was approved for the slate but only with a $1000 CL meaning I doubt they accepted my balance transfer (I wont know until I get the card in 7-10 days). I also have a chase freedom which has a zero balance and $2500 credit limit (card is actually shredded as I want to stop using credit cards after I pay off this balance transfer).... I'm thinking to call and ask them to transfer $1500 of my chase freedom credit limit to my chase slate so I can successfully have my full $1900 balance transfer from my BoA card transferred successfully... Is this a bad idea, would you all go about this in a different way?

Do this.

That's still a high UTL on a potential $2,500 limit card. See about transfering $2,000 of it if possible.

Re: Balance Transfer Issues despite approval.

Anonymous — Thu, 06 Nov 2014 02:22:09 GMT

@Anonymous wrote:
Why not either ask for a credit limit increase or transfer the boa balance to your freedom?

OP's promo interest period is probably expired or on the verge of expiring.

Re: Balance Transfer Issues despite approval.

Chris679 — Thu, 06 Nov 2014 02:22:31 GMT

If they go for it I think it is a good idea yes.

Re: Balance Transfer Issues despite approval.

Anonymous — Thu, 06 Nov 2014 03:57:06 GMT

Yea the promo on my freedom is expiring very soon.

Re: Balance Transfer Issues despite approval.

Creditaddict — Thu, 06 Nov 2014 04:18:27 GMT

yes thats not an issue at all with chase and what you should do... transfer $2k from Freedom to Slate and when you pay slate off you can move that limit back over to Freedom and close out slate as it's useless once you finish paying the bt off.

Re: Balance Transfer Issues despite approval.

Anonymous — Thu, 06 Nov 2014 05:33:53 GMT

Ok Ill call them when i get my card... Since you said chase will likely let me transfer my limit does that mean my balance transfer should fully go through too? Or still a chance it wont?

Re: Balance Transfer Issues despite approval.

rlx01 — Thu, 06 Nov 2014 05:42:38 GMT

You have 60 days from approval for the 0 fee BT promo.

You can always submit another BT request online after moving CL.

Re: Balance Transfer Issues despite approval.

jsucool76 — Thu, 06 Nov 2014 05:45:34 GMT

@Anonymous wrote:
Ok Ill call them when i get my card... Since you said chase will likely let me transfer my limit does that mean my balance transfer should fully go through too? Or still a chance it wont?

The BT was most likely auto-declined when it exceeded your original limit. You'd most likely have to process it again Something you could talk to them about when you ask them to transfer the limit. They might just be able to push a button and approve the previous BT request.

Re: Balance Transfer Issues despite approval.

lg8302ch — Thu, 06 Nov 2014 10:50:31 GMT

@Anonymous wrote:
@Anonymous wrote:
Just got approved for a chase slate with a CL of $1000. I got it in order to do a balance transfer of $1900 from my BoA account (emergency pet surgery with bad timing). I was approved for the slate but only with a $1000 CL meaning I doubt they accepted my balance transfer (I wont know until I get the card in 7-10 days). I also have a chase freedom which has a zero balance and $2500 credit limit (card is actually shredded as I want to stop using credit cards after I pay off this balance transfer).... I'm thinking to call and ask them to transfer $1500 of my chase freedom credit limit to my chase slate so I can successfully have my full $1900 balance transfer from my BoA card transferred successfully... Is this a bad idea, would you all go about this in a different way?
Do this.

That's still a high UTL on a potential $2,500 limit card. See about transfering $2,000 of it if possible.

Try to increase the limit on the Slate first by explain the reason for the 1900$ BT you would like to do on the card. In case Chase can up it to 2K, take that first and do another call once the BT has gone through and move 2K from the Freedom to the Slate so the card will not be maxed out. I would use the move of CL only if nothing else works - Good luck !

Re: Balance Transfer Issues despite approval.

takeshi74 — Thu, 06 Nov 2014 13:45:49 GMT

@Anonymous wrote:
Is this a bad idea, would you all go about this in a different way?

Keep utilization in mind. Maxing a card is a bad idea. Prolonged high utilization is a bad idea. If you're going to pay off the Slate in a few months it's not big deal but if you intend to carry the balance for a long time you should to reconsider.

Re: Balance Transfer Issues despite approval.

Ragelog — Fri, 07 Nov 2014 03:03:19 GMT

@takeshi74 wrote:
@Anonymous wrote:
Is this a bad idea, would you all go about this in a different way?
Keep utilization in mind. Maxing a card is a bad idea. Prolonged high utilization is a bad idea. If you're going to pay off the Slate in a few months it's not big deal but if you intend to carry the balance for a long time you should to reconsider.

Out of curiousity why is it bad if you have promo APR and have a plan to pay the balance over time beyond the obvious FICO score impact but if you don't plan to apply for new credit until the balance is paid why else is it bad?

Re: Balance Transfer Issues despite approval.

Chris679 — Fri, 07 Nov 2014 03:12:32 GMT

It's not bad as long as you are paying down the balance steadily and not just paying the minimum. Sometimes there is this sentiment around here that you have to walk on pins and needles with your credit cards. You do not. Use them however you want just be responsible about it.

Re: Balance Transfer Issues despite approval.

Anonymous — Fri, 07 Nov 2014 07:47:06 GMT

Just checked online and it appears chase has approved 980$ of the $1900 balance transfer... Aka 980/1000 balance vs limit on the new slate.. The card should arrive in a week, however, seeing as I shredded up my old freedom does it mean I have to ask for a replacement card if I want to balance transfer from it? I guess I shouldve SDed it but the shredding was the only way to guarantee i couldnt use it any more (planning to significantly decrease CC use as soon as i pay off these balances) could I call them tomorrow to talk about moving credit limits or do i have to wait until i get the new slate in the mail and potentially reorder a new freedom, I assume for security reasons since I feel like they wont move the limit if i dont have my cards info anymore.

Re: Balance Transfer Issues despite approval.

Anonymous — Fri, 07 Nov 2014 17:25:57 GMT

Well your advice worked! Transferred the CL on my chase freedom to the slate and transferred the full BT successfully! So happy to be able to pay this off interest free and get this debt off my mind without feeling guilty paying interest!

Re: Balance Transfer Issues despite approval.

Anonymous — Fri, 07 Nov 2014 18:32:32 GMT

@Anonymous wrote:
Just checked online and it appears chase has approved 980$ of the $1900 balance transfer... Aka 980/1000 balance vs limit on the new slate.. The card should arrive in a week, however, seeing as I shredded up my old freedom does it mean I have to ask for a replacement card if I want to balance transfer from it? I guess I shouldve SDed it but the shredding was the only way to guarantee i couldnt use it any more (planning to significantly decrease CC use as soon as i pay off these balances) could I call them tomorrow to talk about moving credit limits or do i have to wait until i get the new slate in the mail and potentially reorder a new freedom, I assume for security reasons since I feel like they wont move the limit if i dont have my cards info anymore.

Crazy they approved any part of it, and even crazier they approved up to 98% of CL.

Actually, that's more spooky than it is crazy.

Re: Balance Transfer Issues despite approval.

Anonymous — Fri, 07 Nov 2014 20:56:32 GMT

Why

Re: Balance Transfer Issues despite approval.

Anonymous — Fri, 07 Nov 2014 20:57:20 GMT

I actually had my card info written down! Didn't need to order a new one.

Re: Balance Transfer Issues despite approval.

Anonymous — Fri, 07 Nov 2014 20:58:10 GMT

@Anonymous wrote:
Why

Because..

That's a whole lotta UTL.