topic Re: BT to Bank in General Credit Topics

BT to Bank

busted2 — Thu, 14 May 2020 04:07:48 GMT

This is a highly specific question I searched for:

If you do a Balance Transfer with a CC that allows ACH deposits directly into your bank, do your other creditors get immediately notified of the BT due to the ACH? Reason being most will be paid back before the balance reports and creditors may be sensitive right now if they find out before I pay it down. In any case, total combined debt will be under 8.9% so mostly just curious. Thank you.

Re: BT to Bank

Anonymous — Thu, 14 May 2020 05:28:46 GMT

@busted2 wrote:
This is a highly specific question I searched for:

If you do a Balance Transfer with a CC that allows ACH deposits directly into your bank, do your other creditors get immediately notified of the BT due to the ACH? Reason being most will be paid back before the balance reports and creditors may be sensitive right now if they find out before I pay it down. In any case, total combined debt will be under 8.9% so mostly just curious. Thank you.

No, your other creditors will not know of the BT until the issuer you're doing the BT from reports to the credit bureaus.

Re: BT to Bank

coreysw12 — Thu, 14 May 2020 05:52:59 GMT

@Anonymous wrote:
@busted2 wrote:
This is a highly specific question I searched for:

If you do a Balance Transfer with a CC that allows ACH deposits directly into your bank, do your other creditors get immediately notified of the BT due to the ACH? Reason being most will be paid back before the balance reports and creditors may be sensitive right now if they find out before I pay it down. In any case, total combined debt will be under 8.9% so mostly just curious. Thank you.
No, your other creditors will not know of the BT until the issuer you're doing the BT from reports to the credit bureaus.

Which is typically when your next statement cuts. If you do the BT the day after your statement cuts, you'll have almost a whole month before the other creditors see it. If you do it the day before your statement cuts, they'll see it in only a couple days. If it's a brand new credit card, the next statement closing date could be anywhere from 1-45 days from now.

Re: BT to Bank

busted2 — Thu, 14 May 2020 08:04:02 GMT

Thank you. 👏🏼👏🏼👏🏼

Re: BT to Bank

Shooting-For-800 — Thu, 14 May 2020 11:36:25 GMT

I have probably done 10 of them and never had an issue.

I would stay away from cash advances though.