@Anonymous wrote:
Hello,
Thank you in advance for answering my question. I am currently looking for two maybe three balance transfer cards. I have one Platinum credit card with Navy Federal with $8440 on itand one line of credit with Wells Fargo with 4330 left on it to pay that I would like to transfer to a zero interest card to hopefully pay it off faster. If I could get two cards and split the debt I could probably get them all paid off by the end of this year. I am just trying to figure out the best way to go about this. I currently have no inquires on my credit at all. Here is some pertinent information that might help you all help me.
Income: Mine 105,000. Husband 100000
My credit scores:
EQI 812
Trans 817
Experian 826
Current Credit card info
Navy Federal Plantinum(currently paying interest) $8440 limit is $25,000
Bank of America Cash Rewards (currently not paying interest at all, no interest expires in May) $3600 limit is $24,000
Wells Fargo I owe $0 Limit is $13000
Macys $0 Limit is $15000
Capital One Quicksilver $0
Capital One Venture $0
Barclay $0
Chase Sapphire $0 limit is $19,300
Chase South West $0 limit is $13,000
Chase Marriot Bon Voy $0 limit is $24,000
Victoria's Secret $0 limit is $4350
Wells Fargo Line of Credit I owe $4330 but the line of credit is $25,000.
Student Loan Debt: $65,000 (currently benefitting from the COVID forbearance)
Mortgage $144,000.
These are the only things apprearing on my credit report.
Right now I am thinking about applying for another Navy Federal Platinum Card and a Bank of America Card. I am hoping to maybe get approved for $15,000 from each so I could split the debt between the two cards.
A couple of questions as you provide advice:
1. Would you suggest I apply for both cards on the same day? If not what would you suggest?
2. Are these the two cards you would go with or should I explore others? Should I just apply for 2 cards? Or possibly 3 to split the debt even more?
3. I am also considering doing a credit line increase after I apply for the cards. Would you suggest I ask for a credlit limit increase for m Macy's card? I was considering asking for $5,000 which would bring me to $20,000. This is mainly for purposes of possibly buying furniture when we purchase a house.
One thing to note. I do plan on buying a house in June or July of 2022, so I want to get this ball rolling to get this debt paid off but also to have the inquiries done now so that is far enough out from the mortgage process.
@Anonymous Welcome to the forums. I am by no means an expert, but I would give you some suggestions.
1. If you do apply for both cards, it will likely be fine if you apply for both on the same day. NFCU typically pulls from Transunion and BOA usually pulls Experian. Of course, your mileage may vary.
2. It's likely that you would get a good starting limit if you applied for the Platinum card with NFCU. Unfortunately, you cannot transfer balances between NFCU cards. So you would have to first transfer the debt elsewhere before transferring it to your second Platinum.
Another option would be to balance transfer the funds to your account with BOA and use those funds to pay off your first NFCU Platinum. BOA allows this, but there is a 3% fee so you have to perform due diligence to insure that the math will work out in your favor.
Another option, is to apply for a Discover or Citi card (they are also offering a 0% bt offer). If you get a large enough starting limit, you could just bt both balances over to the card assuming it won't max out the limit.
One last consideration is to try another CU like Penfed, they are offering a bt offer on their gold card for 12 months 3% fee.
I would hesitate before apping for more than 2 cards.
3. Go for the cli, it should be a soft pull. Don't be disappointed if they don't approve you for as much as you would like. Many financial institutions have been tightening up due to current economic conditions.
You seem like you would be a good candidate for a personal loan based on your strong income and high credit score. There are some sites that prequalify you, and show you your interest rate and amount you would be approved for. A personal loan would be something to consider also.
Good luck with whatever you decide! Keep us posted.
