Applied for Chase Slate Offer for Balance Transer

[gr8flgrl2002]

For a little background about me.  I've been in credit repair for about 2 years.  I've raised my scores from very low 500s to 660s.  I have a USAA CC ($2500 limit) and a Chase Freedom Card ($1000 limit).  I have a long standing relationship with Chase.  

So yesterday, I received an offer from chase to apply for  a slate card and get a good deal on balance transfers.  I applied online with the code on my offer, put in my card info with the balances ($1200 altogether) and get an instant approval for $1000, no mention of the transfers.  I called Chase and was told that that balance transfer needed approval and that in 14-21 days the balance transfer would most likely be approved.  Apparently there is a law requiring that they investigate the transfer. OK.  I asked if the balance transfers were over and above the credit line and was told "no" but I could use 90% of the credit line for the transfers.

My concern is if I transfer the balance, I now have a maxed out card right out of the gate.   The no interest thing is great, but will this tank my fair credit rating into a poor one?  I'm very frustrated right now, as I didn't really need another card and saw this as a vehicle to raise my score.  Should I cancel the whole deal and just consider the hard pull a loss? 

[Anonymous]

The logical thing to do seems to call back to Chase, a bank you have a relationship with, and ask for a CLI that would make the BT make sense.  Because they way it is now, it would not make sense.  I no expert in CLI or recons, but can tell when one is actually needed and you NEED one.  Others will help you here with the details, I am sure.

[gr8flgrl2002]

Thanks,

[FinStar]

OP, you can contact Chase through their UW (backdoor number) and speak to an analyst about requesting a CLI.  Keep in mind, though, you'll incur another HP for such a request and no guarantee of a CLI.  Your experience will vary from others but doesn't hurt to ask if you really *need* the CLI for the BT.

[Anonymous]

I just got the Citi DC card and took advantage of the balance transfer offer that came with it, but the transfer had been sitting in my account as pending for about a week so I looked into it and Citi said that they hold any transfers until 14 days after the approval to give the new account owner time to reconsider, not for them to investigate it... I know there are laws regarding other types of credit and giving the consumer time to reconsider (ie a mortgage refi can be cancelled within 3 days of closing) so I just assume it has something to do with this. The Chase rep probably just gave you a made up answer that'd appease you (used to work at a bank, and this happens a lot when people aren't sure why something is the way it is).

As for your actual question, how long are you planning on carrying the balance for? And will you need to make any apps during that period? If you aren't going to make any apps during that period, being maxxed out won't really make a difference... and with the saved interest might be worth the temporary ding on your scores. Once paid down/off, I don't believe the history of being maxxed out will affect your score at all as long as you don't miss any payments. Regardless of what you choose, I wouldn't consider the HP a loss, you just increased your overall credit limit by almost 30% which should help with your total utilization.