Apply when you need a card or preemptive app spree when you have low utilization?

[Superduper2014]

I just got approved by Discover IT.

My intention is to make purchases with this card and pay it slowly with zero APR for the next 14 months and if there is a balance remaining at the end of the 14 months, to do a balance transfer to another card. Problem is I don't know if the current cards I already have will have any bal transfer offers in 14 months.

Should I apply for another card in order to have more options for a future bal tr offer or wait until then to apply for a new card with a bal tra offer?

Thing is, if I apply for a card later, my credit may not be as good as it is now since I will have a higher utilization from the discover and I may not get a good balance transfer offer, if at all, vs applying now and getting a card which I know will have an initial offer but it will be expired by when I need it. However, applying for another card now increases my chances of having a bal tr offers in the next 12 months. 

Sorry if I didn't explain this more clearly. 

Suggestions appreciated. 

If you are still with me on this last part, I thank you in advance! 

[CCrew]

IMHO it's a gamble. You're going to run utilization up which depending on your profile may well depress your scores, in the hopes that in 14 months you can get another card approved and transfer it out. With a potentially depressed score. There's that big "if" staring you in the face. 

I wouldn't do it but YMMV. Too many variables. Heck the economy could tank in 14 months even. Card issuers are already seeing increased losses. 

[kilroy8]

To answer your question, NFCU has BT offers every February.

To say what you don't want to hear: This strategy is one that is likely to fail over time - as you are violating rule one of money management. Live within your means.

[Anonymous]

Or below your means so you can start to put savings away and put it to work for you.

[Superduper2014]

Any advise on this will be greatly appreciated.

It will be interesting to know what strategies members of this forum are using for this.

Thanks

[ChessChik47]

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@Superduper2014 wrote:

Any advise on this will be greatly appreciated.

It will be interesting to know what strategies members of this forum are using for this.

Thanks

---

You've gotten some good advice above...most MyFico folks would not do what you're suggesting - carry a balance that they know they aren't going to pay off in the 14 months BT timeframe, then transfer the remaining balance to another card that they don't have yet or get a card just to do the transfer without knowing for sure if BT offers will be available.   You run the risk of all the interest you're trying to avoid having to be paid if you don't pay the balance within the BT timeframe if you do not have another card to transfer the balance to.  Be careful with this approach.  As another poster stated, you have no clue what the economy will look like in 14 months and most banks do not want revolving balances that long (even though they offer the option).  

[ChessChik47]

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@Anonymous wrote:
Or below your means so you can start to put savings away and put it to work for you.

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+1

[Superduper2014]

I appreciate the live within your means, live below your means and all the good intentioned comments, however when you have a dying family member and you need to buy medical supplies and pay around the clock nurse, etc.. it is a good idea to plan ahead and have an option to move a balance to another card if necessary. 

This was more of a technical and strategy question and would love to also hear from those who have a suggestion in this regard. Thanks

[ChessChik47]

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@Superduper2014 wrote:

I appreciate the live within your means, live below your means and all the good intentioned comments, however when you have a dying family member and you need to buy medical supplies and pay around the clock nurse, etc.. it is a good idea to plan ahead and have an option to move a balance to another card if necessary. 

This was more of a technical and strategy question and would love to also hear from those who have a suggestion in this regard. Thanks

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Sorry for your family member's health issue.  I stick to my advice above and would suggest that you don't use the credit card as the backup here....since you said your scores are good now, maybe you should consider a personal loan to cover these expenses as you get closer to the end of the balance transfer timeframe rather than attempting to get another credit card.  The personal loan interest rate can be very good (depending on who you use) and you wouldn't have to worry about spooking a creditor.  I got one through SOFI a couple months back for $60K at 7% and could stretch out the payment terms for up to 7 years if i wanted to.  This loan falls under the "other installment loan" section so the credit cards are freed up.  Even with adding 60K to my debt, I only lost 5 points in score when the loan reported.  Good luck to you whatever you decide to do.

[Superduper2014]

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@ChessChik47 wrote:

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@Superduper2014 wrote:

I appreciate the live within your means, live below your means and all the good intentioned comments, however when you have a dying family member and you need to buy medical supplies and pay around the clock nurse, etc.. it is a good idea to plan ahead and have an option to move a balance to another card if necessary. 

This was more of a technical and strategy question and would love to also hear from those who have a suggestion in this regard. Thanks

---

Sorry for your family member's health issue.  I stick to my advice above and would suggest that you don't use the credit card as the backup here....since you said your scores are good now, maybe you should consider a personal loan to cover these expenses as you get closer to the end of the balance transfer timeframe rather than attempting to get another credit card.  The personal loan interest rate can be very good (depending on who you use) and you wouldn't have to worry about spooking a creditor.  I got one through SOFI a couple months back for $60K at 7% and could stretch out the payment terms for up to 7 years if i wanted to.  This loan falls under the "other installment loan" section so the credit cards are freed up.  Even with adding 60K to my debt, I only lost 5 points in score when the loan reported.  Good luck to you whatever you decide to do.

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Good call. I will consider the personal loan if in 14 months it looks like I will be needing to move the balance to a lower APR. The fact that a personal loan is a different category than credit cards and didn't affect your credit much, is very interesting. I didn't know this. Thanks. 

What would be nice though, if I do end up carrying a balance at the end of the 14 months, is to have the option of doing a balance transfer at zero APR vs a loan at 7%APR.

It looks like what I would need to do is increase my available credit limits on existing cards and also get more cards so I can spread out the upcoming charges and not just use one card and max it out. This way I can try and keep my utilization below 30% on the cards with zero APR intro for purchases until it is time to see whether the other existing cards have Bal Tr offers OR if I need to apply for a card at that point my credit will be good and chances are high of getting approved for a new card. This much is what I have gathered from reading this forum. 

Thanks