BT CARDS, NEED ADVISE FROM EXPERIENCED MEMBERS

[KSK1912]

I will make this short to not take much of your time. Since last year i have been rebuilding my credit, and some close friends, after seeing the improvement i did, started coming to me for advise. Here is another one that i need some advise on.

Afriend of mine needs a BT card. Her total balances on 3 cards is about $10K. $7K on Amex, and $2500 USBank, and a little on a Cap One.

Amex BCE Limit $20K

USBank CC limit: $5K

Cap One: $$5K 

Credit Scores, around 730's FICO across the board. Never late, no ollections. And 2 inq's on ex (more than a year old) and probably 0 on TU and EQ.

This weeks offers she received in the mail:

Citi Simpliciti - Citi Double Cash Back (or something similar), i believe both had 21 months 0 apr BT

3 Discover IT (yes 3 pre approval from discover in a matter of 10 days. All came in a nice shiny brown envelope if it makes any sense. Not ver knowledgable about Discover cards myself) 12 months 0 apr BT

Personal Loan offer from Cap One.

Cap One QS offer, 0 apr but 3% BT fee.

All offers had an apr range of %12 - %15

What we need help woth: 

What card would yield better chances of getting a higher limit to do BT for about $10/$11K

She is not very happy with the fact that citi does HP for CLI's, even though it seems to be a no brainer with 21 months 0 apr.

Any other good BT cards there that she might consider.

Thanks for the help in advance.

[Anonymous]

I would recommend a credit union card. Most CUs don't charge BT fees while the big banks typically do. Alliant usually has promo BT rates; with those scores she'd probably get a good limit with PenFed as well.

[Viva-LV]

Just picked up BOA Plat Plus MC: 0% for 18 mths Citi has a couple of transfer cards, had the DP for awhile. BT fee seems to be standard, even at CU's. Good luck!

[Anonymous]

Chase Slate has 15 months no interest and a 0% BT fee the only problem with them if you dont have a prior relationship they can be kinda stingy with a SL. You could check Chases prequal site see what comes up and if they line isent large enough try to recon. Discover IT has a 18 month 0% interest, but a 3% BT fee, but they do have some nifty BT options..

http://ficoforums.myfico.com/t5/Credit-Cards/Discover-balance-transfer/td-p/4685090

[KSK1912]

Thanks everyone. I don't know if she would like to open an account with a CU at the moment, but we will definitely look in to Chase and Discover. She thinks 12 months with Discover should be more than enough time to bpay down or pay off the debt she has, and she likes the advantage of SP CLI's with Discover. I will update the results here.

[Anonymous]

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@KSK1912 wrote:

I will make this short to not take much of your time. Since last year i have been rebuilding my credit, and some close friends, after seeing the improvement i did, started coming to me for advise. Here is another one that i need some advise on.

Afriend of mine needs a BT card. Her total balances on 3 cards is about $10K. $7K on Amex, and $2500 USBank, and a little on a Cap One.

Amex BCE Limit $20K

USBank CC limit: $5K

Cap One: $$5K 

Credit Scores, around 730's FICO across the board. Never late, no ollections. And 2 inq's on ex (more than a year old) and probably 0 on TU and EQ.

This weeks offers she received in the mail:

Citi Simpliciti - Citi Double Cash Back (or something similar), i believe both had 21 months 0 apr BT

3 Discover IT (yes 3 pre approval from discover in a matter of 10 days. All came in a nice shiny brown envelope if it makes any sense. Not ver knowledgable about Discover cards myself) 12 months 0 apr BT

Personal Loan offer from Cap One.

Cap One QS offer, 0 apr but 3% BT fee.

All offers had an apr range of %12 - %15

What we need help woth: 

What card would yield better chances of getting a higher limit to do BT for about $10/$11K

She is not very happy with the fact that citi does HP for CLI's, even though it seems to be a no brainer with 21 months 0 apr.

Any other good BT cards there that she might consider.

Thanks for the help in advance.

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I highly doubt the initial approval for the disco would be enough to bt 10/11k effectively.  For that much you need a limit of 25-30k, or you will just be maxing out a card.  I would get each card paid down as close to 30%  as possible then apply.  And get increases on current cards. Then in the future you can do debt shuffles without opening cards for BTs.  Cap1 would be 3 inquiries and 0% for 9 months. Dont do that.

Maybe consider bank americard 0 for 18 months, see if she can get apr reductions on all current cards now though.   You can ask for a nice CLI at activation with BOA but it could cost you a 2nd HP (like citi).

Why the aversion to CU cards?

I would consider applying for two chase cards and move around some limits?  Maybe the CSP and Freedom?

Also citi diamond preferred doesnt it seem to have higher starting limits?  The apr is usually 1pct less post promo as well.

[lhcole77]

The tricky thing I have seen with balance transfer cards is that sometimes at approval a person won't get a high starting limit. 

 When I got my simplicity I got approved with a 6000 starting limit and my FICO scores were in the 770s at the time. Double Cash  approvals have been notorious for having small starting limits. I can't remember  what mine was but it was too low so I transferred from another card. 

What are her scores, how many inquiries has she had in the last six months and year, what's her overall utilization , Does she have decent income and what is her AAoA?

 Knowing this information may help us guide her towards a specific lender.