BT Card Choices for 20K limit

[ceejx]

OK, so I know there's a few BT threads out there, but I figured I'd toss this out on my own... 

I just refinanced 20k with a fairly low interest signature loan (6.41% APR), but want to BT that to a no-interest card. I'll have the loan paid off in about 6 months, but want to save the interest. The Slate is tempting because of the $0 transfer fee and 0% APR, and I love Chase, but as you can see my Freedom is my lowest card, so I'm not confident I'll be able to get a 20k limit. Which card (if any!) would I have the best chance to get a $20k limit, on recon if necessary? I'm only hoping to burn a single INQ to each report at most and don't want to take a huge hit to my AAoA with too many new cards.

Stats:

Current cards/limits in sig.

Scores are in my sig, but are really a bit higher and will soon be even higher since my UTIL is reporting as 46%, but as of the 21st will be less < 1% util and scores should raise above 800 according to the MyFico Simulator.

Not sure how acurate the simulator is, but it accurately predicted my current score once my util went from around 99% to 55%, but I'm thinking it'll be in the 760+ range at least.

AAoA = 4.1

Oldest account = 12 years

EX INQ : 2 < 1yr and 3 > 1yr

EQ INQ : 3 < 1yr and 3 > 1yr

TU INQ : 1 < 1yr and 1 > 1yr

Thanks for your help!

EDIT: Sorry, I guess this was suppose to go into the Credit Cards forum, please move if it's in the wrong forum, thanks!

[Anonymous]

That's a tough one. Chase (Slate) and Citi (Simplicity) are good balance transfer cards, but I'd be worried they'd start you with a low limit. I know Amex's BCE and ED both have 0% APR on purchases and balance transfers for 15 months. They would likely be the ones willing to give the highest limit; even if they don't start you out that high, you could request the 3x CLI either upon activation or after 61 days. Your profile seems like it would support it.

[Anonymous]

Also, I know you said you'd rather take only one HP, but Capital One's Quicksilver has been giving out large limits, and it has a 0% APR for about 9 months I believe, but it would be 3 HPs (one on each bureau).

[Creditaddict]

If it's not the slate or a credit union that doesn't charge to do the BT there is NO point in doing the BT if you are paying the loan off in 6 months.... In fact I just wouldn't do it.  If you are making big equal monthly payments the interest is going to be so little anyway and the loan looks far better on credit than the credit card would.

[ceejx]

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@Anonymous wrote:

Also, I know you said you'd rather take only one HP, but Capital One's Quicksilver has been giving out large limits, and it has a 0% APR for about 9 months I believe, but it would be 3 HPs (one on each bureau).

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Yeah, I meant 1 on each, so I'm not worried about that. If I go for Cap1 (was prequal'd for Plat Prestige, V1 & QS) then I'm going to apply for 2 of them. The PP has no apr until late 2016, but not sure how big of a SL they give. Venture seems to be the biggest but I wasn't PreQual'd for it.

Thanks for the BCE recommendation. I've been tempted to go that route, would love to be in wtih Amex, so I might try. Does applying for multiple products from Amex at the same time use only a single HP?

[ceejx]

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@Creditaddict wrote:

If it's not the slate or a credit union that doesn't charge to do the BT there is NO point in doing the BT if you are paying the loan off in 6 months.... In fact I just wouldn't do it.  If you are making big equal monthly payments the interest is going to be so little anyway and the loan looks far better on credit than the credit card would.

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@Anonymous and no. If I continue to pay the loan (3yr personal loan @ 6.41%), I'll be paying off in 6months, which will actually be similar interest ($400ish) by the time I pay my last payment in Jan or Feb, versus a $600 BT fee on 20k and 15 to 18 months of breathing room to pay it off without accruing additional interest instead of making massive payments for the next 6 months.

The extra $200 might be worth that the extra time to pay it off. Also if something happens between now and 6 months from now that I have to extend my payments, or make smaller payments, on the personal loan, then I'm going to continue racking up interest.

EDIT: Fixed a math error, forgot to take into account extra payments on interest calculation for the post.

[CreditCuriosity]

BTW Slate max transfer even if approved for that amount is 15k

[Anonymous]

BOA was really great. They did 21 months no interest then 14.99.  90 days to complete balance transfers, 3%fee. Bank Americard Mastercard. Then after calling in and asking for a World MC upgrade, they insisted on adding a rewards program, so they added cash 123 with the 100/500 promo.

Of the few folks I know with BOA their limits are 9-30k... I would maybe get feedback from some myfico'ers on this: go into a BOA branch if possible, let them know what your plans are.

I would say 6 months dont worry about it. But if you do want extra time...you aint gonna get a 21 month simplicity card with a 20k limit, highly unlikely.

venture 1 would use 3 pulls... heck and for 2 pulls you could end up with 2 decent cards to cover the BT. If you can afford to pay it off in 6 months, then do that.

[SecretAzure]

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@ceejx wrote:

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@Anonymous wrote:

Also, I know you said you'd rather take only one HP, but Capital One's Quicksilver has been giving out large limits, and it has a 0% APR for about 9 months I believe, but it would be 3 HPs (one on each bureau).

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Yeah, I meant 1 on each, so I'm not worried about that. If I go for Cap1 (was prequal'd for Plat Prestige, V1 & QS) then I'm going to apply for 2 of them. The PP has no apr until late 2016, but not sure how big of a SL they give. Venture seems to be the biggest but I wasn't PreQual'd for it.

Thanks for the BCE recommendation. I've been tempted to go that route, would love to be in wtih Amex, so I might try. Does applying for multiple products from Amex at the same time use only a single HP?

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I also recommend the BCE but the initial limit (at least for me) was not anything near 20K, but usually you can ask for a CLI fairly soon after approval. I believe, and someone correct me if i'm wrong, that the only way to get 2 cards with 1 HP with Amex is if you apply for the charge card and then the regular card right after. If it's 2 revolvers I think you may still get the 2 HP's. Again, don't quote me...

[Creditaddict]

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@SecretAzure wrote:

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@ceejx wrote:

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@Anonymous wrote:

Also, I know you said you'd rather take only one HP, but Capital One's Quicksilver has been giving out large limits, and it has a 0% APR for about 9 months I believe, but it would be 3 HPs (one on each bureau).

---

Yeah, I meant 1 on each, so I'm not worried about that. If I go for Cap1 (was prequal'd for Plat Prestige, V1 & QS) then I'm going to apply for 2 of them. The PP has no apr until late 2016, but not sure how big of a SL they give. Venture seems to be the biggest but I wasn't PreQual'd for it.

Thanks for the BCE recommendation. I've been tempted to go that route, would love to be in wtih Amex, so I might try. Does applying for multiple products from Amex at the same time use only a single HP?

---

I also recommend the BCE but the initial limit (at least for me) was not anything near 20K, but usually you can ask for a CLI fairly soon after approval. I believe, and someone correct me if i'm wrong, that the only way to get 2 cards with 1 HP with Amex is if you apply for the charge card and then the regular card right after. If it's 2 revolvers I think you may still get the 2 HP's. Again, don't quote me...

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Pretty sure Amex caps BT to $10k if even that high.

Chase caps to $15k

I think Barclay started capping at $10k

some others allow 80% of your CL including chase but max of $15k

I don't think Cap1 or Citi have caps but cap1 will for sure go to fraud and you probably won't know unless you are checking daily or catch the call from them.