Hey Family,
Mom is looking to get bathroom redone and will approx cost 15K. Financing is offered through company but only for 18 months no interest and she cant pay it off quite that quickly. So we have two options First would be to put charge on Flaghship card to earn 2x the points and then BT the charge over to Suntrust Prime Rewards for the no fee BT @ 3.25% for 3 years or place charge on synchrony home card which has limit of 25K and use it for the 18 months no interest and then BT to Suntrust. Concerns not sure the SL she would get at suntrust I know my Grandfather just got 9K . But she would need at least 15-20K to keep the UTI at a reasonable percent. She did have a prior loan with Suntrust that was paid off early. Other concerns is she is not sure if synchrony will force the min payment the pay off the account within the 18 months no interest but we are going to contact them to find that information out. I will list stats below of her profile
All scores are 780 and above
AAOA: 5 years
AAOYA: 7 months, Oldest Account is 11 years
4/24 as far as new accounts but in Oct that will drop to 3/24.
Inqs EQ: 7/24 2/12, TU: 7/24 , 2/12 EX: 13/24 7/12
Highest SL: NFCU 30K
Current DTI: 8% including mortgage payment only bal reporting is NFCU and is paid in full monthly.
Income: 80K
@blindambition wrote:I'm interested to see how others respond. I would not consider Synch in this equation. All the recent CLD and closures. Obviously 15k would be a huge change in pattern. I bet that triggers red flags. JMHO!
Well she was approved for a CLI recently on the account from 16.5K to 25K. She did decrease it back to the original limit due to synchrony stating it would be an equal pay finance promotion which would be close 1000 a month.
@Harvey26 wrote:Mom is looking to get bathroom redone and will approx cost 15K. Financing is offered through company but only for 18 months no interest and she cant pay it off quite that quickly. So we have two options ...
Actually, you do have another option. You can either do the 0% financing with the remodeler for the 18 months and then roll the remainder of the balance over to a card at the end of that time to take advantage of the 0% financing. Or you can "split" the amount if they will allow it, so pay part of it with a card and then use the 0% with the remodeler for the remainder of the total so that she can afford to pay it off over 18 months. The Suntrust Prime Rewards option you mentioned is a good solution, IMO.
@dogmeat wrote:So it sounds like the Suntrust Prime card hasn't been applied for yet. How about the Synch home care? Is that a card in hand with current 0% BT offer, or just an option for a card to apply?
If you already have a card with enough limit and a low-fee & APR BT offer available, then putting the charges on the Flagship and BT'ing makes sense.
If you don't already have one (or more) cards with the BT offers available, you may want to apply for them, to see if you successfully get them (and what SLs). Then you can determine if you have enough BT limit available to cover the costs and maintain a reasonable util %.
You can also use the store financing, as mentioned previously, and push back the BT decision by 18 months. Some cards only let you BT from other cards though, so keep in mind BT'ing from a store-financed loan will not work to all CCs.
Also, NFCU pretty regularly offers 0%/1.9% APR BT offers on their cards around the jan/feb timeframe. So that will likely be an option available to you as well.
Yeah she already has synchrony home credit card and the 0% for 18months is an equal pay which she can afford but just not in her comfort zone and no suntrust has not been applied for. Was trying to wait it out as long as possible due the 60 days for BT starting as soon as application is approved.
I'm no expert in BT or large purchases like this but a HELOC does seem to be a great option here. Interest rates are very reasonable right now...and you get to shop around for more options. Her bank may be a good place to start. They also generally offer more time to pay off the loan so there's less sense of urgency.
Must garden until 2/1/2022 to hit my goal AAOA. 
@SecretAzure wrote:I'm no expert in BT or large purchases like this but a HELOC does seem to be a great option here. Interest rates are very reasonable right now...and you get to shop around for more options. Her bank may be a good place to start. They also generally offer more time to pay off the loan so there's less sense of urgency.
Update. She pulled the trigger today. Instant approval for 11.5K. Will try to see if they are able to increase a bit higher. Attempted to go higher and agent stated that application was only premlinary approval. Never seen or heard that before for a credit card. Any ideas why online it says approved but they have a prelimnary approval.