@JMCB wrote:I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!
I've received the following Pre-approved offers in the mail:
Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.
WF Reflect - 0% at 21 month - Read they pull EX mostly
BoA - 0% at 18 months - Read they pull EX mostly
US Bank - 0% at 20 months - Read they pull EX mostly
Want to do CLI for Chase (EX) & Barclays (TU)
The biggest questions will be a) will they approve with that debt showing, no matter how good your scores is, and b) what kind of limits will thy give? The only cardi would think you might get a high limit on is WF but that's a maybe. I wouldn't care to go for all four as hps don't scare me but knowing I'm in a similar debt situation I can relate. I can't be approved for anything due to really bad income but if your income is good you have better chances than i
I. US Bank ismore conservative and inquiry sensitive as is Citi so I'd make those priority. Best of luck.
I banked with WF from the 1990's-2010's and had two mortgages and credit cards with them. They can be very tough for approvals and although you probably won't have a problem if your scores are over 700 with the few other DP's you gave. However don't expect a super high SCL as they are known for lower SCL's on new cards. I don't think you'll get any where near that $55K with them. I'd venture if approved your CL would be $10K or less to start. But you never know until you try. If you are eligible to join I'd look at NFCU. They are well known for much higher SCL. Twenty years ago they gave me a $20K SL on my very first card with them.
@JMCB Also if you are in Truist Bank service area their "Future" Visa card is currently offering 0% APR for 15 months within 90 days of card issue. No AF card but they also are known to start low normally between $4,500-$6,500. I actually have 2 of the Future cards and even though I don't need to use the BT feature as I never go above 3% UTL. I could "double" up lol.
@AverageJoesCredit wrote:
@JMCB wrote:I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!
I've received the following Pre-approved offers in the mail:
Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.
WF Reflect - 0% at 21 month - Read they pull EX mostly
BoA - 0% at 18 months - Read they pull EX mostly
US Bank - 0% at 20 months - Read they pull EX mostly
Want to do CLI for Chase (EX) & Barclays (TU)
The biggest questions will be a) will they approve with that debt showing, no matter how good your scores is, and b) what kind of limits will thy give? The only cardi would think you might get a high limit on is WF but that's a maybe. I wouldn't care to go for all four as hps don't scare me but knowing I'm in a similar debt situation I can relate. I can't be approved for anything due to really bad income but if your income is good you have better chances than i
1st US Bank since the are strict in inquiries
2nd Citi because they are hard to get into
3rd Bank of America because if you aren't a customer they won't approve at 3/12
4th Wells Fargo
5th Chase for credit limit increase in case anything funny with their 5/24
6th Barclays for credit limit increase because I'm pretty sure they are the only ones that's gonna pull TU
@AverageJoesCredit wrote:
@JMCB wrote:I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!
I've received the following Pre-approved offers in the mail:
Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.
WF Reflect - 0% at 21 month - Read they pull EX mostly
BoA - 0% at 18 months - Read they pull EX mostly
US Bank - 0% at 20 months - Read they pull EX mostly
Want to do CLI for Chase (EX) & Barclays (TU)
The biggest questions will be a) will they approve with that debt showing, no matter how good your scores is, and b) what kind of limits will thy give? The only cardi would think you might get a high limit on is WF but that's a maybe. I wouldn't care to go for all four as hps don't scare me but knowing I'm in a similar debt situation I can relate. I can't be approved for anything due to really bad income but if your income is good you have better chances than i
I quoted you by accident, sorry
I would apply at Citi first because (unless things have changed internally) the bank won't approve if you have applied for a card from any other bank within the past 7 days.
I suggest US Bank next.
@JMCB - I personally would not try to solve this debt problem with more credit cards. Your score - which drives everything else - would be much better off if you get a personal loan, HELOC, or whatever other installment type loan you can get. I think more revolving credit cards to fund $55k is a dangerous way fund this debt ... good luck
13Oct22 Exp F8: 812