(Need Advice) Citi Double Cash Mailer...

[Anonymous]

Hello! 

I have one card that has a 14.5k balance out of 15k total limit, it is on a 0% APR promo for a few more months

Citi just started sending me double cash mailers with BT options, but I don't think they know what they're asking 😆 

I do not want to waste a hard pull, and I also do not want a BS card limit

So my question is, should I apply and ask for a 15k balance transfer

Or not even bother? 

Because the 15k balance is 50% of my total credit limit, it has brought my credit score down to 675

The 675 has me skeptical to apply for anything.

I have not applied for any new credit for about 1.5 to 2 years... I'm not sure if that helps, just thought I'd mention it if it matters. 

I look forward to hearing everyone's feedback

Thank you in advance for your time and information

[CYBERSAM]

You are 96% utilization on one card and 50% overall! That would be red flag for existing account let alone a new CC!

I would avoid "seeking new credit" and increase you monthly payment to reduce the balance as much as you can.

You are very close to get CLD by other cards! Try not to carry any balance on other cards till you have UTI lower! Also be sure to pay more then minimum payment so it would reflect on your CR.

[FinStar]

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@Anonymous wrote:

Hello! 

I have one card that has a 14.5k balance out of 15k total limit, it is on a 0% APR promo for a few more months

Citi just started sending me double cash mailers with BT options, but I don't think they know what they're asking 😆 

I do not want to waste a hard pull, and I also do not want a BS card limit

So my question is, should I apply and ask for a 15k balance transfer

Or not even bother? 

Because the 15k balance is 50% of my total credit limit, it has brought my credit score down to 675

The 675 has me skeptical to apply for anything.

I have not applied for any new credit for about 1.5 to 2 years... I'm not sure if that helps, just thought I'd mention it if it matters. 

I look forward to hearing everyone's feedback

Thank you in advance for your time and information

---

With the 96% utilization on one particular card, it won't happen, unfortunately.

An item to keep in mind, the mailers are simply marketing invitations to apply, regardless if there's an invitation code or pre-selected.

So, if you don't want a "BS card limit", Citi isn't going to be the one.

Have you considered other options to retire this high balance?  Now, your scores do not appear to be in ideal territory, are any of your other cards carrying balances? Not sure how up-to-date your signature is as far as which cards you currently hold.

You may have to split the balances, that's if you can get some lenders to approve decent limits based on your current credit picture.

[Anonymous]

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@CYBERSAM wrote:

You are 96% utilization on one card and 50% overall! That would be red flag for existing account let alone a new CC!

I would avoid "seeking new credit" and increase you monthly payment to reduce the balance as much as you can.

You are very close to get CLD by other cards! Try not to carry any balance on other cards till you have UTI lower! Also be sure to pay more then minimum payment so it would reflect on your CR.

---

Okay, okay... I will definitely do that! 

Thanks

[Anonymous]

@FinStar 

Hi! 

I have been paying off all of my other credit cards, and now I'm just waiting for the final one to report a $0 balance, it will happen on the 18th

So the only card with a balance will be my 15k card

I can pay about 2k a month on it

So I'm not too worried about it, I was just trying to have my credit score look pretty again and dodge the APR bullet that is getting loaded into the chamber

But it looks like I'll have to pay it down a little first, before I can do anything else

[FinStar]

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@Anonymous wrote:

@FinStar 

Hi! 

I have been paying off all of my other credit cards, and now I'm just waiting for the final one to report a $0 balance, it will happen on the 18th

So the only card with a balance will be my 15k card

I can pay about 2k a month on it

So I'm not too worried about it, I was just trying to have my credit score look pretty again and dodge the APR bullet that is getting loaded into the chamber

But it looks like I'll have to pay it down a little first, before I can do anything else

---

Ok, I see.

How many more months (approximately) do you have left on the 0% promotion?

[Anonymous]

I have 4 months left

[FinStar]

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@Anonymous wrote:

I have 4 months left

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Ok, so if your scores get some sort of nudge after the $0 balance reports on the other card, check and see if any improvements take place right after that. Since you have a few months left, a bit of a paydown on that high balance can help, but you probably won't see a huge difference -- but something is something.

Unless you don't want to play splitty-split with a few potential cards to reduce some of the weight or spread the BT love, then you'd have to consider and decide whether the cost of high finance charges on the present card is worth it on a prolonged basis. What is the standard APR on the card you're carrying the balance? Also, keep in mind that the Feds have started the interest rate hike(s), so whatever variable APR you have today, will likely fluctuate over time.

There are a couple options I can suggest when your reports can breathe a little. FNBO Evergreen Visa (offers a pre-qualification to test the waters) and can yield a potential limit you can expect (if approved). Another potential can be Truist (if you're in their lending footprint), they also have a pre-qualification portal, but it won't yield a limit until approved (if an offer is available).

I'm sure others can chime in on other strategies or alternatives to restructure the high balance into a more economical level.

[Anonymous]

The APR on my cards is high, that's why I usually just pay everything off each month

I think I'm going to do like each of you have said, wait to see how much my score increases (if any) once everything reports... then I'm going to have to pay down that balance 

In about 2 months, I may try and apply for a couple new cards with my existing lenders to see if I can't manipulate my credit utilization with some new cards and or a credit limit increase

And then do a BT for the remaining amount

[FinStar]

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@Anonymous wrote:

The APR on my cards is high, that's why I usually just pay everything off each month

I think I'm going to do like each of you have said, wait to see how much my score increases (if any) once everything reports... then I'm going to have to pay down that balance 

In about 2 months, I may try and apply for a couple new cards with my existing lenders to see if I can't manipulate my credit utilization with some new cards and or a credit limit increase

And then do a BT for the remaining amount

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Ok, just keep in mind, any CLIs with Chase are HP.

FYI - AmEx has hidden the CLI request link but there's a workaround. Just chime back with any updates at some point if you wish.

I'd also recommend updating some of your signature stats to keep things fresh/relevant.