@Anonymous wrote:This effort exceeded my expectation so I thought I would share what I learned.
My original post was here: https://ficoforums.myfico.com/t5/Credit-Card-Applications/Want-to-increase-chance-of-approval-for-BT-card-Should-I-ask-for/m-p/5170680#M189600
@Anonymous short, I was hoping to BT $20k that I had sitting @ 20%. My Util was 58.51% ($24,809/$42,400) and scores were low 700 to high 600. I have a new business and cash flow has been lagging. I wanted to push the debt to 0% till my A/R caught up.
I was not too optimistic on my chances.
I did spend time researching, made some adjustments to my original plan.
This resulted in:
- $30k in BT in 2 new cards ($15k US Bank, $15kWells fargo)
- $28k in 0% for 12 mos (Cap1 Venture 1)
- $6500 in CSP CLI (hard pull)
- $7200 in CSR auto- CLI (no pull)
Total new credit = $71,700
I ultimately BT'ed $30k
A few strategies I used:
- Maximizing my score - I figured out the reporting pattern and used payments/charging strategies to minimize reported balances. I was able to quickly pay down $12k debt and use AZEO. My scores were all above 700 when I applied (I used the MyFico service for $29.99/mo). All cards except 1 were reporting a $0 balance. Notice that they were reporting a $0 balance, in actuality I was juggling a bit to get that appearance.
- Card Issuer selection - I initially wanted to apply for Citi or BofA. My highest scores were on TU. I found out that US Bank and Wells checks TU. It also looked like they were giving higher limits (as opposed to Citi and its low limits). These became a natural choice. It worked. Wells was insta approval online and US Bank gave me 5-7 day message.
- Recon - Both US Bank and Wells gave me very small initial limits (US bank = $600, Wells $2500). I called up and asked for $15K. In each case they gave me the limit immedediately. I may have left money on the table.
I actually would have been happy with just $10k in BT. I thought $20k was a reach.
In 2014 I was denied for a $10k used car loan from anyone reputable and rejected for a secured credit card by Cap1 (now I have $36k in credit). Quite a bit can happen in 4 years.
Super Congrats on your $30,000 balance transfer!
It's always a great thing to get more than you expect. 
Thanks so much for the tips. You never know who they
might help in the future, and it was very kind of you to pay
it forward so others can benefit. Congrats again!
Excellent recovery and love the smart, strategic planning of moving debt. This goes to show, in a short amount of time, one can turn any situation around. Best of luck to you and congrats again.
Congrats on both approvals and very nice limits !!!
Congratulations!
@Anonymous wrote:
@AnonymousSuper Congrats on your $30,000 balance transfer!
It's always a great thing to get more than you expect.
Thanks so much for the tips. You never know who they
might help in the future, and it was very kind of you to pay
it forward so others can benefit. Congrats again!
Thanks. My motivation in the post was to keep the "tips' in a single post. I had to piece together a plan from several threads as there was no comprehensive overview of BT cards/process etc. I found several posts where people would post a plan, but the posters rarely updated with the outcome.
The information I aggregated that resulted in these line will save me about $12k (conservatively) and has freed up my cash flow to keep my business operational when I was really undercapitalized.
This is lifechanging for me. The BT saved me from getting another 9-5 gig. My projections for the next year are now very healthy.