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Alternate Balance Transfer Strategy Needed

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Frequent Contributor

Alternate Balance Transfer Strategy Needed

In the course of a month, I got slammed with huge unforeseen costs. My 2 Chase cards (CSP and CFU) have a combined balance of 15K and a combined CL of 31.7K. my Discover card shows a balance of 10K out of a CL of 14.5K. With these new balances, my current Util is 35%.

My plan was to get a 15K personal loan from my CU and pay off my Chase cards. The dramatic drop in Util would certainly boost my scores, particularly Experian, which Chase uses here in California. My EX is currently at 719. Then, I planned to app for the Chase Slate card and use its 0% APR and no BT fee to move the 10K off of the Discover card. Now, Chase is discontinuing the Slate.

There are two other major free BT fee cards. I'm allergic to BoA, so that leaves the Amex Everyday card. I already have their BCP card with a CL of 18K. There is no balance on it and my record with Amex is solid. The Everyday would be my alternative to the Slate. The 15-month 0% APR would allow me to pay off the Discover 10K and the CU loan at a leisurely pace.

I've been in the garden for 15 months, regularly raising my CLs. I've recently acquired a $250 medical derog on TU that I'm about to address. My three other cards have zero balances.

I'm going to ask my Chase branch manager if she considers it absolutely futile to app for the Slate. But, it seems to be a dead issue. What's your opinion of my alternate strategy?

Message 1 of 4
Super Contributor

Re: Alternate Balance Transfer Strategy Needed

AMEX will only allow a max of $5K on a BT so you will have to look elsewhere. I would look for a no-fee CU card like the NFCU Platinum to fill in the gaps but CUs are notoriously DTI-focused so your current debt load may be a bit limiting in the SL department. 


Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 2 of 4
Super Contributor

Re: Alternate Balance Transfer Strategy Needed

Get a $15k loan from the CU. 


Move the $10k off Discover to the CU.


Move $5k from the Chase cards to the CU.


BT the remaining $10k from the Chase cards to Discover. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 4
Frequent Contributor

Re: Alternate Balance Transfer Strategy Needed


I assume you mean to use the 15K from the CU loan to pay off the Discover and 5K the two Chase cards. I don't see how it would be helpful tooth in transfer 10K from the Chase cards to the Discover. It's APR is no better than the Chase cards. I might then try to app for 0% APR cards.
Message 4 of 4
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