BT question

[armymom]

I'm looking to possibly do a balance transfer on my Macy's account and I would like some advice.  The two cards that come up most are Citi Platinum Select and  Discover More.  I have an old CO with Cap1(no longer on my cr's) , so they are  not an option.  And my util is to high to qualify for Penfed.  My EQ fico is 725 with 2 inq, Tu fico is 730 with 3 inq and Ex plus score is 731 with  2 inq.  I will also be refinancing my auto , hopefully with Penfed, in the next few days,  And my overall util is at 40%.  My questions are:

1. Should I wait until everything is approved with refinancing my auto thru Penfed before applying for a BT?

2. Do I even have a chance of being approved for a card w/ a BT?

3. I opened a Citi AAdvantage MC in 12/09, so is it just to soon to apply for another cc?

I might add I really wasn't looking to apply for another cc,  I'm just tired of paying so much interest (24.99%) . 

[Anonymous]

If you are financing through Penfed, I would apply for a card with them anyway.  It couldn't hurt, and who knows, maybe with a recon they would give you a sweet card for BT.

Baring that, I would check out a local CU and tell them you're looking for a card you can transfer funds to.  They're usually very helpful.

[score_building]

Based on the info in OP it is certain that you would not qualify for a pen fed CC, don't waste an inq there (pretty much need to be under 28% uti to even consider a pen fed cc app.)

Probably have a decent shot at a Nationwide or State Farm CC, the latter gives special consideration to current policy holders FWIW.

[RobertEG]

BT may not be your only option.

Most BTs hit you for an initial fee of 3-4% of the BT amount.  The clothed dagger, instantly impaled!

I would take the advice offered by others, and first look into joining a CU.  Most CUs offer much better rates than any CCC, and maybe it would be better for you to just join, and then get a personal loan from them.  No BT fees.  Use the CU loan to then pay the CCC revolving debt.  It would then convert the debt to installment rather than revolving, with an improvement in FICO score.

Your FICO scores are very good, so CU acceptance should not be a problem. 

A CU membership applic may hit you for a hard pull, but that is small and goes away after one year.  You will probably be much more satisfied in your future credit needs with a CU than with a CCC.

 If you are interested, go to the web site of the Natioal Federation of Credit Unions (NCFU) and serf for a CU that you are eligible to join.  After becoming a member. then check out the CC and loan offers they post.

[armymom]

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@score_building wrote:

Based on the info in OP it is certain that you would not qualify for a pen fed CC, don't waste an inq there (pretty much need to be under 28% uti to even consider a pen fed cc app.)

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I'm going to apply for refinancing my auto with Penfed.  I don't see getting approved for thier Visa , but since it's all one  inquiry I  thought I'd go ahead and try .  I was actually leaning towards Citi for a BT.  My current auto loan is through them.  I have also financed two other vehicle through them (never late), so i hope that goes in my favor.

[score_building]

armymom wrote:

score_building wrote:

Based on the info in OP it is certain that you would not qualify for a pen fed CC, don't waste an inq there (pretty much need to be under 28% uti to even consider a pen fed cc app.)

 I'm going to apply for refinancing my auto with Penfed.  I don't see getting approved for thier Visa , but since it's all one  inquiry I  thought I'd go ahead and try .  I was actually leaning towards Citi for a BT.  My current auto loan is through them.  I have also financed two other vehicle through them (never late), so i hope that goes in my favor.

gotcha, that makes sense, I missed that the 1st time around. 

Good luck with citi, you have a v. good record but not sure how they'll respond to 40 uti, worth a shot, imo more so than Discover with their 5% BT fee GL!