Balance Transfer Cards

[Anonymous]

So I just opened a Slate and I was given a limit of $4,500. I want to transfer about 4k in balance that I have on my other card. How closely do companies such as Chase look at utilization for BT cards such as the Slate? I want to transfer all of it so that my entire CC balance sits in one card, which would make it easier to keep organized. Any thoughts?

[Kb109]

Hmmm, I would see if they could raise your limit so the card doesn't appear to be maxed out.

[Anonymous]

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@Anonymous wrote:

So I just opened a Slate and I was given a limit of $4,500. I want to transfer about 4k in balance that I have on my other card. How closely do companies such as Chase look at utilization for BT cards such as the Slate? I want to transfer all of it so that my entire CC balance sits in one card, which would make it easier to keep organized. Any thoughts?

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Couple things.  It's fine to transfer that much to the card but don't just make minimum payments for months on end.  Even with O% offers its a good practice to make at least 2-3 times the minimum payment.  Also you should know that with a $4000/$4500 balance your credit scores are going to take a hit for that high of utilization on one card.  The scores will go back up as you pay the balance down.

[Anonymous]

Thanks for the replies!

For utilization, I thought what counted was overall utilization? So if I transfer that balance, it's not like my overall utilization will go up. Am I thinking about this the wrong way?

[baller4life]

Fico will also ding you for util on individual cards not just overall. So if you don't care about a temporary score drop,go for it. But, like Irish said, be sure to make 2 or 3 times the minimum payment. 😉

[NRB525]

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@Anonymous wrote:

So I just opened a Slate and I was given a limit of $4,500. I want to transfer about 4k in balance that I have on my other card. How closely do companies such as Chase look at utilization for BT cards such as the Slate? I want to transfer all of it so that my entire CC balance sits in one card, which would make it easier to keep organized. Any thoughts?

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You say "other card" singular? What is the other card? No other cards besides these two now?

How long is the 0% APR on the BT? Can you pay off the $4k completely in that time period with 0% APR in effect?

[Anonymous]

The other card is an AMEX BCE, my introductory 0% APR runs out in December. I have a few other cards, but they're paid off so it's just the AMEX that carries a balance really. And the 0% APR is at least 18 months, so I should definitely be able to pay it off before then.

[NRB525]

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@Anonymous wrote:

The other card is an AMEX BCE, my introductory 0% APR runs out in December. I have a few other cards, but they're paid off so it's just the AMEX that carries a balance really. And the 0% APR is at least 18 months, so I should definitely be able to pay it off before then.

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Which other cards and limits for each card?

[Anonymous]

Discover 0/10500

Quicksilver 0/2000

CSP 500/8000

BCE 4500/25000

However, none of them still offer the introductory 0% APR. I guess I could try to transfer about 3k of my CSP limit to the Slate? Anyone have any luck doing that? I don't even know if it's possible actually.

[NRB525]

Call up Discover and ask them if you have any 0% BT offers.

Or, just check on-line with your Discover account to see if there are any 0% BT offers already there. There probably are, Discover and BofA do this all the time. all the time. every month.