Balance Transfer Carousel

[Anonymous]

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@Racer202 wrote:

Order of highest util.

Chase United 15000/33000 Util 45% 0 apr thru 2020

Citi Simplicity 6000/22000 Util 34% 0 apr until jan 2020

BOA Cash Rewards 3400/15000 Util 23% 0 apr through june 2020

Wells Propel 755/4500 util 16% 0 apr through jan 2020

Amex Everyday 0/18500

Amex Hilton 0/1000

Amex Delta Gold 0/1500

Amex Gold

Chase SP 0/2000

Chase BA 0/500

Chase IHG 0/500

Wells  Cashwise 0/5000

Citi AA 0/7200

Citi Best Buy 0/3000

Barclays JetBlue Plus 0/9000 ( Curently have an offer for this card for 0 apr. Will probably take out 30% - 2700)

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You don't have many options, simply pay it down as much as you can, simplicity first obviously. When its 2 months before 0apr running out, transfer to another card and keep paying down.

The key is the balance is going down as quickly as you can each month. Thats all you can do.

[Anonymous]

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@Racer202 wrote:

was really hoping to avoid opening new lines. 

possibly looking to take out a mortgage in the new year.

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Well, then the options aren't there for another 0% period based on that info.

New accounts don't kill your mortgage chances it just means you write a letter explaining why you opened new credit for each account you open or apply for.  It's not that big of a deal.  Been there, done that.

[Racer202]

Barclaycard is a tough nut to crack. rang them up today telling them im considering the BT but i would like to get an increase on the line with a soft pull but was shot down with an affirmative HP response. Cant really find anything on the net about folks getting CLI with SP with those sticklers.

[Anonymous]

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@Racer202 wrote:

Barclaycard is a tough nut to crack. rang them up today telling them im considering the BT but i would like to get an increase on the line with a soft pull but was shot down with an affirmative HP response. Cant really find anything on the net about folks getting CLI with SP with those sticklers.

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Already told you it's a HP.  SP's come with age and use... it's a new account... weigh the benefits and check the time limit.

[tcbofade]

You can always check for a prequal at Discover...

No HP to check, but there WILL be one if you decide to proceed. 

[CreditCuriosity]

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@tcbofade wrote:

You can always check for a prequal at Discover...

No HP to check, but there WILL be one if you decide to proceed. 

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Discover wouldn't give him the CL needed I can pretty much say that pretty much with certainty.  It isnt adviseable to open new cards 6 months before a mortgage, but i did...  All depends on profile and scores.  I still got the best rate, but profile supported it.  Granted going to refi after next rate cut as will be worth it.  As mentioned you gotta be careful as all depends on your scores and if put you in another tier and as stated you would have to possibly explain new inquiries/accounts depending on lender.

What will kill you on a mortgage is new debt or blowing out your DTI ratio above lender and dti lender tolerance on DTI

[tcbofade]

I doubt that Discover will offer OP a $25k line, but may very well offer a line at or over $6k.

When DW and I purchased a home in 2013, she had two inquiries in the last year that she had to explain. 

So she explained them.

One more piece of paper, but no issue and no concerns from lender.

[Anonymous]

I previously consolidated/revolved balances with Bank of America. They seem to be the most generous as far as BT offers and CLI's. I'd personally prioritize paying that down to $0, request a CLI from them, and assuming you can get a large enough CL, consolidate them all into a new 0% BT offer from them. It may not be the most efficient but I, again, personally, feel like that would just be "simplest".

And American Express does not do BT offers ever outside of the introductory offer.

[longtimelurker]

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@CreditCuriosity wrote:

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@tcbofade wrote:

You can always check for a prequal at Discover...

No HP to check, but there WILL be one if you decide to proceed. 

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Discover wouldn't give him the CL needed I can pretty much say that pretty much with certainty.  It isnt adviseable to open new cards 6 months before a mortgage, but i did...  All depends on profile and scores.  I still got the best rate, but profile supported it.  Granted going to refi after next rate cut as will be worth it.  As mentioned you gotta be careful as all depends on your scores and if put you in another tier and as stated you would have to possibly explain new inquiries/accounts depending on lender.

What will kill you on a mortgage is new debt or blowing out your DTI ratio above lender and dti lender tolerance on DTI

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I've also done that, but in this case the reason for a new card is somewhat "bad",OP needed it to juggle unpaid balances around!  Presumably you can try to hide that better, but as CreditCuriousity says, your DTI is going to be the issue unless there is a lot of paydown

[NRB525]

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@Racer202 wrote:

Order of highest util.

Chase United 15000/33000 Util 45% 0 apr thru 2020

Citi Simplicity 6000/22000 Util 34% 0 apr until jan 2020

BOA Cash Rewards 3400/15000 Util 23% 0 apr through june 2020

Wells Propel 755/4500 util 16% 0 apr through jan 2020

Amex Everyday 0/18500

Amex Hilton 0/1000

Amex Delta Gold 0/1500

Amex Gold

Chase SP 0/2000

Chase BA 0/500

Chase IHG 0/500

Wells  Cashwise 0/5000

Citi AA 0/7200

Citi Best Buy 0/3000

Barclays JetBlue Plus 0/9000 ( Curently have an offer for this card for 0 apr. Will probably take out 30% - 2700)

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What is the pace of paying these balances? Are you planning to only need $2,700 to finish off the Simplicity balance in a few months?