Balance Transfer Issues despite approval.

[lg8302ch]

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@Anonymous wrote:

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@Anonymous wrote:

Just got approved for a chase slate with a CL of $1000. I got it in order to do a balance transfer of $1900 from my BoA account (emergency pet surgery with bad timing). I was approved for the slate but only with a $1000 CL meaning I doubt they accepted my balance transfer (I wont know until I get the card in 7-10 days). I also have a chase freedom which has a zero balance and $2500 credit limit (card is actually shredded as I want to stop using credit cards after I pay off this balance transfer).... I'm thinking to call and ask them to transfer $1500 of my chase freedom credit limit to my chase slate so I can successfully have my full $1900 balance transfer from my BoA card transferred successfully... Is this a bad idea, would you all go about this in a different way? 

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Do this.

That's still a high UTL on a potential $2,500 limit card. See about transfering $2,000 of it if possible.

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Try to increase the limit on the Slate first by explain the reason for the 1900$ BT you would like to do on the card.  In case Chase can up it to 2K, take that first and do another call once the BT has gone through and move 2K from the Freedom to the Slate so the card will not be maxed out.  I would use the move of CL only if nothing else works - Good luck !

[takeshi74]

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@Anonymous wrote:

Is this a bad idea, would you all go about this in a different way? 

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Keep utilization in mind.  Maxing a card is a bad idea.  Prolonged high utilization is a bad idea.  If you're going to pay off the Slate in a few months it's not big deal but if you intend to carry the balance for a long time you should to reconsider.

[Ragelog]

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@takeshi74 wrote:

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@Anonymous wrote:

Is this a bad idea, would you all go about this in a different way? 

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Keep utilization in mind.  Maxing a card is a bad idea.  Prolonged high utilization is a bad idea.  If you're going to pay off the Slate in a few months it's not big deal but if you intend to carry the balance for a long time you should to reconsider.

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Out of curiousity why is it bad if you have promo APR and have a plan to pay the balance over time beyond the obvious FICO score impact but if you don't plan to apply for new credit until the balance is paid why else is it bad?

[Chris679]

It's not bad as long as you are paying down the balance steadily and not just paying the minimum. Sometimes there is this sentiment around here that you have to walk on pins and needles with your credit cards. You do not. Use them however you want just be responsible about it.

[Anonymous]

Just checked online and it appears chase has approved 980$ of the $1900 balance transfer... Aka 980/1000 balance  vs limit on the new slate.. The card should arrive in a week, however, seeing as I shredded up my old freedom does it mean I have to ask for a replacement card if I want to balance transfer from it? I guess I shouldve SDed it but the shredding was the only way to guarantee i couldnt use it any more (planning to significantly decrease CC use as soon as i pay off these balances) could I call them tomorrow to talk about moving credit limits or do i have to wait until i get the new slate in the mail and potentially reorder a new freedom, I assume for security reasons since I feel like they wont move the limit if i dont have my cards info anymore.

[Anonymous]

Well your advice worked! Transferred the CL on my chase freedom  to the slate and transferred the full BT successfully! So happy to be able to pay this off interest free and get this debt off my mind without feeling guilty paying interest! 

[Anonymous]

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@Anonymous wrote:

Just checked online and it appears chase has approved 980$ of the $1900 balance transfer... Aka 980/1000 balance  vs limit on the new slate.. The card should arrive in a week, however, seeing as I shredded up my old freedom does it mean I have to ask for a replacement card if I want to balance transfer from it? I guess I shouldve SDed it but the shredding was the only way to guarantee i couldnt use it any more (planning to significantly decrease CC use as soon as i pay off these balances) could I call them tomorrow to talk about moving credit limits or do i have to wait until i get the new slate in the mail and potentially reorder a new freedom, I assume for security reasons since I feel like they wont move the limit if i dont have my cards info anymore.

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Crazy they approved any part of it, and even crazier they approved up to 98% of CL.

Actually, that's more spooky than it is crazy.

[Anonymous]

Why

[Anonymous]

I actually had my card info written down! Didn't need to order a new one.

[Anonymous]

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@Anonymous wrote:

Why

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Because..

That's a whole lotta UTL.