Balance Transfer Questions

[moar_credit]

Hi there,  I have 2 personal loans with Avant and Lending club with very very high intrested rates that equal to 10k... I just recently been approve for a chase slate for 6k and Discover It for 6.5k.  Would it be possible to use these cards to pay off/balance transfer the personal loans?  I got these personal loans when I had bad credit and want to get rid of them ASAP.  I have a few other credit card and I was thinking I can do cash advance and just balance transfer them but they are low credit line and would involve me doing multiple balance transfer if thats even possible.  1 is a DCU with 2k and the other is a Capital One Silver with 2.5k cash limit. 

[LadyJEsq]

Yes, it is my understandig that you can BT personal loans as well. 

[moar_credit]

How would I go on by setting this up with my Discover It card?  I am trying to use my 6.5k credit toward a Lending Club loan.  Thanks!

[Anonymous]

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@moar_credit wrote:

Hi there,  I have 2 personal loans with Avant and Lending club with very very high intrested rates that equal to 10k... I just recently been approve for a chase slate for 6k and Discover It for 6.5k.  Would it be possible to use these cards to pay off or even balance transfer the personal loans?  I got these personal loans when I had bad credit and want to get rid of them ASAP.  I have a few other credit card and I was thinking I can do cash advance and just balance transfer them but they are low credit line and would involve me doing multiple balance transferif thats even possible.  1 is a DCU with 2k and the other is a Capital One Silver with 2.5k cash limit. 

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@moar, welcome to the myFico forum community!

My fiance did a BT from a personal loan to her Navy card as they were running a 2.99% BT offer last January. It only took about 1 week and the personal loan and high interest rate were in the rearview mirror. It wasn't a problem to do it at all!

It looks like it will throw your utilization super high until you can pay them down but the monthly savings in interest can be huge. If you apply it to the balances, it can help you pay them down even faster!

[moar_credit]

I'm not too worry about my utilization for the next year or 2.  I just refiance my car and not planning to apply for any more credit cards or loans.  Did your husband just simply imput his account number on the card number box because my account number from lending club is like 9 numbers lol.  They wouldnt reject this transfer when they find out its  a loan not credit card or does the discover IT and Chase Slate allow you to actually do this

[Anonymous]

You should be worried. Maxing or near maxing out new credit cards can cause AA.

[moar_credit]

What is AA? Adverse Action?  I'm planning to use 4-5k from the slate and discover it and will never touch it again.  I will make a monthly payment plan for 15 and 18 months  to make sure its paid off by the end of the intro period, well thats the plan atleast heh. 

[Anonymous]

@moar, she just called Navy and told them what she wanted to do and they told her what she needed to give them for the BT to go through.

I know there are some threads here somewhere where people have called Disco and had success. Do be careful with the utilization on the new cards. Maybe move smaller chunks at first, (like $1000-$1500 to each) pay them off quickly and then rinse and repeat. It may take a bit longer and cost a bit more but it won't set off any alarms.