Balance Transfer checks

[Anonymous]

Well, Chase, Citi and Discover have been bombarding my mailbox with BT checks going on every two weeks now. I'm a little confused because whoever is sending these things out apparently isn't privy to my credit situation as I have 0 balances across the board on all of my cards. The only thing that could really set them off is that I have a bill consolidation loan out right now but that's a snowball from a couple years ago.

I am thinking of using Plastiq to pay that off with my AMEX ED as they have given me a 9.99% APR for 12 cycles and come the end of the year when I decide to step out of the Garden to see if I can get me a higher SL with Chase or some thing and then swap that over to a 0% APR BT.

Citi has a 4k limit, Discover is at 4.5k and Chase Slate (the worthless card) is at 1.5k limit. Moving that BCL over to those 3 cards would max them all out and that certainly wouldn't do my scores any good...

Just blathering, but if anyone's got any ideas, I'm open!

P.S. The BCL is at 17.99%APR

[Anonymous]

I think they just send out the BT checks to most of their cardholders at one point or another. Chase and Citibank finally left me alone. BofA is the only one of my banks that still tries.

As far as your situation, it sounds like you have a good plan as long as the Plastiq and Amex fees don't exceed the standard interest you'd pay on the loan. You would also lose that active installment tradeline which can lower your score. Granted this is not a huge deal depending on your current credit standing. When I paid off a loan in 2015 my scored dropped 6 points and has yet to recover. Again, not a huge deal just something to chew on. 

When do you plan on closing the Fingerhut card? 

[Anonymous]

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@Anonymous wrote:

I think they just send out the BT checks to most of their cardholders at one point or another. Chase and Citibank finally left me alone. BofA is the only one of my banks that still tries.

As far as your situation, it sounds like you have a good plan as long as the Plastiq and Amex fees don't exceed the standard interest you'd pay on the loan. You would also lose that active installment tradeline which can lower your score. Granted this is not a huge deal depending on your current credit standing. When I paid off a loan in 2015 my scored dropped 6 points and has yet to recover. Again, not a huge deal just something to chew on. 

When do you plan on closing the Fingerhut card? 

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I've already made a test payment on the loan from the card and it showed as a regular purchase/payment for services, so I think I'm good there...

Fingerhut? I've not made a purchase with them for a while, but they're one of those creditors that'll not close the account for years over non-use. Can't close the account online and I dread calling them... I had to call in to close my First Premier Bank card and I almost had to get vulgar with them to get it closed, so, not looking forward to a repeat of that kind of experience...

[Turbobuick]

BT checks are the same as cash. You can fund a brokerage acct, home remodel, buy a car, etc....   In other words, you can create debt!  

[Anonymous]

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@Turbobuick wrote:

BT checks are the same as cash. You can fund a brokerage acct, home remodel, buy a car, etc....   In other words, you can create debt!  

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What, be a mini Fed? No thanks... LoLoL!!!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I think they just send out the BT checks to most of their cardholders at one point or another. Chase and Citibank finally left me alone. BofA is the only one of my banks that still tries.

As far as your situation, it sounds like you have a good plan as long as the Plastiq and Amex fees don't exceed the standard interest you'd pay on the loan. You would also lose that active installment tradeline which can lower your score. Granted this is not a huge deal depending on your current credit standing. When I paid off a loan in 2015 my scored dropped 6 points and has yet to recover. Again, not a huge deal just something to chew on. 

When do you plan on closing the Fingerhut card? 

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I've already made a test payment on the loan from the card and it showed as a regular purchase/payment for services, so I think I'm good there...

Fingerhut? I've not made a purchase with them for a while, but they're one of those creditors that'll not close the account for years over non-use. Can't close the account online and I dread calling them... I had to call in to close my First Premier Bank card and I almost had to get vulgar with them to get it closed, so, not looking forward to a repeat of that kind of experience...

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Totally understand. Its just that the Chase Slate card in your signature looks unhappy with its neighbour. I feel like I should give the Slate card some hand santizer LOL. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I think they just send out the BT checks to most of their cardholders at one point or another. Chase and Citibank finally left me alone. BofA is the only one of my banks that still tries.

As far as your situation, it sounds like you have a good plan as long as the Plastiq and Amex fees don't exceed the standard interest you'd pay on the loan. You would also lose that active installment tradeline which can lower your score. Granted this is not a huge deal depending on your current credit standing. When I paid off a loan in 2015 my scored dropped 6 points and has yet to recover. Again, not a huge deal just something to chew on. 

When do you plan on closing the Fingerhut card? 

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I've already made a test payment on the loan from the card and it showed as a regular purchase/payment for services, so I think I'm good there...

Fingerhut? I've not made a purchase with them for a while, but they're one of those creditors that'll not close the account for years over non-use. Can't close the account online and I dread calling them... I had to call in to close my First Premier Bank card and I almost had to get vulgar with them to get it closed, so, not looking forward to a repeat of that kind of experience...

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Totally understand. Its just that the Chase Slate card in your signature looks unhappy with its neighbour. I feel like I should give the Slate card some hand santizer LOL. 

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I'm a little OCD... The two of them have the same 1,500 limit and since I consider that card really worthless, yes, the appropriate place for it is next to the garbage

That being said, it's gonna get rolled into or PC'd when (if) I get the CSP come January.