Balance Transfers Cards

Anonymous · ‎11-10-2016

Ive heard both the good and bad side of using a

Credit Card for Balance Transfers. What is the prevailing

wisdom on almost MAX-ing out the one card?

AverageJoesCredit · ‎11-10-2016

Id imagine the prevailing wisdom would be to not almost max it but if its a lender who doesnt spook easy and you have the zero interest for whatever amount of months probably ok. I would just make as big of payments as possible.

Anonymous · ‎11-10-2016

Going by my math, more important, my personal budget… if I can get the balance under 2 Grand I just stick it out even if I'm paying interest. A balance transfer is usually 3% off the top which is a huge finance charge equivalent to many months of carrying the balance anyway.

NRB525 · ‎11-10-2016

The first part of the answer is It Depends.

Max out a $20k line ? Maybe not such a good idea.

Max out a $2k line to park $1,800 that you then put on auto payment so it goes to zero on its own soon after the 12 or 18 month low APR expires, and it is your only maxed card, yeah, go for it.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎11-12-2016

My Capital One QS1, 2% fee and 18 Months APR. Move about

3K over which is 75% of my avaiable and pay down very

Aggressively. Whats do you all think?

NRB525 · ‎11-12-2016

BT $3k to Capital One and you'll have it paid off in 18 months? No question, go for it.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎11-12-2016

@Anonymous wrote:
My Capital One QS1, 2% fee and 18 Months APR. Move about
3K over which is 75% of my avaiable and pay down very
Aggressively. Whats do you all think?

I would do the following first:

How old is your BOA card? Request an increase on it if its at least 6 months old. If you do not see the button on your account page, call their executive office. Aim high, they will counter. See if you can convert it to a Better Balance Rewards.

see if you can get your quicksilver one 4.5k converted to $0 af quicksilver. Then combine both cards. (But request cli on each before combining if you havent already in the last 6 months)

Why do you have 6 USAA cards? I would think you could do some consolidating there and get some increases along the way. Did you get approved for 7k then just continue to apply for more because they approved you based on your profile? Not trying to sound offensive just trying to picture your profile.

You could close merrick if it has any fees.

Penfed you should be able to get an increase. What is your rate on the promise VS? That is a good card to BT to.

What is the emblem mc? Maybe close that.

You are on the cusp of great credit. I would focus on keeping all cards at less than 30% utilization. And only have a few cards report a balance. Make sure they are paid off by statement cut date.

I would only be using capital one more than usual when its a month or two before you're due for another increase.

You have some really good cards there and potential to start having limits and scores flourish. But maxing out a card right now to me would not be a wise idea when you are this close to 700 zone.

nycsimone · ‎11-12-2016

I say do it...who cares? If you have $10,000 in CC debt and you get a $10,000 CC...transfer it all in. Why pay $150 per month in interest? Get the Chase Slate card that has 0% interest for 15 months and no transfer fee. Also, as others have said...consolidate your cards. Lenders don't like to see people with 10+ credit cards. Get 2-3 cards with a high credit limit...it will look much better.

Anonymous · ‎11-13-2016

Thanks Everyone & especially NRB525, I did it. Now Im in

total pay off mode and need to join the Gardening club! :-)

Anonymous · ‎11-13-2016

Chase hates me,,,Im a recent rebuilder with 5/24. Maybe next time

mycsimone. Id love to get a Slate card. Im debt is only 3K anyway,

Im too small of a FISH for them to give me any credit right now.