Balance Transfers question

[Anonymous]

I've never done a BT; however, I was looking through the PenFed website (where I just got approved for the cash back card and a PLOC... yay) and noticed the BT offer.  I noticed that it says 'subject to credit approval'.  So, my question - if you have available limit (and an offer) what would make someone unlikely to be 'approved' for a BT?  I'm sure that my other cards say the same thing, I've just never noticed it - since I've never done a BT.  I just never really took note to see that there is a secondary approval needed to do a BT.

Thanks!

[Anonymous]

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@Anonymous wrote:

I've never done a BT; however, I was looking through the PenFed website (where I just got approved for the cash back card and a PLOC... yay) and noticed the BT offer.  I noticed that it says 'subject to credit approval'.  So, my question - if you have available limit (and an offer) what would make someone unlikely to be 'approved' for a BT?  I'm sure that my other cards say the same thing, I've just never noticed it - since I've never done a BT.  I just never really took note to see that there is a secondary approval needed to do a BT.

Thanks!

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I did the BT at 0% on their Plat rewards visa for 12 months. They may be able to do a PC for the rewards card and then you can do the 0% BT. I think the cash card is 4.9 on BT if i am not mistaken.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I've never done a BT; however, I was looking through the PenFed website (where I just got approved for the cash back card and a PLOC... yay) and noticed the BT offer.  I noticed that it says 'subject to credit approval'.  So, my question - if you have available limit (and an offer) what would make someone unlikely to be 'approved' for a BT?  I'm sure that my other cards say the same thing, I've just never noticed it - since I've never done a BT.  I just never really took note to see that there is a secondary approval needed to do a BT.

Thanks!

---

I did the BT at 0% on their Plat rewards visa for 12 months. They may be able to do a PC for the rewards card and then you can do the 0% BT. I think the cash card is 4.9 on BT if i am not mistaken.

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I'm not actually intersted in doing a balance transfer, at this time (though, the offer they have is also 0% for 12 months - so  the platinum cash rewards looks the same as the regular rewards card)... but, was just curious about the concept of 'subject to credit approval' for a card that you already have - with room for a transfer.  

Thanks!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I've never done a BT; however, I was looking through the PenFed website (where I just got approved for the cash back card and a PLOC... yay) and noticed the BT offer.  I noticed that it says 'subject to credit approval'.  So, my question - if you have available limit (and an offer) what would make someone unlikely to be 'approved' for a BT?  I'm sure that my other cards say the same thing, I've just never noticed it - since I've never done a BT.  I just never really took note to see that there is a secondary approval needed to do a BT.

Thanks!

---

I did the BT at 0% on their Plat rewards visa for 12 months. They may be able to do a PC for the rewards card and then you can do the 0% BT. I think the cash card is 4.9 on BT if i am not mistaken.

---

I'm not actually intersted in doing a balance transfer, at this time (though, the offer they have is also 0% for 12 months - so  the platinum cash rewards looks the same as the regular rewards card)... but, was just curious about the concept of 'subject to credit approval' for a card that you already have - with room for a transfer.  

Thanks!

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Thats just their manadated disclaimer, it will not be an issue if you decide to do the BT

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I've never done a BT; however, I was looking through the PenFed website (where I just got approved for the cash back card and a PLOC... yay) and noticed the BT offer.  I noticed that it says 'subject to credit approval'.  So, my question - if you have available limit (and an offer) what would make someone unlikely to be 'approved' for a BT?  I'm sure that my other cards say the same thing, I've just never noticed it - since I've never done a BT.  I just never really took note to see that there is a secondary approval needed to do a BT.

Thanks!

---

I did the BT at 0% on their Plat rewards visa for 12 months. They may be able to do a PC for the rewards card and then you can do the 0% BT. I think the cash card is 4.9 on BT if i am not mistaken.

---

I'm not actually intersted in doing a balance transfer, at this time (though, the offer they have is also 0% for 12 months - so  the platinum cash rewards looks the same as the regular rewards card)... but, was just curious about the concept of 'subject to credit approval' for a card that you already have - with room for a transfer.  

Thanks!

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Thats just their manadated disclaimer, it will not be an issue if you decide to do the BT

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Thanks for the informaton - I'll keep that in mind if I decide to do one - I just found it interesting and wondered if anyone had ever been 'denied' a BT (assuming, of course, that they had available credit to cover it and accounts were in good standing.

[RonM21]

I wondered about this before, but always just assumed as long as things were okay with your credit, it would never be an issue.

[Ghoshida]

A lot of lenders do a soft pull when you initiate a balance transfer.

Balance transfers create an impression that you are moving your debt around instead of paying it.

While inherently banks don't want to stop you from transferring the balance, they would like to reassess your credit situation.

Since this is not additional credit, a hard pull is not done but a soft pull is fair game.

I don't follow all institutions, but on these boards, some banks e.g. Barclays, have a reputation for taking adverse action after a balance transfer. 

Putting that disclaimer up front helps the bank save its behind, in case it deems the consumer too risky.