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Balance Transfers

CivalV
Established Contributor

Balance Transfers

So BT might be the only thing I have not went crazy researching over. Would anyone happen to know if you can do more than 1 BT?

Example: If I have 3 CC accounts and I want to transfer from another CC is that allowed? Are you allowed to do that many BT from 1 account?

I know you have to have an offer available on the account you are trying to transfer. I also am aware of UTL and trying to stay under a certain percentage but I dont know the specifics ... YET

If anyone could chime in with their experience of doing a BT or your knowledge of BT I would appreciate it.
Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 640 TU8: 645 EX8:640 April 20': EQ8: ??? TU8: 680 EX8: 673
Goal by June 2022: First Time Home Buyer
AA:


Goal Completed: Auto Lease 2020 Mazda CX-5 No Income Verification


The Line Up
Marriott Bonvoy: $5000
Amazon Prime Now Sig: $2800
CITI Costco: $5500
CITI Double Cash: $6100
Navy Rewards: $2400
Amex Delta Plat: $1700
Amex Hilton Honors: $1000
Target Red Card: $2000
Victoria Secret Gold: $1200
HSN: $2500
Overstock: $4250
Kohls: $1500
Capital One: $2750
Capital One #2: $500

Penfed Personal Loan: $20K
NFCU Secured Loan: $285


Total CL:$38,700
Total UTL: 25%
Current Scores: EQ: 698 TU: 706 EX: 696
28 REPLIES 28
Anonymous
Not applicable

Re: Balance Transfers

The limit on how many balances you can transfer to a single account are set by the issuer. You would have to ask them. For example when I got my NFCU Platinum card I was advised that I could transfer 5 balances to it. 

Message 2 of 29
CivalV
Established Contributor

Re: Balance Transfers

Wow! That is insane 5 tranfers from 1 account? I have my two premier cards that I would like to BT to. Going to focus snowballing and getting my cards under the 48.9% threshold let my scores go up and then have my boyfriend sponsor me for NFCU. TU is my highest score so hopefully when the time comes I will get approved with a decent limit. Which NFCU do you recommend for BT? I was interested in the GO Rewards CC.
Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 640 TU8: 645 EX8:640 April 20': EQ8: ??? TU8: 680 EX8: 673
Goal by June 2022: First Time Home Buyer
AA:


Goal Completed: Auto Lease 2020 Mazda CX-5 No Income Verification


The Line Up
Marriott Bonvoy: $5000
Amazon Prime Now Sig: $2800
CITI Costco: $5500
CITI Double Cash: $6100
Navy Rewards: $2400
Amex Delta Plat: $1700
Amex Hilton Honors: $1000
Target Red Card: $2000
Victoria Secret Gold: $1200
HSN: $2500
Overstock: $4250
Kohls: $1500
Capital One: $2750
Capital One #2: $500

Penfed Personal Loan: $20K
NFCU Secured Loan: $285


Total CL:$38,700
Total UTL: 25%
Current Scores: EQ: 698 TU: 706 EX: 696
Message 3 of 29
BrandonLane
Established Contributor

Re: Balance Transfers

Platinum
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 4 of 29
Anonymous
Not applicable

Re: Balance Transfers

The Platinum is the best BT card. It’s the only one that has 0% BT offers year round and Navy doesn’t seem to be shy about giving out large credit lines on it. 

 

You can always go for a second card at 91/3 or 6 months. I don’t like their $50 cash redemption on cards other than the cashRewards though. 

Message 5 of 29
CivalV
Established Contributor

Re: Balance Transfers

Thank you for all of this information. Do you think it is more difficult to be approved for the NFCU Plat vs GO rewards? Ive read lots of threads in regards to low scores and high SL with GO rewards.
Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 640 TU8: 645 EX8:640 April 20': EQ8: ??? TU8: 680 EX8: 673
Goal by June 2022: First Time Home Buyer
AA:


Goal Completed: Auto Lease 2020 Mazda CX-5 No Income Verification


The Line Up
Marriott Bonvoy: $5000
Amazon Prime Now Sig: $2800
CITI Costco: $5500
CITI Double Cash: $6100
Navy Rewards: $2400
Amex Delta Plat: $1700
Amex Hilton Honors: $1000
Target Red Card: $2000
Victoria Secret Gold: $1200
HSN: $2500
Overstock: $4250
Kohls: $1500
Capital One: $2750
Capital One #2: $500

Penfed Personal Loan: $20K
NFCU Secured Loan: $285


Total CL:$38,700
Total UTL: 25%
Current Scores: EQ: 698 TU: 706 EX: 696
Message 6 of 29
BrandonLane
Established Contributor

Re: Balance Transfers

I think about the same for all in general.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 7 of 29
Anonymous
Not applicable

Re: Balance Transfers


@CivalV wrote:
Thank you for all of this information. Do you think it is more difficult to be approved for the NFCU Plat vs GO rewards? Ive read lots of threads in regards to low scores and high SL with GO rewards.

NFCU approved me for $7200 on the Plat as my second card a few days after giving me a CLI from $3000 to $7500 on my cashRewards and a $500 CLOC and my TU was 647 when they approved me in September for the CR and 652 when they gave me the Platinum. I don’t think Navy has different UW criteria for their cards except the Flagship which requires a $5000 minimum SL. 

 

They even gave me the lowest APR they offer on both of my cards. 

Message 8 of 29
BrandonLane
Established Contributor

Re: Balance Transfers

Saeren - you waited 6 months too didnt you?

OP - most app right at 91/3.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 9 of 29
Anonymous
Not applicable

Re: Balance Transfers


@BrandonLane wrote:
Saeren - you waited 6 months too didnt you?

OP - most app right at 91/3.

Nope, I was amazed but at 91/3 I asked for $7500 for CLI 12/10 and received it without need to recon then I went for CLOC and just asked for $500 and got instant approval then 12/16 I asked for Plat and got approved for $7200. 

 

NFCU’s algorithms like something about my reports because they’ve extended me credit for 83% of my annual income. 

Message 10 of 29
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