Balance transfer to Chase Slate input needed

[ktl72455]

I have worked hard, got thinggs cleaned up and whacked my UTL down  and finally see a pre qualify on chase!!

But I am afraid to hit the button!

I want to do a BT from my Nrewards @ 14.%  but am afraid they wont offer enough for the full balance.

nrewards balance was 17,018.00  with a limit of 17,300.00 and I have paid an extra 4,000.00 on it to start attacking it and decided to check out BT's. 

payment due 1/1/16 cuts 1/4/16 wont report until 1/7-1/8 so even though I prequalify now, I want to wait until this reports, boosting my scores even more.

Care Credit  bal 4500.00  Bal: 3000.00  0% interest until 11/16....  I opted to pay down Nrewards instead of paying this off as its at 0% 

Nfcu Cash rewards  CL 9500.00  Bal 7390.40  12.79% interest

Capital one CL 400.00  Bal 0.00

capital one CL 3500.00 bal 0.00

credit one CL 1700.00 bal 0.00

credit one CL 1000.00  balance 0.00

AU***  chase CL 7500.00  Bal 0.00

Auto loan through Chase payment of 298.00 always pay 350.00

Gross income 120,000.00

only Neg: 2paid of charge offs due to fall off 3/17

last inquiry TU 6/14  EX 6/15   EQ 6/14

Current Scores: Fico 08 TU 700  EQ 677  EX 681

I dont mind taking the HP but what scares me is I have seen on here where people have had a high Bal and do BT and only get a small limit.

Thoughts? I am really nervous!!

[Imperfectfuture]

You will probably not get enough to balance transfer that amount. Sorry. Have you considered a personal loan with NFCU to consolidate? I would not ignore care credit, that will bite you.

[ktl72455]

---

@Imperfectfuture wrote:
You will probably not get enough to balance transfer that amount. Sorry. Have you considered a personal loan with NFCU to consolidate? I would not ignore care credit, that will bite you.

---

Im not in a crunch, just thought it would be a option.

Care credit isnt a worry for me, I have used it at the vets and have the cash to pay it off at any given time if need be, but figured the cash would be better spent right now paying down the high interest balances.

[takeshi74]

---

@ktl72455 wrote:

I have worked hard, got thinggs cleaned up and whacked my UTL down  and finally see a pre qualify on chase!!

But I am afraid to hit the button!

Never rely on prequals.

---

@ktl72455 wrote:

nrewards balance was 17,018.00  with a limit of 17,300.00 and I have paid an extra 4,000.00 on it to start attacking it and decided to check out BT's. 

If you have high utilization then don't count on a new card for a BT.  $17,3018 / $17,300 is 98%.  Even $13,018 / $17,300 is 75% which is very high.  That's only one card and not your overall utilization but that card will have an impact on what you'd qualify for.  The revolving utilization on the new card matters as well.  You don't want the new BT card at high utilization for a prologned period.

---

@ktl72455 wrote:

Care Credit  bal 4500.00  Bal: 3000.00  0% interest until 11/16....  I opted to pay down Nrewards instead of paying this off as its at 0% 

Nfcu Cash rewards  CL 9500.00  Bal 7390.40  12.79% interest

---

Is that a $3,000 balance and $4,500 limit on Care Credit?  If so, that's 67%

$7,390.40 / $9,500 is 78%.

That's 3 revolvers at very high utilization.

---

@ktl72455 wrote:

only Neg: 2paid of charge offs due to fall off 3/17

...and a pair of derogs.

---

@ktl72455 wrote:

I dont mind taking the HP but what scares me is I have seen on here where people have had a high Bal and do BT and only get a small limit.

---

You shoud be concerned.  As I said, the high revolving utilization and your derogs will impact the limits that you qualify for.  The hard pull isn't the major concern.  It's a realteively small factor and tapers and falls off relatively quickly.  The hit to AAoA will take time to recover.  A useless limit won't do you any good -- especially if you're trying to keep revolving utilization relatively low on the new BT card.

---

@ktl72455 wrote:

figured the cash would be better spent right now paying down the high interest balances. 

---

Worry about revolving utilization first.  Once you those revolvers down to maybe 50% (just a suggestion) then worry about prioritizing based on interest.  Getting nrewards down from 98% (maxed) was a good step.  Scores will be the least of your concerns for a while.  Worry over them when you're under 30%.

[TrialByFire]

@takeshi74 +1 definitely agree about getting util down first. Consolidating at a lower apr is a good option as well.

Op just a data point, my scores, income, 2 paid baddies of similar age were all the same for me. Had a card reporting high util (paid but not reporting) and tried to app for a new card but was shot down (for high util and threw in the derogs for good measure). Those cards w/ high util can certainly be a deal breaker. Ancecdotally, you've got a fair shot of approval with a Chase prequal, assuming nothing changed for the worse since they last got your data. However I agree the SL won't be enough to cover a 5 figure BT.

[ktl72455]

thats all I was looking for , input that my gut was right, I need to get balances lower and the SL would be small if approved. :-)  Paying down balances in lrg chunks isnt a problem for me. Thanks for all the input!