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Balance transfer with closed accounts.

Mistaheric
New Visitor

Balance transfer with closed accounts.

Okay so i have an outstanding amount of debt i really want to get rid of. I have just heard about a way to transfer all my debt into 1 new card using Balance Transfer. But in my case. I have multiple credit accounts that were closed due to insufficient payments. Is there a way for me to transfer those closed accounts balance into a balance transfer to a new card? So in my case ill be personal. I have a good amount of debt. I have like $1900 in my discover credit card. Which is still open. I have $1100 debt in paypal which is still opened. Then i have close to $4k debt in citi best buy credit card which is closed. And $1500 in wells fargo credit card which is closed and a txu energy of $105 which is closed. Is there any chance to balance transfer all of those to one card with like $10,000. And just pay it for a lower interest rate within 15 months?
6 REPLIES 6
Saeren
Mega Contributor

Re: Balance transfer with closed accounts.

Yes you can BT off of a closed card. A BT is just the new lender paying off your debt with the old lender and then allowing you time to pay it off with them. They either send the funds electronically or by mail to the creditor and it is treated like a regular payment. 





Message 2 of 7
JAG73
Moderator

Re: Balance transfer with closed accounts.

Is it possible? Yes.

In your case, the issue may be being approved for a card with a limit to actually transfer everything to (unless you currently have a card with that limit available). 

Got some pruning to do... No more new cards!
Message 3 of 7
Mistaheric
New Visitor

Re: Balance transfer with closed accounts.

If i alrdy have a card with a balance enough to hold the balance of other cards. How do i transfer the other card balances to that one card?
Message 4 of 7
NRB525
Super Contributor

Re: Balance transfer with closed accounts.

Can you list out your cards that you have, bank, brand of card, credit limit, current balance. Also if the account is closed or open, and the current APR you are paying on each.

 

Many banks allow Balance Transfers, though some don't make them available to everyone. Other banks don't really do any balance transfers, or none after a certain time. By listing the banks and limits involved, you'll get clearer responses as to what is possible.

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
Message 5 of 7
CA4Closure
Regular Contributor

Re: Balance transfer with closed accounts.

First, call your credit card that were closed to see if you can pay if off. Credit cards like Discover will allow you to either transfer those bills to Discover or some credit cards will cut you a check to deposit in your bank then you pay off your outstanding debts. 

Call those closed accounts and ask them if you pay if off that they will not report those closed accounts as a charge off or collections.

Message 6 of 7
FlaDude
Established Contributor

Re: Balance transfer with closed accounts.


@Mistaheric wrote:
If i alrdy have a card with a balance enough to hold the balance of other cards. How do i transfer the other card balances to that one card?

If you have BT offers you will probably see them in your on-line account. Most CC issuers provide a way to specify who to make payments to online. if you tell us what the BT card is, you might get more specifics.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 7 of 7
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