Evening everyone. Ive been thinking of this the last few days. I want to get some views from people with experience to help decide best course of action. I have never in my life done a balance transfer but am seriously considering transfering a couple current balance i have on some Synchrony credit accounts. I am pretty sure i can have these down to 0 by end of December but was thinking maybe saving some money in interest .
Why would i like to try this, basically id like my Sync cards to be at zero just in case they ever go Wyle E Coyote on me with a blue envelope,
Also perhaps doing this may also strengthen my relationship with Bank of America, correct me if incorrect
. The jist:
Recently ive noticed the request credit limit increase button is back for my Boa BBR. Got my first cli about 3 months ago from osl $1500 to 4200. Account turned 6 months today. Ive also noticed i have 2 BT offers, one at 0% til Jul 2017 and one for 1.99% until Oct 2017. Current balance on card is $425. Total Sync balances i would like to transfer equal to about $1250.
One question is could i call and let them know i would like to Bt some balances but would prefer to see if i could use my cli request to possibly double my current limit or ask for a $10000 limit as i dont want to over utilize my card?. Or should i roll the dice and hit the button, take the hp and hope they give me a good size increase and than BT?. Or should i just continue making payments as normal on all cards until i bring down to zero, perhaps waiting til December to see if my BK7 does fall off my TU. VERY curious on everyones thoughts / experiences. Many thanks everyone, have a safe and happy weekend AVJ
Why would i like to try this, basically id like my Sync cards to be at zero just in case they ever go Wyle E Coyote on me with a blue envelope,
Also perhaps doing this may also strengthen my relationship with Bank of America, correct me if incorrect. The jist:Recently ive noticed the request credit limit increase button is back for my Boa BBR. Got my first cli about 3 months ago from osl $1500 to 4200. Account turned 6 months today
. Ive also noticed i have 2 BT offers, one at 0% til Jul 2017 and one for 1.99% until Oct 2017. Current balance on card is $425. Total Sync balances i would like to transfer equal to about $1250.One question is could i call and let them know i would like to Bt some balances but would prefer to see if i could use my cli request to possibly double my current limit or ask for a $10000 limit as i dont want to over utilize my card?. Or should i roll the dice and hit the button, take the hp and hope they give me a good size increase and than BT?. Or should i just continue making payments as normal on all cards until i bring down to zero, perhaps waiting til December to see if my BK7 does fall off my TU. VERY curious on everyones thoughts / experiences. Many thanks everyone, have a safe and happy weekend AVJ
Thanks baller!. That would put me around 1650 on my 4200. Not too bad as long as i make the payments in large chunks. Could be a plan
Here is what I would suggest, AverageJoes:
Move the balances to BoA. The keys with BoA BT's seem to be using a reasonable proportion of credit limit, large payments, and pay the entire thing off in 5 months or so. Also, not having increasing debt on other cards or openeing up a lot of other cards - no sudden movements that can alarm them.
You have all of the required elements and are looking at BT'ing a reasonable amount and paying it off quickly with large payments, and from what I know of you, you don't have increasing debt on other cards or have opened up a ton of other cards recently. So I'd say it's green light and good to go! Good luck!
@Anonymous wrote:Here is what I would suggest, AverageJoes:
Move the balances to BoA. The keys with BoA BT's seem to be using a reasonable proportion of credit limit, large payments, and pay the entire thing off in 5 months or so. Also, not having increasing debt on other cards or openeing up a lot of other cards - no sudden movements that can alarm them.
You have all of the required elements and are looking at BT'ing a reasonable amount and paying it off quickly with large payments, and from what I know of you, you don't have increasing debt on other cards or have opened up a ton of other cards recently. So I'd say it's green light and good to go! Good luck!
BOA doesnt need that. We have 30k and 25k limit cards and yes, on a rare occasion have used a large portion of the limit, but most of the time its either PIF or not used.
just use a calculator. If you want to pay the 3% fee then go for it. If you can afford to pay it off then do that.
I would definitely do the cli request, aim high, and if you dont get the full amount call in to a sr credit analyst. Then ask what BT offers are available. Usually the ones online disappear after CLI request (or shorten in length) and phone reps almost always get best BT terms.