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Chase 0% balance transfer offer, no fee: worth?

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Chase 0% balance transfer offer, no fee: worth?

 

I got 0% BT offer from Chase up to $3,750 that ends 05/2012, no transaction fee, credit limit is $7500. 

 

Major accounts:

 

Amex: $20,000, no balance, paying in full every month.

Furniture loan @0% for 48 months, remaining balance: $3,700.

Auto loan @2.99%, remaining balance: $8,000

Is it worth taking advantage of this offer? In this case my auto loan would be reduced to half and will save some money. I am thinking about buying house in next 6-8 months or so.

 

My FICO scores from EQ and TU are just above 750 and I have 6 years of clean credit history. I think my score will go down, any idea how much points I would loose.

 

Thanks

Current Score: EQ: 786 (08/23/2012), EX: 802 (08/23/2012), TU: 774 (08/23/2012),

Goal Score: 800+ FICO across the board
Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: Chase 0% balance transfer offer, no fee: worth?

If something comes up and you don't pay that $3750 balance by 05/12, you'll be paying a lot more than 2.99%

 

I would just leave it alone and pay extra on the car loan if you can afford it.


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Message 2 of 5
Valued Contributor

Re: Chase 0% balance transfer offer, no fee: worth?


@thrasher865 wrote:

If something comes up and you don't pay that $3750 balance by 05/12, you'll be paying a lot more than 2.99%

 

I would just leave it alone and pay extra on the car loan if you can afford it.


+1

Message 3 of 5
Contributor

Re: Chase 0% balance transfer offer, no fee: worth?

 

I am quite comfortable paying auto loan in full at this moment. The reason I have kept it and would like to keep it is to maintain credit mix. This should boost my score in long run. I earn good amount and save a pay check every month.

 

I am not thinking about short term here but eyeing on home loan after some time. What impact this balance transfer may have on my home loan application? I will put 20% down and will apply for home loan after reducing auto loan to less then half and paying 100% back to Chase i.e. after “05/2012”.

 

I think you guys changed my mind and at the end it is not worth doing!!

 

Thank you!!

Current Score: EQ: 786 (08/23/2012), EX: 802 (08/23/2012), TU: 774 (08/23/2012),

Goal Score: 800+ FICO across the board
Message 4 of 5
Valued Contributor

Re: Chase 0% balance transfer offer, no fee: worth?


@nc wrote:

 

I am quite comfortable paying auto loan in full at this moment. The reason I have kept it and would like to keep it is to maintain credit mix. This should boost my score in long run. I earn good amount and save a pay check every month.

 

I am not thinking about short term here but eyeing on home loan after some time. What impact this balance transfer may have on my home loan application? I will put 20% down and will apply for home loan after reducing auto loan to less then half and paying 100% back to Chase i.e. after “05/2012”.

 

I think you guys changed my mind and at the end it is not worth doing!!

 

Thank you!!


Good!   Most of BT offers are sounds good.   You did the right thing to ask around before jump on it.   Smiley Wink

 

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Message 5 of 5
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