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Could a balance transfer trigger adverse action?

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Moderator Emeritus

Re: Could a balance transfer trigger adverse action?

How would they not know it’s a BT?

That’s got to be unique in the transaction record coming directly from another well known lender unless using a check or something to your own account first?



        
Message 11 of 18
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Community Leader
Mega Contributor

Re: Could a balance transfer trigger adverse action?

If you paid Amex from your checking , after receiving funds from Disco, they wouldnt have any reason to suspect its a bt as its your normal payment method.
Message 12 of 18
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New Contributor

Re: Could a balance transfer trigger adverse action?

 

Thanks so much for all your helpful replies! You are the best!

 

My Disco CL is $4000, with zero balance. I've been keeping it at zero in case the BT option looked promising, which it seems to be, I'd like to initiate the BT process this Monday.

 

I also have Chase Freedom and PayPal 2%, both with zero balances. So I have good flexibility to use those cards even though Disco is tied up while I pay off the BT.

EQ 765 | EX 772 | TU 750
Message 13 of 18
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New Contributor

Re: Could a balance transfer trigger adverse action?

 

I phoned Discover today and put the BT in motion. Luckily, I had the option of transferring the funds to my checking account, so I can make payment to Amex as I normally do. The BT team's CSR said to expect the funds in my checking account within 5 business days. As usual, my experience with Discover's CS was outstanding.

 

Thanks again to all here who offered such great advice!

EQ 765 | EX 772 | TU 750
Message 14 of 18
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New Contributor

Re: Could a balance transfer trigger adverse action?

Update....

 

The BT funds posted to my checking account just after midnight. I made payment in full to Amex this morning. So, from start to finish for this BT was less than 48 hours.

 

My Disco util is now 38%, so I expect that my credit scores will take a hit until I pay off enough to bring it down below 28.9%. Overall util is 6%.

EQ 765 | EX 772 | TU 750
Message 15 of 18
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Community Leader
Super Contributor

Re: Could a balance transfer trigger adverse action?


@anewleafagain wrote:

Update....

 

The BT funds posted to my checking account just after midnight. I made payment in full to Amex this morning. So, from start to finish for this BT was less than 48 hours.

 

My Disco util is now 38%, so I expect that my credit scores will take a hit until I pay off enough to bring it down below 28.9%. Overall util is 6%.


Kudos to you


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 16 of 18
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Established Contributor

Re: Could a balance transfer trigger adverse action?


@CreditInspired wrote:

@anewleafagain wrote:

 

I've never done a balance transfer before, so please excuse my ignorance.

 

My Amex BCE's intro period of 0% APR runs out in July. My Discover IT is offering 0% for balance transfers of 12 months duration (with 3% fee). That offer also ends in July. I'd like to BT from Amex (current balance $1500) to Disco, but I'm worried that Amex might lower my credit limit if I do. It's my highest CL at $12,000, and I want to protect it. Is AA a possibility? My payment history (15 months) with Amex is perfect, never late and always paying at least 3X minimum and sometimes 10X. But I'm not able to PIF before the 0% intro runs out.

 

What would you advise? Thanks for reading.


As long as everything in your credit profile is up to par, you’ll be just fine. There’s no need to pay interest if you dont have to. I did the same thing last year with the help of this forum. I had Discover direct deposit the BT amount to my checking account and then I used the funds to pay off one of my AmX cards. 


How did you do that? Did you still have to pay the BT fee, if there even was one? 

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 17 of 18
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Community Leader
Super Contributor

Re: Could a balance transfer trigger adverse action?


@Queen_Etherea wrote:

@CreditInspired wrote:

@anewleafagain wrote:

 

I've never done a balance transfer before, so please excuse my ignorance.

 

My Amex BCE's intro period of 0% APR runs out in July. My Discover IT is offering 0% for balance transfers of 12 months duration (with 3% fee). That offer also ends in July. I'd like to BT from Amex (current balance $1500) to Disco, but I'm worried that Amex might lower my credit limit if I do. It's my highest CL at $12,000, and I want to protect it. Is AA a possibility? My payment history (15 months) with Amex is perfect, never late and always paying at least 3X minimum and sometimes 10X. But I'm not able to PIF before the 0% intro runs out.

 

What would you advise? Thanks for reading.


As long as everything in your credit profile is up to par, you’ll be just fine. There’s no need to pay interest if you dont have to. I did the same thing last year with the help of this forum. I had Discover direct deposit the BT amount to my checking account and then I used the funds to pay off one of my AmX cards. 


How did you do that? Did you still have to pay the BT fee, if there even was one? 


i asked for $5K to be direct deposited into my checking account. The $150 fee (3%) was on my next statement with the $5K BT.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 18 of 18
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