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Credit Card Balance Transfers Help?

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Legions36
Frequent Contributor

Re: Credit Card Balance Transfers Help?


@youngandcreditwrthy wrote:
It's going to be hard to get cli or bt offers with that many cards close to their limits :-/. Paying on time every time is important, but creditors hate to see super high util on even one or two cards. It's really important at this point to pay a couple times the min pmt, so the
creditors know you/ your gf can handle the debt.

In the creditors eyes it shows she can pay her debt, she has paid for years. Its just her util is so high from spending before, but i have all her cards now so no more stupid spending.

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 11 of 32
Anonymous
Not applicable

Re: Credit Card Balance Transfers Help?

It looks like only Citi ($1k available) and Merrick ($600 available) actually have enough available on them to even consider a balance transfer? If those have very low or 0% balance transfers available, and she's paying a ridiculous interest rate on other cards, then it might make financial sense to transfer those and save the interest. Given that utilization though, I don't think you're going to help her score much by doing anything other than paying down the balances.

 

I'd attack cards with the highest interest first. If some of the small balance cards have very high interest, then maybe try to zero those with balance transfers. That might help her score a tiny bit, just by decreasing the number of accounts with balances, and it could save some money on interest and let you pay them down a little faster.

 

If you do decide to balance transfer though, be very careful with the timing. I've had balance transfers take up to almost a month to fully post. The worst case scenario is that the receiving card reports with the balance transfer already on it, but the transferring card doesn't post the transfer until after it reports, and so you can end up with a month where BOTH cards are including the same balance on your credit report. That might not be the end of the world, but it also might make creditors nervous.

 

If you do pay off most/all of the cards, that should shoot her score WAY up, assuming no other negatives. I'd guess then she could probably get some nice CLIs. At that point, you'd probably want to look at possibly closing some of the less desirable cards, like First Premier, and heading for prime cards like Amex, Chase, Citi, etc.

Message 12 of 32
Legions36
Frequent Contributor

Re: Credit Card Balance Transfers Help?

OK forget about the balance transfers im not going to do it as the fees r to high. 

But let me tell u guys that i plan on paying everything show it doesn't report balances right now. the citi and merrick i will not let show high balances, its just extra credit they gave use to play around with $3600 to be exact. So im just trying to keep showing zero balances but i am still using her cards threwout the month for my business, which helps me 2 be able to do this without getting in my way. I can payoff her balances each month except the 12k royal card, to show low util. I will still use her cards threwout the month but not for spending just for materials, this is the only reason im able to do this for her as it doesn't hurt me. It will also give her time to not be just paying interest and pay down her debt.

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 13 of 32
Anonymous
Not applicable

Re: Credit Card Balance Transfers Help?

Okay.  Did my calculations:

 

She is at 92.7% utilization with 23400 in available credit and 21690 in debt.  For the AU cards, it is showing 7240 out of 8250 for 87.7% utilization.

 

The question is how much can you/her afford to pay now and each month?  I can give you advice based on that.

 

Also, for you, you don't need to be AUs on that many cards for your credit.  I would get rid of two of the AU accounts.  This way for your credit, you only have to pay a more limited amount of debt.  2 AU accounts will help your score as much as 4.  If you give me an idea how much you can pay down and when the AU cards were open, I can recommend which ones to do.  No reason not to pay down now as it will help her credit in the mean time.

Message 14 of 32
youngandcreditwrthy
Senior Contributor

Re: Credit Card Balance Transfers Help?

She could prob get some CLIs if they get paid off and reflect that on her statement, as well as CRs. Most lenders just get spooked if someone has maxed out cards and is only making the min pmt. I've honestly never had any creditor balance chase me, and I've been
at like 40-50% overall util with a couple of cards maxed. Just don't ask for a cli on card if that card is maxed LOL!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 15 of 32
Legions36
Frequent Contributor

Re: Credit Card Balance Transfers Help?

OK i have about 10k a month that i can pay towards her cards right now. If i am able to get her higher lines of credit i can make more profits. I was thinking about dealing all the cards except the royal card and let her just try and pay down that balance. I think she pays aroung $500-$600 every 2 weeks in cc bills so she could probably just use that to pay down her royal card. 


@Anonymous wrote:

Okay.  Did my calculations:

 

She is at 92.7% utilization with 23400 in available credit and 21690 in debt.  For the AU cards, it is showing 7240 out of 8250 for 87.7% utilization.

 

The question is how much can you/her afford to pay now and each month?  I can give you advice based on that.

 

Also, for you, you don't need to be AUs on that many cards for your credit.  I would get rid of two of the AU accounts.  This way for your credit, you only have to pay a more limited amount of debt.  2 AU accounts will help your score as much as 4.  If you give me an idea how much you can pay down and when the AU cards were open, I can recommend which ones to do.  No reason not to pay down now as it will help her credit in the mean time.


 

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 16 of 32
youngandcreditwrthy
Senior Contributor

Re: Credit Card Balance Transfers Help?

Doesn't Barclay's back the Royal card? They're usually pretty good w clis, but they're also bad with aa as Ive read.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 17 of 32
Legions36
Frequent Contributor

Re: Credit Card Balance Transfers Help?


@youngandcreditwrthy wrote:
Doesn't Barclay's back the Royal card? They're usually pretty good w clis, but they're also bad with aa as Ive read.

No is BOA.

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 18 of 32
Legions36
Frequent Contributor

Re: Credit Card Balance Transfers Help?

Oh i almost forgot her BOA rewards card with the $1500 limit im paying off today as her closing date it tommorow, it will show a zero balance from now on.

Also the mets cards i which is closing by the end of the week to pay half($2400 limit) this month and next month i will try and make it show zero also

Bestbuy closes end of week$300 limit i will pay off now also and ordchard of $700 limit. I believe thats whats this week. .

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 19 of 32
youngandcreditwrthy
Senior Contributor

Re: Credit Card Balance Transfers Help?

I'd also straight up close FIrst Premier if she is paying an astronomical amount of fees for it, it's a horrible card!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 20 of 32
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