Does Penfed balance chase?

[CreditJourney007]

I want to take advantage of the blank check 18 month .99% BT to pay off an emergency I charged elsewhere. 

This would make my Penfed util around 47%, but would be under 30% in like 3 months. I don't want to be balance chased, and my util would be around 9% overall, since most cards don't report a balance and the other ones are all under 10% util. 

Any advice is appreciated. 

[blindambition]

BT from CU is pretty safe, provided you're being responsible. CU don't typically balance chase like traditional lenders.

[AverageJoesCredit]

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@CreditJourney007 wrote:

I want to take advantage of the blank check 18 month .99% BT to pay off an emergency I charged elsewhere. 

This would make my Penfed util around 47%, but would be under 30% in like 3 months. I don't want to be balance chased, and my util would be around 9% overall, since most cards don't report a balance and the other ones are all under 10% util. 

Any advice is appreciated. 

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you should be ok. Those numbers arent crazy high and ive yet to read a Penfed bc. Imho, do whats best for you, lenders will thrive no matter what but our opportunities are not infinite. 

[CreditJourney007]

Thank you both for your insight!

I really wanted to do a slightly bigger BT, but I don't want to go over the 48.5% threshold! Or spook PenFed. 

[tcbofade]

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@CreditJourney007 wrote:

Thank you both for your insight!

I really wanted to do a slightly bigger BT, but I don't want to go over the 48.5% threshold! Or spook PenFed. 

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I took both of my PenFed CC's to 68% with blank check BTs and have had no problems.

Good luck!

[CreditJourney007]

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@tcbofade wrote:

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@CreditJourney007 wrote:

Thank you both for your insight!

I really wanted to do a slightly bigger BT, but I don't want to go over the 48.5% threshold! Or spook PenFed. 

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I took both of my PenFed CC's to 68% with blank check BTs and have had no problems.

Good luck!

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Oh really? Good to know! I'm still deciding...the blank check offers don't come around all the time (for me). I have until 10/31 to respond though!

[AverageJoesCredit]

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@CreditJourney007 wrote:

Thank you both for your insight!

I really wanted to do a slightly bigger BT, but I don't want to go over the 48.5% threshold! Or spook PenFed. 

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I took my PSECU visa up to 93% to survive Covid, and so far so good so long as you make your payments.  In a time when credit is hard to come by if you have good offers such as 0% or even bt options,  use them to help yourself in anyway you can as for what we have seen, whats availble today, may not be there tomorrow. 

[blindambition]

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@CreditJourney007 wrote:

Thank you both for your insight!

I really wanted to do a slightly bigger BT, but I don't want to go over the 48.5% threshold! Or spook PenFed. 

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You're welcome and good luck. You'll do just fine!

[dogmeat]

No, they don't.  I was at 28k+ of a 30k limit PF card a while back ago, and they never blinked.  Depending on your other cards, though, it may not be PenFed you have to worry about.  Other issuers you have may see your increased utilization on the PenFed account and act on it. Still, if it's saving you money, is it BFD if they do?  Only you can answer that.

[coldfusion]

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@CreditJourney007 wrote:

Thank you both for your insight!

I really wanted to do a slightly bigger BT, but I don't want to go over the 48.5% threshold! Or spook PenFed. 

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Don't worry about scaring them just because you did a balance transfer equalling more than 50% of your credit limit.    What you do want to do is not scare them during the repayment period. 

The one thing I absolutely suggest is that you pay off the balance much like it were an installment loan i.e. pay back at least 6% of the original balance every month, and not employ a strategy like planning on making mininum or close to mininum payments for 17 months with a single large balloon payment in month 18.