Helping my Dad with Balance Transfer

Anonymous · ‎04-17-2016

Hey Guys,

I have been reading allot of the past threads here and I am trying to make a balance transfer plan for my Dad.

Here is his situation (All APR's are 20-29%),

Scores 700-715's no negatives about 7 years average age but high utilization,

Cap1 Venture- Balance $4900 limit $8500

Chase Amazon- Balance $2015 limit $3600

JCP- Balance $2911 Limit $6100

Paypal MC- $2350 Limit $4200

Two inquires Tmobile falls off in May & Paypal falls off in June

He has some pre qualified offers (Chase Sapphire & Chase Slate both show set APR's at 19.99)

Citi shows "Pre Qualified" for the AA Plat and he has a mail offer for 50k AA miles & 0% for 14 statements balance transfers & purchases ($3k Spend in 3 months)

What would you recommend for his app spree?

I am thinking,

1. Citi AA Plat for the points

2. Chase Slate for 0% for 15 cycles

3. Amex BCP his offer was for $250 back after $1000 & "0% intro APR on purchases and balance transfers for 15 months, then a variable rate, currently 13.24%"

My goal is to get him $13k of 0% offers

Then shopping cart at Overstock and Lowes to improve his utilization. He is not planning on applying for anything but I figure why not improve his utilization while they are giving out credit.

Chris679 · ‎04-18-2016

Yes to the 0% balance transfers.

No to the new accounts just to pad utilization.

jeffery581 · ‎04-18-2016

I would call credit solutions on the weekends. Ask for higher limits

JCP- Balance $2911 Limit $6100

I would ask for 9k

Paypal MC- $2350 Limit $4200

I would ask for 6k

They will counter if you dont get full amount soft pull to pad utilization.

Ask Capital One if you are eleigible for any promotions (temp lower apr. CLI, Ect.)

I would also ask chase for a CLI if no hard pull.

If you can wait for the inquires to fall off, I would.

Then apply for 0% apr cash rewards card(s) for BT.

IMO.

elim · ‎04-18-2016

@jeffery581 wrote:
I would call credit solutions on the weekends. Ask for higher limits
JCP- Balance $2911 Limit $6100
I would ask for 9k
Paypal MC- $2350 Limit $4200
I would ask for 6k
They will counter if you dont get full amount soft pull to pad utilization.

Ask Capital One if you are eleigible for any promotions (temp lower apr. CLI, Ect.)

I would also ask chase for a CLI if no hard pull.

If you can wait for the inquires to fall off, I would.

Then apply for 0% apr cash rewards card(s) for BT.

IMO.

this ^, but ask for 20k on each (they will counter).

after they report the higher limits, he will have a better chance of approvals and higher limits as his utilization will be lower and scores most likely higher.

Credit Solutions 877-379-8173

Anonymous · ‎05-01-2016

So after a call to Credit Solutions they would not give any increase on JCP and bumped the Paypal MC to a $5k limit.

Here is how his updated balances will look for the May reporting cycle,

Cap1 Venture- Balance $3950 limit $8500

Chase Amazon- Balance $2015 limit $3600

JCP- Balance $2961 Limit $6100

Paypal MC- $1950 Limit $5000

It would make sense to get the Chase card under 50% but it does not report until the 17th & his 50k Citi offer expires the May 15th

Is the Citi Platinum select offer of 50k points (over the standard 30K) + 0% apr for 14 months worth trying for now or forget it until the next offer