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How to play this balance transfer right?

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Regular Contributor

Re: How to play this balance transfer right?

Do you have an income now? Or is this based on self employment? Income will be a make or break for an approval regardless of credit score.

Citi will be your best BT card IMO since you don’t have any past problems with them. BT offers are usually pretty plentiful at regional banks and CUs as well.

Godspeed on your debt situation. I know there is a lender who can give you something. But get it taken care of so you don’t have to be in the same situation 12 months from now.
Message 11 of 17
Regular Contributor

Re: How to play this balance transfer right?

Bump as I got an interesting offer.

 

to previous reply my Income is from business. So I have income for the year.

 

 

I just recieved an interesting offer from suncountry. Checks for APR of 6.99% for life w 1% fee. That sounds pretty freaking awesome. I couldn't believe my eyes that someone still offers basically 8%!? 

 

I think this route makes a lot of sense, the only issue is the card will be maxed out, so again I am thinking how to play this right.

 

Go up to 79% on this, and then the rest into a 0% thing, or find another thing with low % and put it there, unless I can get BOA to lower their apr.

Message 12 of 17
Established Contributor

Re: How to play this balance transfer right?

Why not use the offer from BofA? 

They usually send 2 offers. 1.99% interest + 0% BT fee or 0% interest + 3% BT fee. Ive been getting these repeatedly for 2 years. I'm thinking of using them to buy a truck or two.

Message 13 of 17
Valued Contributor

Re: How to play this balance transfer right?


@BM3 wrote:

I just recieved an interesting offer from suncountry. Checks for APR of 6.99% for life w 1% fee. That sounds pretty freaking awesome. I couldn't believe my eyes that someone still offers basically 8%!? 

 

I think this route makes a lot of sense, the only issue is the card will be maxed out, so again I am thinking how to play this right.

 

Go up to 79% on this, and then the rest into a 0% thing, or find another thing with low % and put it there, unless I can get BOA to lower their apr.


Who cares about Utilization when you're about to pay 20%+ interest on 15K?  Scores come back when you pay it down.  Run the #'s in a calculator and see for yourself. 

 

1% BT fee is $150 (unless they have a max fee) but, over the course of even a year or two you'll save a ton on interest.

500K+ TCL / 800+ FCOs
Message 14 of 17
Regular Contributor

Re: How to play this balance transfer right?

How does that 6.99  APR compare to rates from CUs? 

 

Im still open to hearing who offers good BT right now, I see some 8-9 month ones I dont want.

 

Cheers

Message 15 of 17
Valued Contributor

Re: How to play this balance transfer right?

The 6.99% one is one of the best I've seen.  Most CU cards give you 6-12 months.   The traditional banks you already know about.

 

If I was about to get hit with the interest you're looking at I wouldn't think twice about taking the offer and running with it.  Even personal loans don't usuallt come in that low.

500K+ TCL / 800+ FCOs
Message 16 of 17
Established Contributor

Re: How to play this balance transfer right?

Apply @ Penfed. No Brainer!

Discharged BK7 - 7.16.15
Current Fico8 - (3.2.19) EX - 661/EQ - 669/TU - 668
Total CL - $227,400.
Message 17 of 17
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