My Plan to Reach 200K in CLs and BT 115k

[zarour24]

I understand that sounds strange, I didnt always have this income - Cap1 was my first card just to get started - at that time I had some derogitories from collage which are now aged off. 

[Anonymous]

But is the Amex ED offer capped @ 5K for the 60 days? Or could you do 5K, pay off, rinse and repeat for 60 days? I've always wondered this but never tried it.

[zarour24]

Thank you, yes the Cap1 was my first card and the only cards I was approved at the time were secured cards. Graduated 1 my BofAs out of secured to 8,200. 

[zarour24]

Thank you, that is what I'm thinking as well. Handle the high interest first. I spoke with NFCU and was told I can apply for the Plat. 0% and combine limits. That should take care of about 50 of it. 

[zarour24]

Ok, that makes sense, thank you for clairifing. 

[wasCB14]

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@Anonymous wrote:
But is the Amex ED offer capped @ 5K for the 60 days? Or could you do 5K, pay off, rinse and repeat for 60 days? I've always wondered this but never tried it.

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The whole point of a BT is to get extra time to pay off a balance. Why go through multiple BTs in a 60-day period if OP could just use the cash to pay down the original "balance source" account?

[kdm31091]

115k is a huge amount of debt. Once you start BTing all that and it starts adding up on your reports, banks are going to get suspicious and they are going to start slashing your limits. In short, I just don't think this is a good idea.

[zarour24]

I was completely unawear of the possibilty of being sued! I cant quite see how that would be if I was given a limit and I pay as agreed. Is there a difference if I make lots of purchases and max the line or BT and max the line? What would promt legal action?

I know 7k is a lot but I live in a high COL area and support 2 people. No cable, drive a Prius 

I'm getting alot of its not possibles - if I cant reach my target, how far could I realisticly get?

[Anonymous]

@wascb14 my bad wasn't thinking. Been a long day...

[ChargedUp]

Let's look at this realistically.... How much of the debt is riding at 23%? It may be possible for you to balance transfer some of the higher interest debt, while leaving the lower interest debt where it sits. If you can get a $30K limit at 0% from Navy, transfer $15K of the upper interest debt over and keep making substantial payments to the remaining cards while paying $1250/month to Navy and you'll have the $15K paid off in 12 months and save *some* interest. 

I wouldn't go more than 50% of whatever limit you are given to keep from spooking Navy or whatever lender you decide to try this with.