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

[steelers1]

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@zarour24 wrote:

I would appreciate some guidance on how to get an additional 160K in CLs to bring my total to 200k

Currently I have:

NFCU Plat: 23,700 (0% Util.)

BofA Cash Rewards: 8,200 (0% Util.)

BankAmericard: 6,200 (0% Util.)   

Discover IT: 1,400 (0% Util.)

Cap1Plat Secured: 500 (6% Util.)

BofA Biz Advantage Cash: 1,000 (98% Util.) Doesn’t Report to CBs

Credit Scores approx 750 ea. |  AOA 3.9 yrs | Newest Acct.1.8 months | Income 180K+ Self Employed 

No collections, 1 30 day late 1 year ago with Chase Auto Loan

Just set up an S-corp this month and have EIN if that helps.

My goal for 200k is to Balance Transfer 115k onto 0% for the longest period with minimal fees and still have room to make an additional large purchase. 

I would like know what you think of my plan so far and more importantly how you would go about achieving this! 

Plan: 

Step 1. Chase Freedom/Slate   

Step 2. Chase Disney, Chase - Another Co-branded card

Take the co-branded cards and transfer the limits to the Freedom/Slate (Aiming for 75k+ CL)

Chase Ink 

Reached 5/24

Navy Fed Plat - Another 25k at 0%

Citi Simplicity

Discover 

American Express 

How would you go about achieving this goal of 200K and 115K Balance Transfer?

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That's a tall order especially with a recent late. I honestly wouldn't mess with the big banks. An influx of debt like that would surely get you cutoff quickly.

If I were you I would try Penfed (Promise card has as ongoing 4.99% BT with no fee). They will love the low utilization and high income but not so much the recent late. Then I would try Navy for another card and pray for another $25k limit. Shortly after the holidays they offer low apr BT's for 12 months with no fee. 

If your lucky then you may be able to BT $50K to Navy and whatever you can get approved from Penfed then pay the remaining lowest interest debt down as fast as possible.

Good luck!

[Anonymous]

I would just app for the Platinum then take your existing Platinum and move all but $500 of it to the new one (you want to keep the old one if it has a better APR otherwise you can just merge them but having two NFCU cards would be worth losing that $500 imo), BT whatever you’re comfortable with (NFCU doesn’t get skittish about high balances but I still wouldn’t BT more than 88.9% so you’re not maxed out) and pay that off at 0% and then when the 0% is over you can just do no fee BTs at regular APR which should still be much cheaper than paying all of that interest to the other cards. 

This way you aren’t saddling yourself with too much debt at once, you’re taking care of your obligations, you’re showing experience handling large limits with large balances which will help you in the future (trended data is being used more and more, TransUnion already offers 2 years of it on their standard reports and Experian has their own trended data product, FICO 10 is rumored to use it and Vantage 4 already does), and you’re not destroying potential future relationships with more skittish lenders. 

[tussking]

Help me understand...

1. You have a business 

2. You have an income of 180k

3. You have massive debts being held by you and others...

Yet you wouldn't want to secure the debt using a HELOC or loan versus a families property? Why?

The only reason I could think you wouldn't is you can file BK and screw the banks and families members?

Am I wrong? If I had 100k+ in debt and could pay 4% in a HELOC I would be so happy.

None of this ads up?

[zarour24]

It’s an unconventional situation - I know.

My family has helped me enough already - my goal is to get the debt OUT of their names and on 0%. I want to untangle everything and get it under my responsibility. I have 0 intention to default. Are there personal loan options around that same APR?

[zarour24]

Thank you for your idea, 24k is at 23%

I have had 103% Util with Navy. It was no problem and the limit was not reduced. It is currently PIF. 

[zarour24]

Great suggestion on Penfed! Looking into that now. 

Navy does also offer 0% BT for existing cards right after the holidays as well. Thanks for reminding me. I could BT to Navy now, pay as much as I can and then take the exisitng card member offer in Jan and move some more! 

[zarour24]

That was really insightfull, is the trending data availble for public to view or just a industry product?

Just FYI all my cards have at one point in the recent past been 100% util and now PIF. I have been maxing them and paying off, repeat. Is that helpful to have on the trending data report?

[zarour24]

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@Aim_High wrote:

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@zarour24 wrote:

OP, please use the "Quote" button on reply box or reference the remarks you are replying to in the thread since replying in general makes it more difficult to understand your answers in the context of a multi-party conversation.  Thanks! 

*Select "Reply" below the remark you are answering,

then look for the "quote" button and it will reference

those particular remarks in the thread. 

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I apologize! Thank you for pointing that out.

[Anonymous]

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@zarour24 wrote:

That was really insightfull, is the trending data availble for public to view or just a industry product?

Just FYI all my cards have at one point in the recent past been 100% util and now PIF. I have been maxing them and paying off, repeat. Is that helpful to have on the trending data report?

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You can see your TransUnion data if you get your report from annualcreditreport.com — it’s kind of enlightening when you see how much data is tracked. 

Here is one of my accounts from my January report to show you what data is on there.

I am not too sure on the utilization question. Some lenders encourage you to go over your limit by giving you a soft limit so I guess as long as it was back under 100% the next month, it’s not a big deal. Maybe someone else can chime in on that one. I don’t have the income to exceed my limits and be able to actually pay them back. 

[NRB525]

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@zarour24 wrote:

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. 

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Go for the Navy increases, then BT a bunch over there. That will take down the largest interest costs, you can idle the Navy balance while paying heavily on the next highest APRs to cut them down.  You’ll have to come back to pay Navy more heavily, but removing the worst of the interest cost will help.  

I wouldn’t worry about transferring anything else because you will be paying the interest items down so fast.