What is the source of this $115k of debt you'd need to BT?
Note that there have been a few cases (I'm not saying it's universal or even common) where Chase has closed the credit card accounts of customers who have greatly exceeded 5/24 after getting Chase cards. A "post-Chase spree" may not be advisable.
Accumulating $200k of credit on a $180k income might not be difficult, but getting it all in a narrow enough window sounds like very difficult timing. And what would you do with the debt once the 0% periods had expired?
Thanks for your reply! The 115k debt is mine that is currently in other family members names.
I've seen Chase lower limits on a family member by 15% - they did not have the same income though. I think your right on the app spree after Chase approvals.
Most of the debt will be paid off by 15 months - what's remaining will be BTed back to another family member. Likely NFCU will offer O% Trans for 12 months to existing card holders. We all have Navy.
How would you go about getting 115k BTed? I've found alot of useful info on this fourm but nothing quite like my situation!
Yes! You are right. I know I'm limited by Chase to 15K every 30 days. I dont know about any others that have limits.
Ideally, I would get 30k onto Chase with no Transfer fees and Navy will approve me for another Plat Card, match or better my current limit and let me combine the cards and BT 50+ with no fee.
That would leave me with 35k left. BofA, Citi, Discover, Barclays etc.
Does anybody have any bright ideas that can help me out with this game?
Thank you for your reply, I really appreciate your input. I haven't found the info I'm looking for online, and can only get that from someone like you who has experienced it - Your signiture tells a good story!
I understand that limits can be reduced after they are given and I'm running a fine line here. The balances I currently have are all on interest baring cards between 16 and 23%. The terms are I pay the debts as if they were my own cards - no time limit. I would like to get them off interest to pay them off more quickly, be more economical and ultimatly be fully responsible for the debt. Though I can "afford" to leave everything as is, I'd rather not waste if I dont have to! Here is the break down:
Moving the debt out of their names will also improve their ability to do this cycle again in the future - if needed.
How would you tackle this?
@zarour24 wrote:I would appreciate some guidance on how to get an additional 160K in CLs to bring my total to 200kCurrently 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 CBsCredit Scores approx 750 ea. | AOA 3.9 yrs | Newest Acct.1.8 months | Income 180K+ Self EmployedNo collections, 1 30 day late 1 year ago with Chase Auto LoanJust 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/SlateStep 2. Chase Disney, Chase - Another Co-branded cardTake the co-branded cards and transfer the limits to the Freedom/Slate (Aiming for 75k+ CL)Chase InkReached 5/24Navy Fed Plat - Another 25k at 0%Citi SimplicityDiscoverAmerican ExpressHow would you go about achieving this goal of 200K and 115K Balance Transfer?
Only TIME can accomplish this goal.
You see, the only card that you have that exceeds $20K is NFCU and everyone knows they’re an anomaly.
Then you have a recent 30-day late, which is not good.
Yep, IMHO, your credit profile at this moment in time doesn't support your lofty goal.