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

zarour24
Established Member

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

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?
Message 1 of 69
68 REPLIES 68
wasCB14
Super Contributor

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

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?

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 2 of 69
zarour24
Established Member

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

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!

Message 3 of 69
BrutalBodyShots
Super Contributor

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

I'm guessing almost by default you're planning to BT across many accounts?

Message 4 of 69
zarour24
Established Member

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

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?

 

 

Message 5 of 69
NRB525
Super Contributor

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

You will find it very difficult to maintain the $200k limits, presuming you get there, once you start BTing over $100k onto these cards. Virtually all your banks will start balance chasing you, limiting the future ability to kite these balances from bank to bank. I got away with it because it was pre-2009. After 2009 the game is up.

What are the exact terms and balances with these other family members? If you will have it paid off soon anyway, just work really hard to pay them. If they have specific cash requirements, maybe take some BT advances, but the remainder you pay over time.

With debt, any debt that is in an existing arrangement has advantages of knowing exactly what you are dealing with. Getting too creative to try to shift large debts around changes your risk profile, and changes the options you have to get out of the debt. Be careful.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
Message 6 of 69
zarour24
Established Member

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

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:

 

CreditorLimitBalance
AmEx18,700.0013,710.00
Barclays15,000.0010,031.00
BofA 27,600.0022,510.00
Cap110,000.009,287.00
Chase 51,300.0038,462.00
Citi 14,300.00

10,255.00

Chase 33,000

10,000.00

 

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?

Message 7 of 69
AverageJoesCredit
Mega Contributor

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

What you want to do would take time to establish big enough limits and confidence from the banks to allow such large bts. You could achieve 200k limits, tomorrow (very doubtful though) put on the bts, and by the next week be shut down. Without an established credit profile ( ie time and experience) banks might see such rising debt as break out fraud regardless of your income. Im not sure a solution but eventually you should be at least able to get another 25k card from NavySmiley Wink. Good luck , use caution please.
Message 8 of 69
CreditInspired
Super Contributor

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


@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?

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. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 9 of 69
Saeren
Mega Contributor

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

This would be a great way to spook a lot of lenders and get new accounts shut down. Right now these debts are invisible since they’re not actually on your credit, it’s totally going to throw up red flags all over the place if you start BTing these huge balances.




Message 10 of 69
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