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

zarour24
Established Member

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

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. 

Message 41 of 69
Xatos
Frequent Contributor

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

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.
Kohl's $3K | Cap1 QS $2.5K | Target Redcard $1.8K | Citi DC $6.9K | Amex BCE $1K | Dick's ScoreRewards MC 10K | Amex ED $4.2K | Amex Schwab Platinum NPSL | Amex Schwab Investor 3K | Rakuten 3K | WF CashWise VS $16.3K | Discover IT $10.8K | Disco IT Miles (#2) 7.5K | Citizen's Bank Cashback Plus WMC $9.7K | Fidelity VS $13K | USBank Cash+ VS $13K | Cap1 QS #2 16K | BBT Spectrum Cash Rewards VS 7.5K | BBT Cash Rewards #2 4.5K | BBT Bright 5K | Santander Ultimate MC 7.5K | BBVA ClearPoints 7.5K | PNC Cash Rewards 15.5K | BECU Cashback 19.5K | FNBO Evergreen 15K | EX 727 | TU 761 | EQ 730
Business Credit ~ Amex BBP 4.8K | Amex BBC 15K | US Bank Biz Cash 3K ~LOC's~ BECU 15K |
Message 42 of 69
zarour24
Established Member

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

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. 

Message 43 of 69
zarour24
Established Member

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

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. 

Message 44 of 69
zarour24
Established Member

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

Ok, that makes sense, thank you for clairifing. 

Message 45 of 69
wasCB14
Super Contributor

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


@Xatos 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.

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?

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 46 of 69
kdm31091
Super Contributor

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

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.

Message 47 of 69
zarour24
Established Member

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

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?

Message 48 of 69
Xatos
Frequent Contributor

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

@wascb14 my bad wasn't thinking. Been a long day...
Kohl's $3K | Cap1 QS $2.5K | Target Redcard $1.8K | Citi DC $6.9K | Amex BCE $1K | Dick's ScoreRewards MC 10K | Amex ED $4.2K | Amex Schwab Platinum NPSL | Amex Schwab Investor 3K | Rakuten 3K | WF CashWise VS $16.3K | Discover IT $10.8K | Disco IT Miles (#2) 7.5K | Citizen's Bank Cashback Plus WMC $9.7K | Fidelity VS $13K | USBank Cash+ VS $13K | Cap1 QS #2 16K | BBT Spectrum Cash Rewards VS 7.5K | BBT Cash Rewards #2 4.5K | BBT Bright 5K | Santander Ultimate MC 7.5K | BBVA ClearPoints 7.5K | PNC Cash Rewards 15.5K | BECU Cashback 19.5K | FNBO Evergreen 15K | EX 727 | TU 761 | EQ 730
Business Credit ~ Amex BBP 4.8K | Amex BBC 15K | US Bank Biz Cash 3K ~LOC's~ BECU 15K |
Message 49 of 69
ChargedUp
Valued Contributor

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

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.

AODFCU 3% Visa ($10K), Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($3500), Bank of the West CB MC ($3K), PNC Cash Rewards ($9.5K)
Message 50 of 69
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