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My friend wants some advice on getting 0% Intro APR cards for some personal and business expenses. Based on his credit what is the best path forward?
His current lineup:
Honda lease 5 months left $1747 Bal
Mortgage 500K 10 months old
Amex 6K, 15 Months, 0 util
Amex 10K, 57 Months, 0 util
Chase 9K, 50 Months, 33 util
Chase 37K, 28 Months 0 util
Chase 3.7K, 76 Months 0 util
He can pay off the one chase card. How much util should he leave on it, below 5 or 9?
What cards with 0% Intro APR would he have the best chance at getting a high starting CL. Ideally 1-2 cards should also have a 0% BT fee to pay off some other cards.
All advice is greatly appreciated.
There are no 0% cards. However, there are a number of cards that offer balance transfers at 0% for a fixed period of time, usually ranging from 12 months to 21 months. Some of the cards charge a 3% balance transfer fee, while others don't. Check out Chase Slate, Citi Simplicity, and your local credit union. There are others.
@Ahava18 wrote:
He can pay off the one chase card. How much util should he leave on it, below 5 or 9?
What 0 APR cards would he have the best chance at getting a high starting CL. Ideally 1-2 cards should also have a 0% BT fee to pay off some other cards.
His profile is in excellent shape right now. But he can optionally bring his Chase card below 27% for a slightly better look. 27% would bring him below the 28.9% threshold and leave some wiggle room for any interest that might be charged on the next statement. If he brings his balance down, he should call and ask Chase to report it. They're among the few banks that update credit reports upon request. (Discover is another.)
Tell him NOT to bring his Chase balance to zero before applying. That'll result in the "all cards at zero" penalty. Of course, he should pay off his balance ASAP when his applications are done. If he'd like to pay as much as possible right now to minimize interest, he can bring his balance down to $10 or so (and ask Chase to report it).
@UpperNwGuy wrote:There are no 0% cards. However, there are a number of cards that offer balance transfers at 0% for a fixed period of time, usually ranging from 12 months to 21 months. Some of the cards charge a 3% balance transfer fee, while others don't. Check out Chase Slate, Citi Simplicity, and your local credit union. There are others.
Of course that's what I meant. I totaly forgot to specify that I was looking for the best 0% INTRO APR cards to aim for. I know there are many options out there with an intro APR, my question is, which lenders will start with the best CL based on his credit profile. Aditionally, how many cards is safe to open at once, 3, 5 or just 1.
I wish there was a 0% APR for ever card, but the only such card I know of is my debit card.
@Ahava18 wrote:
RO APR cards to aim for. I know there are many options out there with an intro APR, my question is, which lenders will start with the best CL based on his credit profile. Aditionally, how many cards is safe to open at once, 3, 5 or just 1.
I wish there was a 0% APR for ever card, but the only such card I know of is my debit card.
They're all 0% if you PIF every month.
I am not saturated in the game for last 6 mo or more
but bank of america has/had 0% purchase and BT for 18 month when I signed up just over 18 months ago.
check their site out.
SMH, this forum never ceases to amaze me. OP asks for 0% cards and people keep saying to PIF. Sometimes people need to make a large purchase they can't PIF or want to carry a balance for a bit. Just answer the question instead of being cheeky.
OP: you didn't specify what chase or Amex cards he has. Since he has a relationship with them, maybe look at the chase slate or amex everyday