cancel
Showing results for 
Search instead for 
Did you mean: 

Need a new card bonus...

tag
Anonymous
Not applicable

Need a new card bonus...

Kicking myself over not applying for the Venture in December.  About to book a big vacation.  The plane tickets will be through United.  Wondering if I should apply for the CSP, a United Mileage card or a balance transfer card.  I'm carrying a huge balance on a card currently.  I have the cash to pay it off, but that money is earning two percent with Discover Bank and will pay it off once my intro period expires in June.  Thought about getting a balance transfer card, moving the balance and investing the difference in something with a little more pop than 2%, but is still reasonably safe, instead of just paying it off outright.  Do balance transfer cards offer large limits, like the AMEX Everyday, Slate or BofA's balance transfer card?  My brother-in-law did this for a few years, but that was because he didn't have the cash to pay off the balance. 

Message 1 of 5
4 REPLIES 4
Remedios
Credit Mentor

Re: Need a new card bonus...


@Anonymous wrote:

Kicking myself over not applying for the Venture in December.  About to book a big vacation.  The plane tickets will be through United.  Wondering if I should apply for the CSP, a United Mileage card or a balance transfer card.  I'm carrying a huge balance on a card currently.  I have the cash to pay it off, but that money is earning two percent with Discover Bank and will pay it off once my intro period expires in June.  Thought about getting a balance transfer card, moving the balance and investing the difference in something with a little more pop than 2%, but is still reasonably safe, instead of just paying it off outright.  Do balance transfer cards offer large limits, like the AMEX Everyday, Slate or BofA's balance transfer card?  My brother-in-law did this for a few years, but that was because he didn't have the cash to pay off the balance. 


 

You will not get a good offer while you have maxed out card. Pay it down first. 

Computers do not care if you're thinking about "investing elsewhere". It makes it look like you're in financial distress. 

 

Amex wont give you a large limit, if any.  Slate has low SL even under perfect circumstances, yours are not currently. 

Dont know about BoA. 

Message 2 of 5
xaximus
Valued Contributor

Re: Need a new card bonus...

Depending on what your UTI is on the card, I would bring that down. Lenders look at UTI and then the amount of UTI used, when they see a large balance on one, that usually throws a red flag. Your best bet is to pay the card down and then give it 30-60 days for your reports to refresh, then apply for whichever card that's worthwhile.


Scores - All bureaus 770 +
TCL - Est. $410K
Message 3 of 5
Anonymous
Not applicable

Re: Need a new card bonus...

I'm using around 67% of the card limit.  It has hurt my scores, but not as much as I thought it would.  Think I'll probably just ap for the CSP and then once I get the bonus I'll try to product change to the CSR. 

Message 4 of 5
xaximus
Valued Contributor

Re: Need a new card bonus...

At 67%, you're hitting 3 thresholds (8.9%, 28.9%, 48.9%, possibly even the 68.9% but without exact numbers, it's definitely 3 atleast). Average score loss is about 10-20 points for each threshold, so an estimated 30-60 points if you don't have any baddies. The impact is negated as your profile ages so it may not seem like that much of a loss, but 30 points can be the difference maker in getting a high SL.


Scores - All bureaus 770 +
TCL - Est. $410K
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.