Paying down balances for BT Card?? Looking for advice.

[mrrichsin]

Hey all,

I'm trying to apply for a 0% BT card like the Amex Everyday and was hoping to get some advice around how to improve my chances of approval.

Here are the current numbers:

Card	Balance	Credit Limit	Current Utilization
Capital One	$2,777.00	$3,000.00	92.57%
Citi Credit	$1,485.00	$2,000.00	74.25%
Discover	$1,396.00	$1,500.00	93.07%
Venture	$14,500.00	$15,000.00	96.67%
Amex	$1,215.00	$2,000.00	60.75%
BofA CC	$2,050.00	$2,050.00	100.00%
Chase CC	$7,200.00	$8,300.00	86.75%

The only card that has an OK interest rate is the Citi (10%). Everything else is 24%+.

Equifax/Transunion Score: 650-670 

What % Utilization should I be targetting to improve my odds of getting the BT card and how should I be approaching this? The goal is to lay out the least amount of cash so that I can transfer over the remaining balances. I have $25k available to pay these balances down.

Thanks!

[Anonymous]

I don't think this is the "optimal" way, but if I was in your shoes, I'd just pay off all the ones I could, with the exception of the Citi card (16,850 total). After that, I'd probably hit that luv button for the Dicso card and see if they will increase your CL, then I would look for a BT offer from them. Disco is good about having promo BT offers all year. I would throw the rest of the cash (8,150) at that Venture then look to BT the remainder.

The problem is that I have no idea what SCL you will get for opening a new card...it could very well be $500-1000, which will not help you at all.

My opinion? Don't look for a BT, just PIF all that you can, starting with the highest APRs first/highest limits. If that Venture and Chase is high APR, they will cost you the most money now, so maybe consider putting your money into those and work on the lower limits, highest APR to lowest. 

[Anonymous]

I agree with the Discover part. Ask them for 0% and they might give you that for 12%, They did for me since I'm in good standing.

With other cards that you have, chat them up online or give them a call and in the nicest way if they can help you out lower your APR and tell them you plan to pay a big chunk (be honest about, don't give false hopes about paying).

With your current utilization, it's really not a good idea to apply for another card as you plan to for the BT 0%.

[Anonymous]

Your best bet is to find a credit union and see what they can do for you. Credit unions are amazing for situations where you need help but don’t want to pay exorbitant interest. While banks definitely don’t like to lend when you actually need money, credit unions will generally help as long as your DTI will allow it — if you can get in with NFCU, they would be a resource to tap. 

Discover is definitely not a bad idea either.