Result of Chase BT at 95% utilization

[GregB]

I recently did a Chase BT for $19,000 against a $20,000 CL. I thought I would post the results here since my other post got a bit OT with items about reasons, divorce, etc. My original intent was to get some info out there about Chase's behavior when pushing it.

There was zero drama or problems. Their fraud dept sent me a text message asking me to press "1" if I wrote the check. I had written the check to myself instead of doing separate BT directly to the accounts. I did this to save fees since there was a 3% BT fee with a $249 cap. My bank put a 5 day hold on the funds as expected and it hit my Chase account in 3 days.

My FICO has remained very stable in the low 700s for most of this year. I expect a boost from this since I have the same $91K total debt reporting but now have 2 fewer accounts with balances. The Chase account reported $4600 last month - PIFed before I did the BT, of course, the DAY before BTW.

I did this mainly in response to Chase ratejacking this account from 7.24% to 14.24% effective next month. I had been willing to pay the 7.24% but now have 2.99% for 18 months. Since I plan to pay this at minimums and pay down higher rate CC, my effective rate over the BT period is about 4.3%.

[thrasher865]

I wouldn't hope too much for a score increase, since you are putting this account within 5% of its limit, it may counteract the fact that you have fewer accounts reporting balances.  But who knows? 

Hold on, I had to double take there.  Did you say $91K?!  Does that include a mortgage?  Or do you by chance have an NFL salary?

Message Edited by thrasher865 on 09-05-2009 10:28 PM

[creditwherecreditisdue]

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@thrasher865 wrote:

I wouldn't hope too much for a score increase, since you are putting this account within 5% of its limit, it may counteract the fact that you have fewer accounts reporting balances.  But who knows? 

Hold on, I had to double take there.  Did you say $91K?!  Does that include a mortgage?  Or do you by chance have an NFL salary?

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Yes, he did. It is not a typo and it does not include a mortgage. I think the details are in this thread, aren't they?

[Desert-Rat]

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@creditwherecreditisdue wrote:

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@thrasher865 wrote:

I wouldn't hope too much for a score increase, since you are putting this account within 5% of its limit, it may counteract the fact that you have fewer accounts reporting balances.  But who knows? 

Hold on, I had to double take there.  Did you say $91K?!  Does that include a mortgage?  Or do you by chance have an NFL salary?

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Yes, he did. It is not a typo and it does not include a mortgage. I think the details are in this thread, aren't they?

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 (Details are in another thread, you can find it by clicking on his s/n)

Long story short:  She got the goldmine..... he got the shaft!!

D-R

ETA: Subject line: "Poking the Chase beast..."  And frankly, I admire his tenacity!  Good job Greg!

Message Edited by Desert-Rat on 09-06-2009 12:52 AM

[creditwherecreditisdue]

Sorry, I should have looked up. This thread is the reprise!

[Scamp]

Here's the 'parent' thread, for anyone needing to catch up on the details that led to the BT:

Poking the Chase beast to see what happens

[Anonymous]

I hope you wrote the check before the terms start a $19K cash  advance  wouldn't be cool

[GregB]

It was a promo offer for 0% for 9 months, 2.99% for 18 months. I did the 2.99% as I was kind of expecting Chase to jack me to 5% min payment. I see from another post that at least one person thinks that is only for "lifetime" balances. I used it to pay off two 12 month 0% transfers that had just expired and were going to 9.24% and 5.99%. It was not a big deal to pay off the one that was going to 5.99% except that gets me one less revolving account reporting a balance.

The whole idea is to keep my average interest rate as low as possible so that I can pay down the principal. I'm trying to pay down the $45K that doesn't report on my reports that has an average interest rate of 9+%.

I originally hoped that I would refi my house or get a larger HELOC when divorce was done. Houses are continuing to return to reality but even if they don't fall further, it would be tough to pull any equity out. I can't count on her paying me the money she owes me. I can't pay off CC with income so will have to eventually pull the money out of business inventory or sell my business. Probably have to sell at a big loss at this point.  

[creditwherecreditisdue]

Arg! And I though my divorice was bad!

[Anonymous]

Watch your back with Chase.  Good luck!