The Switcheroo any thoughts?

[Anonymous]

This forum has taught me more about credit than any class or book.  I learn new things all the time.

[Anonymous]

Okay so all payments went through however, for the smaller credit union account they sent a physical check and the check says pay to the account of XXXX which is me not my fiancée' but it has her account #.

So it's showing now as $0 balance but only 3k available credit out of a 7k CL. It also says Check Hold through 2/17. What's happening?

[Anonymous]

Matt, they may be holding the funds until the check is actually 'paid' by NFCU and not rejected.   Have you talked to them directly?  

[Anonymous]

From my experience it is normal for a BT to be put on hold.
A quick call might not be a bad idea just to verify everything is going well.

[MrsCHX]

I've never done a BT so I'll leave that to others. But yes, oh yes, those old lates ARE affecting her credit. Watch what happens when they're gone!!!

[Anonymous]

You mention applying for cards.  You do realize that $0 of debt has been eliminated.  It has just been transferred from her to you.  I don't know thast getting a card when she was just overextended is a good idea.

@Anonymous wrote:
So my fiancée is at 46% overall UT and 80%+ on 3 accounts. But I just got a CLI on my NFCU card to 13k and there's a BT promo right now so we're transferring all her CC debt to me making her UT between 0 and 1% (0 is bad we've heard so leaving under $50 balance on one card).

Her score prior to this was 715 as of today it's 687 she has no derogs (aside from (2) 30 day lates from 2012 which should have no impact on her credit score). After this is paid we are guessing it'll shoot to 730. Any thoughts on something we should do a specific card to app for or anything?

She's been in the garden for a while (3 cards opened in the last 24 months) we are considering her applying for the Chase FU (she currently has Chase Freedom and Slate) but only in branch and only if she can get the $300 bonus for $500 spend not the $150 Standard.

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[UncleB]

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@Anonymous wrote:

Matt, they may be holding the funds until the check is actually 'paid' by NFCU and not rejected.   Have you talked to them directly?  

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Yep, that's exactly what's going on.  I used to have similar issues anytime I sent a large check or submitted a larger-than-usual payment via ACH 'pull'... just give it a few days and it will work itself out. 

[Anonymous]

Em71 - the $500 is going to be spent regardless over 3 months so I just don't see why getting a card which will give you $300 free for spending the $500 leaving you owing only $200 rather than $500 is bad?

After that she could just put it in a drawer or shred it and never use it...there's no AF I just don't see a downside. The $500 gets spent regardless though on utilities gas internet that's just the basics. Spending $500 over 3 months that's only $167 a month we spend that $167 in a week or 2.

[Anonymous]

After that just remain in the garden until 80% or more of the debt that was transferred is paid once we pay that mostly down we plan on an auto loan because we severely need a car probably a 2015 keep things reasonable.