WaMu Pre-approval letter. Should I accept?

[turninganewleaf]

I received a WaMu Visa Platinum pre-approval letter the other day.  The offer is for no AF and a 0% fixed APR until January 1, 2009 on balances transferred now (not on purchases or cash advances).  The terms show an APR of 19.99% on purchases which I pay in full ev month, so I don't guess that matters much.  It also says Balance Transfer Fee:  3% of each balance transfer ($5 min per transfer). 

My question is, should I accept this offer to transfer a balance of $995 from a self-initiated *CLOSED* BofA card?  I would think it would look better to have a $0 balance on a closed account, even though I closed it myself.  FYI:  I cannot re-open this BofA account at all.

My scores are posted below, I have a 1+ year old Chevron acct ($400 CL) , 2+ month old AMEX Blue Cash (Delta conversion) $1K CLI,  and a 2+ month old Target ($200 CL).  All these accounts are in good standing, PIF each month, no lates.  Only baddie is a Paid CO from Cap1.

What do you think?

Message Edited by turninganewleaf on 11-26-2007 10:22 AM

[turninganewleaf]

Also, FYI, I am currently not paying interest on the closed BofA account either, if that info matters....

[Anonymous]

Oh my goodness turning! Please don't tell me you closed the BoA cc with a balance on it?

Oh! duh. looks like you already did. hmmmmmm. Well if the BoA cc is gone bye bye permanently, then the WaMu offer is a good one.

I used that same pre-approval to close out an Applied Bank card that I had for years, but it was costing me a lot of money.

For what it's worth, my scores were pretty close to yours are when I applied.

[turninganewleaf]

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Sylviatob wrote:
Oh my goodness turning! Please don't tell me you closed the BoA cc with a balance on it?

Oh! duh. looks like you already did. hmmmmmm. Well if the BoA cc is gone bye bye permanently, then the WaMu offer is a good one.

I used that same pre-approval to close out an Applied Bank card that I had for years, but it was costing me a lot of money.

For what it's worth, my scores were pretty close to yours are when I applied.

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Unfortunately, yes, I did.  It was pre-FICO forums.  My CC balances were getting out of control and I thought it best to close the account at the time.   I'm currently on a payment plan with them, remaining balance is $995.00.  A concern is that I may only be approved for a $1K CL with them (which is what I was approved for with AMEX prior to a score increase).  That would make my CC maxed out which I know would hurt temporarily until it was paid off in full.  But, is that better than having a balance on a closed CC?

[Anonymous]

Can you do both? For example transfer like $500 to the WaMu offer, and continue paying BoA? Is that an option? I think I'd do something similar, given the circumstances.

"But, is that better than having a balance on a closed CC?" I honestly do not know the answer to that one. sowwy

Forgot to mention, IMO and it's ONLY my opinion, doing a balance transfer when applying MAY, put you in a better position for approval of the WaMu card. I may be way off base but that's my feelings.

Message Edited by Sylviatob on 11-26-2007 10:43 AM

[Anonymous]

I did a BT with them, and I read on either the app or online that they always try to give you a limit more than the BT. This was a corcern for me also. When I applied my limit was 1k more than my transfer.

[Anonymous]

go for it I applied back at the end of July with sorta same offer not that long for zero percent interest though and my scores may have been lower than yours or equivalent and they gave me a 2000 limit (that was Visa) and last week I got the Mastercard with a 2000 limit as well same offer