Which card should I apply for BT ?

[Anonymous]

Hello,

I'm new here. I need $5000 cash in June. I plan to pay it off in 3 years.

MyFICO EQ is 730 as of last month. It should be >740 now due to CLI (soft pull) and reduced balances. I have only one hard pull recently on EX.

My credit limits are:
9,900 Citi Dividend Plat. Mast. (10% util)
6,300 Wells Fargo Plat. VISA (0% util)
4,800 AT&T Universal (50% util)
2,200 Amex Blue Student (0% util)
500 Chase visa (0% util)
420 Store charge card (0% util)


Which card should I apply to get $5000? Do any of them allow BT to checking account?

a) AMEX Clear: No BT fee, 5.99% until paid off. Free credit report and score annually (FAKO?).

b) AMEX Blue: 3% BT fee or $99max, 4.99% until paid off.

c) CapitalOne Platinum Prestige: No BT Fee. 7.99% fixed.

d) Discover More Card: 3% BT fee or $75max, 0% for 12 months. (After 12 mo. I will have to find another BT deal.)

e) Others ?


Thank you.

[jp_dlp]

Try BofA.. They have been giving out nice CL on their diff. cards.. With your current score standing, I'd say you wouldn't have a hard time qualifying for any of their cards.. Their amex cards are popular as well as their worldpoints..

Try their pre-approval site first, it's a soft inquiry on your CR and would not affect your score.. just to get what cards your qualified to have and probable CL..

https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

[Creditaddict]

Since you want to pay this off over 3 years, I might stear from Amex unless they gave you like 15k limit and you only used 5. but if they came in at like a 7 or 8k limit and you left it near maxed for a while, they get a little weird sometimes.

However since your already in with them, they very well might come in way higher on credit line.

but I would also agree to check BofA pre-approvals

[Anonymous]

Thank you. I tried BoA but only get pre-approved for $5000 CL. May be I should pay down my AT&T card further before I try again.

By the way, how did AMEX get a little weird in the past?

[RobertEG]

Hey PoorGrad!

The first thing I would ask is your level of concern on impact on your FICO score.  Ignoring FICO impact, you clearly go with the best deal on overall interest over the period of the advance.

However, considering FICO impact, keep it to the lowest effect on your %util of the account from which you secure the $5000. 

A strict BT does not  usually allow you to use the money to pay directly back to the account from which transferred. .  But most now offer you convenience checks which can be deposited directly into your checking account, and thus free to use any way you choose.  Check out the options.

Financial planning must be balanced against FICO planning.  They are different.  If you dont need new credit in the immediate future, your plan is clear.  If, however, you will be seeking additional new credit in the immediate future, then you must put FICO impact into the equation, with the major consideration your %util on the accounts.