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BT to Bank

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busted2
New Contributor

BT to Bank

This is a highly specific question I searched for:

 

If you do a Balance Transfer with a CC that allows ACH deposits directly into your bank, do your other creditors get immediately notified of the BT due to the ACH? Reason being most will be paid back before the balance reports and creditors may be sensitive right now if they find out before I pay it down. In any case, total combined debt will be under 8.9% so mostly just curious. Thank you.

Message 1 of 5
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Anonymous
Not applicable

Re: BT to Bank


@busted2 wrote:

This is a highly specific question I searched for:

 

If you do a Balance Transfer with a CC that allows ACH deposits directly into your bank, do your other creditors get immediately notified of the BT due to the ACH? Reason being most will be paid back before the balance reports and creditors may be sensitive right now if they find out before I pay it down. In any case, total combined debt will be under 8.9% so mostly just curious. Thank you.


No, your other creditors will not know of the BT until the issuer you're doing the BT from reports to the credit bureaus.  

Message 2 of 5
coreysw12
Valued Contributor

Re: BT to Bank


@Anonymous wrote:

@busted2 wrote:

This is a highly specific question I searched for:

 

If you do a Balance Transfer with a CC that allows ACH deposits directly into your bank, do your other creditors get immediately notified of the BT due to the ACH? Reason being most will be paid back before the balance reports and creditors may be sensitive right now if they find out before I pay it down. In any case, total combined debt will be under 8.9% so mostly just curious. Thank you.


No, your other creditors will not know of the BT until the issuer you're doing the BT from reports to the credit bureaus.  


Which is typically when your next statement cuts. If you do the BT the day after your statement cuts, you'll have almost a whole month before the other creditors see it. If you do it the day before your statement cuts, they'll see it in only a couple days. If it's a brand new credit card, the next statement closing date could be anywhere from 1-45 days from now.

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Message 3 of 5
busted2
New Contributor

Re: BT to Bank

Thank you. 👏🏼👏🏼👏🏼

Message 4 of 5
Shooting-For-800
Senior Contributor

Re: BT to Bank

I have probably done 10 of them and never had an issue.

 

I would stay away from cash advances though.

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