Re: BoA 20k+ BT - any repercussions? - myFICO® Forums

Anonymous · ‎09-09-2018

thinking of doing a BoA BT offer as i need cash more than anything else right now even though i can pay it full - don't mind paying the 3% transfer fee.

i have a 25k CL on this BoA Travel Rewards (basically sockdrawered and no charges on it right now) card and have an outstanding 25k from discover (haven't posted yet fwiw). i know this is a bad deal, but like i said, i probably will need the cash in the near future and the 0% offer is good til February 2020. if i BT say $20-23k (this basically maxes out my CL and will eventually report to CRA), will i get AA from BoA or other issuers? any negative DPs doing this? i mean BoA is offering it and i have the CL to transfer the amount. *my mind might not be in a right spot right now as i'm in a stressful situation but i've got (legal) expenses coming up and i need to extend my liquidity. :/

PS. i will not use the card once i BT to it. will sockdrawer it and pay $500-2k/mo so there's no surprises come February 2020.

thanks in advance! i appreciate all the help.

Mod note: I've updated your subject to reflect your loan approval; feel free to change/edit if you would like. --UB

Anonymous · ‎09-09-2018

Why not ask for CLI on BOA card before balance transfer? You can do it online and I believe it isnt a hard pull. That way you won't show a card close to being maxed out

simplynoir · ‎09-09-2018

@Anonymous wrote:
Why not ask for CLI on BOA card before balance transfer? You can do it online and I believe it isnt a hard pull. That way you won't show a card close to being maxed out

+1 And no HP for the request indeed. I'd shoot for the moon on the CLI request and let BofA counter you.

Anonymous · ‎09-09-2018

did not think of that! i'll see if it can be done. thank you very much!

Anonymous · ‎09-09-2018

did not received a counter-offer. i requested 100k from 25k and got 3k increase only. i got 2 other cards with them. i guess im overextended. better than nothing i suppose.

any thoughts with my initial plan of doing a $20-23k BT??? i really need the cash liquidity and 3% right now doesn't seem too bad. it's unfortunate but i got things to deal with. :/ i guess what im after for is a someone to say 'while it's not the ideal solution, it's an option and not a bad one.' ???

Congratulations! Your credit line has been approved. 
Your new total credit line is $28,000.00 with a cash credit line of $300.00 and is available for immediate use. 
Use your available credit to transfer balances from other creditors online today.

*something about *Secured Cards Only:~

Request a credit line increase: confirmation
Total credit line requested: $100,000.00

simplynoir · ‎09-09-2018

Is a credit reallocation of your BofA cards an option? We don't know the credit lines and balances for your other BofA cards but you can do that as well to limit the hit to your utilization when you do the BT.

NRB525 · ‎09-09-2018

What is your limit on Discover?
What other cards do you have?

My experience with BofA and large BT included two accounts balance chased by BofA. I also had large balances on multiple Chase and Citi cards, at the peak of the debt crisis, so that is only putting context. You are not in that situation.

You could ask for the CLI, but that is a HP and might mess with your gardening status.

You should be OK with the BT, since you plan to pay large amounts each month.

Keep in mind a lot of reports here include panic when a bank starts to CLD. But as long as you continue to pay within terms, you still have the use of the money for the 3% fee you paid. Once paid down to a certain level ( presuming any AA occurs, which is NOTcertain ) then BofA will stop the balance chasing and your score will improve on utilization

The other thing to consider, can your legal bills be paid with a credit card, and then transfer to Discover on their no-fee 4.99% rate to provide cash flow that way? Or transferred to PenFed if a similar no-fee rate is available?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎09-09-2018

@simplynoir wrote:
Is a credit reallocation of your BofA cards an option? We don't know the credit lines and balances for your other BofA cards but you can do that as well to limit the hit to your utilization when you do the BT.

on the phone waiting for a rep right now to do this.

cash rewards $7k
BBR $5k

thinking of grabbing $6k + $4k from those 2 cards and adding them to the BT card (travel rewards) to make it from $28k to $38k. better, right??? will update if doable.

Anonymous · ‎09-09-2018

@NRB525 wrote:
What is your limit on Discover?
What other cards do you have?

My experience with BofA and large BT included two accounts balance chased by BofA. I also had large balances on multiple Chase and Citi cards, at the peak of the debt crisis, so that is only putting context. You are not in that situation.

You could ask for the CLI, but that is a HP and might mess with your gardening status.

You should be OK with the BT, since you plan to pay large amounts each month.

Keep in mind a lot of reports here include panic when a bank starts to CLD. But as long as you continue to pay within terms, you still have the use of the money for the 3% fee you paid. Once paid down to a certain level ( presuming any AA occurs, which is NOTcertain ) then BofA will stop the balance chasing and your score will improve on utilization

The other thing to consider, can your legal bills be paid with a credit card, and then transfer to Discover on their no-fee 4.99% rate to provide cash flow that way? Or transferred to PenFed if a similar no-fee rate is available?

cards:
Barclay Rewards
Blispay
BoA Travel Rewards
Amex EveryDay
Chase AARP
Barclay Arrival+
Alliant Platinum Rewards
Chase Amazon Prime Rewards
Chase IHG Rewards Club Select
Discover it
Chase freedom
BoA Cal Alumni Cash Rewards
Barclay Rewards MC
Barclay AA Biz MC
CIP
Citi AA Biz

no other ones with BT offer or 0% APR right now.

discover CL is 32.5k. soon to post balance is $25k
BoA travel rewards, amex everyday $30k CL are the ones with high CLs. other ones are between 1k-10k only. no other no-fee rate. no penfed either.

~~not sure on the timing with charging another large transaction on discover~~ ohh. use a different card then transfer to discover. got it! -- and i'll have to check that 4.99% offer if available on my card.
also, no other cards reporting large balance. only $2-3k on a couple of reporting cards. all other are at 0 or small balance.

SouthJamaica · ‎09-09-2018

@Anonymous wrote:
thinking of doing a BoA BT offer as i need cash more than anything else right now even though i can pay it full - don't mind paying the 3% transfer fee.

i have a 25k CL on this BoA Travel Rewards (basically sockdrawered and no charges on it right now) card and have an outstanding 25k from discover (haven't posted yet fwiw). i know this is a bad deal, but like i said, i probably will need the cash in the near future and the 0% offer is good til February 2020. if i BT say $20-23k (this basically maxes out my CL and will eventually report to CRA), will i get AA from BoA or other issuers? any negative DPs doing this? i mean BoA is offering it and i have the CL to transfer the amount. *my mind might not be in a right spot right now as i'm in a stressful situation but i've got (legal) expenses coming up and i need to extend my liquidity. :/

PS. i will not use the card once i BT to it. will sockdrawer it and pay $500-2k/mo so there's no surprises come February 2020.

thanks in advance! i appreciate all the help.

I wouldn't do it. Yes I think you will have repercussions.