A Big Move

[longtimelurker]

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@iced wrote:

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To be clear, nobody has told the OP that buying a poster is a bad idea. What is being said is that leveraging oneself with debt to do so is a bad idea.

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But even that comes with some caveats.   If, for example, OP can resell the poster (or the entire collection) for a large multiple of $45K,  it becomes a "smart move".   For huge gains, some level of risk can be justified.  Of course, the issue with leverage is if something goes wrong, but since my knowledge of resale of classic rock posters is not world-class, I will defer to the OPs knowledge of whether there is real risk or not.

[JustBPatient]

I'll just echo on what K mentioned.  Both Citi and Chase on BT cards can be hit or miss on their SL's.  And if they don't provide what is needed then you've just wasted a HP on product/s that you only really wanted for this transaction.

good luck!!

[xaximus]

From my POV, these are the best balance transfer cards -

Amex Everyday - Since you already have an Amex - this will be an SP.
Chase Slate - as mentioned before
Citi Diamond/Simplicity/DC - I would datapoints to see what kind of chance you may possibly have with them
BoA Bankamericard - another decent BT card
Discover IT - they have a 15-18 0% interest APR

If you are looking for multiple cards - I would suggest apping for certain cards before others, i.e. Citi/Chase before any others. They are more sensitive then others.

[Anonymous]

I guess needing to know your income as well.  But with us close to 200k income and my wife with 800+ Fico the best starting limit she got on a card from Chase was 27k.   And she has 20 years of credit history, owns a house etc. 

If you don't plan to re-sell the poster than its value is meaningless to this situation. Then it is just buying something frivilous and putting yourself into huge debt to do it.  If you have a re-sell plan than it could make sense.   I would ask myself if the reason I am buying this poster is because I plan to re-sell it at a profit or is the reason I am buying it because I feel a need to own it.  If it is the latter pass on the purchase and instead buy something within your budget. 

[K-in-Boston]

This is the final warning before posts are deleted, PMs are sent and/or further action is taken.  The OP did not ask for opinions on whether this was a sound investment opportunity.  Keep all comments related to OP's questions, not whether you feel that the purchase is a good financial investment.

[NRB525]

OP can you list out your entire list of credit cards, including month you got them, and credit line? You mention four or five in the opening post, then mention a mini spree 6 months ago. This is important to understand both for any existing BT options, as well as where you are in 5/24.

You also mention getting a loan from a local bank or CU. Have you talked with them? What sort of loan terms are they offering? Having a single source for a large amount like this is easier than patching together 4 credit cards. Having four credit cards that can handle BT with fairly low transfer fees should not be ruled out.

[kshurika]

Yes, I'm considering both the AmEx Everyday and the Bankamericard. I thought of those 0% balance transfer cards after making the post. Thanks.

Possibly, some people aren't completely reading my original post or my responses so far. I'm not trying to get 45k. I already have a large chunk of that and it's not coming from my savings, which will remain untouched. My other credit cards have zero balances and some of them still have several months remaining of 0% interest. I have a pretty good income and very, very few debts. I also have immediately liquid investments that I don't wish to liquidate because they are appreciating well. By purchasing the"piece of poster paper" for 45K, I will complete a segment of my collection and make that segment worth approximately 450K, which I believe is about 10X 45k. Of course, I could go to a non-traditional lender and pay huge fees up front and absurd interest, but I'm not in a financial situation to need to do that, even though it would still be profitable to me in this deal. Also, an experienced investor in stock equities knows that a buy and hold strategy wins, as does dollar-cost averaging. So, I'm NOT buying a poster far scacer than a Rembrandt (just not as valuable) to immediately resell for a couple of thousand profit. I'm buying it to vastly increase the value of my current collection by several multiples. If I get hit by a bus next week, my heirs are going to have happy and carefree lives. In the Great Recession, very few Investments avoided sinking like stones: precious metals, very high-end art and rock and roll posters. Luckily, I got into the last segment when I was 13.

I was hoping to get some good advice from the collective wisdom of these forums because my experience over the last year is that people here know MUCH more about the credit industry than I do. And, I have gotten some good tips today. I hope to get some more. If you look at "longtimelurker's" post above, you will read that he gets what I'm trying to do the best. When I need to be told "a penny saved is a penny earned", I'll dust off my copy of Poor Richard's Almanac.

[kshurika]

While working piecemeal over my last comment, I missed the last few posts. Sorry if I'm a little out of the loop.

[Anonymous]

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@kshurika wrote:
Yes, I'm considering both the AmEx Everyday and the Bankamericard. I thought of those 0% balance transfer cards after making the post. Thanks.

Possibly, some people aren't completely reading my original post or my responses so far. I'm not trying to get 45k. I already have a large chunk of that and it's not coming from my savings, which will remain untouched. My other credit cards have zero balances and some of them still have several months remaining of 0% interest. I have a pretty good income and very, very few debts. I also have immediately liquid investments that I don't wish to liquidate because they are appreciating well. By purchasing the"piece of poster paper" for 45K, I will complete a segment of my collection and make that segment worth approximately 450K, which I believe is about 10X 45k. Of course, I could go to a non-traditional lender and pay huge fees up front and absurd interest, but I'm not in a financial situation to need to do that, even though it would still be profitable to me in this deal. Also, an experienced investor in stock equities knows that a buy and hold strategy wins, as does dollar-cost averaging. So, I'm NOT buying a poster far scacer than a Rembrandt (just not as valuable) to immediately resell for a couple of thousand profit. I'm buying it to vastly increase the value of my current collection by several multiples. If I get hit by a bus next week, my heirs are going to have happy and carefree lives. In the Great Recession, very few Investments avoided sinking like stones: precious metals, very high-end art and rock and roll posters. Luckily, I got into the last segment when I was 13.

I was hoping to get some good advice from the collective wisdom of these forums because my experience over the last year is that people here know MUCH more about the credit industry than I do. And, I have gotten some good tips today. I hope to get some more. If you look at "longtimelurker's" post above, you will read that he gets what I'm trying to do the best. When I need to be told "a penny saved is a penny earned", I'll dust off my copy of Poor Richard's Almanac.

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If you have high income and little debt 25k limit cards should be easy to get.  I am not sure how much money you need as you are vague.  But plenty of 0 percent interest cards out there.  25k credit limit seems the norm for us no matter who the lender is.  If you have an Amex already you can move the limits around pretty easily online.  So say they give you 10k on your new card and you have 15k on an old card you could move 14k from old to new.  Most cards do charge a transfer fee.  

NFCU does not but like somone said they don't have balance transfer offers right now. 

[kshurika]

Okay, after all this I've decided to stay in the garden and not apply for any new cards, Chase or otherwise. Tomorrow is the 10 month anniversary of getting my FU and I'm merely going to try to get a CLI out of Chase. If it doesn't work, I'll call Recon. If that doesn't work, I'll hold up a couple of liquor stores. I know it's going to be an Experian HP, but the increase in aggregate credit and decreased Util is worth it.

After I get the poster, I'll post a picture of it here. It's not very striking, but it's hellish rare. Thanks to all of you for the input.