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0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

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Anonymous
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0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

I have what I think is a simple question that DCU will not answer me. If I need my credit utilization to be decent just for one month since I'm getting an apartment. If I do a balance transfer on the 31st would it possibly process and show on my DCU statement sent to the credit bureaus that day? My theory is it takes at least a couple days so they said I am allowed to do a balance transfer on the 31st and still get the 0% APR until July I already has. Is there any way to know if the balalnce transfer could show on my report? I just don't think they could process it that fast.
Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: 0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

I think only they would know the answer to that... how quick a BT would show up/report to the CRAs and such.

 

It sounds like you're trying to get the balance you're transferring to not be included in your utilization, correct?  If that's the case, what's most important is the date that the lender that your doing the BT to reports.  Ideally you'd want there to be a good span of time between the two, say 3 weeks.  This way you BT off the account that's going to report lower a few days before it reports... this way it reports with the lower balance, then you've got a full 3 weeks (or whatever) until that balance reports on the new account.  It sounds like you probably already understand this, but perhaps the dates/timing are the issue here?

Message 2 of 10
Anonymous
Not applicable

Re: 0stated% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

My concern is the balance on the DCU card I am transferring to which reports on the 31st. I am not worried about the card it is coming from since I could pay it off if had to. I did ask them and they couldn't give me a definite answer.
I'm pretty sure I'm just going to go ahead and do it on the 31st because I highly doubt they will update the balance transfer included on my statement date for Dcu the 31st.
Pretty much I'm asking DCU to conduct a balance transfer in hoping they cannot finish it by the time the information is reported if that makes any more sense.

Currently have 0 balance on Dcu looking to move 2700 from disco. Not concerned about the discover card since statement just cut at 0$. Dcu reported a 200$ balance on 31st Wich I pif...
Hopefully this explains it a little better
Message 3 of 10
Anonymous
Not applicable

Re: 0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

Thank you that's what I believed would happen it would take at least five days or more but when I called DCU they made it seem like it might show up because it's an electronic balance transfer. I'm pretty sure they just didn't want to give me a definite either way just in case. Or they really don't know..
Message 4 of 10
Revelate
Moderator Emeritus

Re: 0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

I don't think it'll really matter TBH, all the landlords I've talked to mostly ignore the score anyway and they're looking at negative information rather than balances.




        
Message 5 of 10
NRB525
Super Contributor

Re: 0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month


@Anonymous wrote:
Thank you that's what I believed would happen it would take at least five days or more but when I called DCU they made it seem like it might show up because it's an electronic balance transfer. I'm pretty sure they just didn't want to give me a definite either way just in case. Or they really don't know..

I would expect a BT request to show up on the bank providing the BT funds close to immediately. You borrowed from them at that moment. If that is the exact day they will print the statement it then depends whether they process during the day and print the statement at midnight-ish on the 31st.

 

How long it takes the money to get to Discover is irrelevant to DCU reporting it. 

 

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
Message 6 of 10
Anonymous
Not applicable

Re: 0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

Thank you. Since dcu is the one I am talking about and who I am borrowing the money from are you saying if they process balance transfers immediately it might show up? It seems to take them a day or two.
I just opened a quick loan with them it's my second it will replace the first one on this next statement. If I pay that down to 97% with this help just for the one month?
Since I used half of my $3,000 credit limit with DCU card I'm hopeful kays charge off just dropping off and maybe paying this down to 97% will keep my score the same or higher.
Message 7 of 10
Anonymous
Not applicable

Re: 0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

That's what I was hoping. Thank you for that information.
Message 8 of 10
Anonymous
Not applicable

Re: 0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

So I just tested a BT. I did a small amount yesterday around noon. Still haven't seen anything.. I will probably do the transfer at 1158 lol
Message 9 of 10
masscredit
Valued Contributor

Re: 0% on bt until July DCU. Bt on the 31st to save my credit utilization for that month

Not DCU but with other cards, when I've done a BT, my avaialble credit immediately went down but it didn't post to my account balance for a few days (sometimes 4-5 days).  The same with purchases. I've made purchases on the day my statement closes.  They posted on the next statement.  If it was me, I'd do the BT as late in the day as possible.

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 690 / TU - 663/ EX - 677

TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / SDFCU Secured - $4990 / Capital One QuickSiver - $4500 / Ally Master Card - $2800 / Apple Card - $2700 / Walmart Mastercard - $2500

Andrews FCU SSL $1500
Message 10 of 10
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