Is it bad to do multiple balance transfers with 3 cards?

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Is it bad to do multiple balance transfers with 3 cards?

Postby CK8652 » Sat Jun 02, 2012 4:17 am


I borrowed 9k from my dad to pay off all my credit cards to get approved for a house. I'm not buying anymore and I want to put about 15k back on credit to pay him back and some extra. I have a US Bank card with 13k limit, Citi with 8.5k and Citi 4k that I want to use.

My question: I want to do balance transfers (CASH to my checking account) from 3 different cards within a short period of time. Does anyone have experience with this? Will it look like fraud? Should I do them all at one time so they won't have enough time to check I'm packing on large debt quickly? Should I spread it over a month or two to not raise too much suspicion?

My total available credit line is about $45,000, 0 revolving, only ~$3000/mo that I pay off every month on my Amex. Credit is fine but shallow (no major debts paid off but long positive payment history) ~720 FICO. No car/house, $8000 in student loans, ~45k/yr income.


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Postby PlatinumAMEX94 » Sun Jun 03, 2012 2:32 am

You want to max out all your cards, 45k available credit to pay your dad back?

To answer your question, you will throw up red flags all over the place and the IRS will start monitoring your accounts. Seriously. What you are doing looks like you are about ready to file for bankruptcy and run with the money. Certain deposits to bank accounts are flagged and reported to the IRS. More than likely as soon as you do your first transfer your other cards will close or cut your credit lines.

If I was the banker I would be really worried if someone just maxed out their cards for cash advances. What are you a drug addict or gambler with a problem? Have you thought about what will happen to your credit score and your utilization? Not good with what you are planning.
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Postby CK8652 » Fri Jun 08, 2012 9:38 pm

No, I have 48k available credit through all my cards and I want to pull out 20k cash between 3/8 cards I own. I would have 20/48k charged at 0% interest for 15+ months. The extra money would be for investment purposes.

I'm a little surprised to be labeled a drug addict or scam artist when I'm obviously responsible enough to have 48k of open credit and prudent enough to consult with others who may have more experience with this. I was actually looking for advice on how to go about pulling 20k of my available credit so that it DIDN'T look suspicious and DOESN'T affect my credit (too much at least). It would be ridiculous if the IRS or someone investigates me over this - they didn't seem to care when I paid off $15,000 in revolving debt 6 months ago.

With the returns I'm getting with other peoples money right now I would hope to be free and clear within a year. Just need a little extra skrilla to get me there.

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Postby bmw1990Z » Sun Jun 10, 2012 3:40 pm

i wouldn't think so.
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