Need some advice on BT

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
3 posts
Green Member
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Need some advice on BT

Postby MrAwesome » Sat Sep 28, 2013 4:01 pm

Hi all:

I'm 22 and I just got a new job and a HUGE career opportunity. The only problem is that I had to leverage myself in the upper-mid 4-digits to take advantage of it (relocation expenses over and on top of what was allocated, paying for two places for a bit, etc).

Plus I've moved into a downtown area, so cost of living is far from cheap.

I've go $8,000 spread across 2 chase credit cards but they're pretty well fully maxed out and that's hurting my credit bad. My plan is to take my year end bonus and pay them off, however, until then just making minimums (or slightly above) is KILLING me.

I've applied for several 0% balance transfer cards, but I don't know if I'm getting anywhere (I'm not getting instant approvals).

I've never missed a payment in my life on anything, my American Express (daily spender) shows a really high limit (like 3x what my overall credit usage is).

I'm just a little perplexed and searching for ideas.

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Postby Malt » Sat Sep 28, 2013 5:42 pm

Have you considered stopping by a branch or calling Chase and seeing if you can BT the two cards you have to a slate card? Applying online with two cards maxed out is surely going to result in a 7-10 message or a flat our denial. If you cant stop by a branch, call and apply. If you are declined ask to speak to an underwriter for a reconsideration and fully explain the situation to them. In this case honesty is probably the best policy and could result in you being able to successfully get a card. Blindly applying for lots of BT cards online is doing nothing but racking up inquiries and makes you look desperate, which you will have to explain if Chase declines you initially and you end up speaking with an underwriter.

Whatever you do, if you end up getting everything BT'd over don't make the mistake of running up the cards back to their limits again. You might of just gotten a new job with a huge career opportunity, but there are tons of us that were in similar situations in our younger twenties and ended up spending the majority of our late twenties and early thirties digging ourselves out of the hole we put ourselves in ;)

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Postby takeshi » Mon Sep 30, 2013 9:36 am

MrAwesome wrote:I've applied for several 0% balance transfer cards, but I don't know if I'm getting anywhere (I'm not getting instant approvals).

The catch-22 is that it's going to be tricky to get approvals with extremely high utilization. I'd +1 the prior reply.

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