New card with High Limit for balance transfer?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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SkyBox
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New card with High Limit for balance transfer?

Postby SkyBox » Mon Jan 20, 2014 7:52 am

Looking for a card to use for a balance transfer — hopefully $5K-20K limit with 0% APR for 12-18 months. I just opened a DISC IT card and my initial limit was only $2500. Which is not really enough to help my situation

My credit score is about 780, no debt or mortgage payment — just a car lease and old credit card. I plan to finance a new home in the next 5-6 months, so I don’t want another credit app affecting my FICO if I can’t get a high limit.

This balance transfer is for my Finance’s debt which is $20K to Chase (27% APR) and $12K to CITI (26% APR). We met with a financial advisor a year ago and she’s been aggressively paying $2300 a month against the debt since, but taking a beating on interest. I am loaning her $10k for Chase, but I need one more card to knock the rest out.

Any recommendations or advice? Thanks


samhradh
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Postby samhradh » Mon Jan 20, 2014 1:19 pm

I would look at the BoA Better Balance or Cap1 Plat Prestige http://creditcardforum.com/content/best-credit-cards-balance-transfers-5/
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

whit
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Postby whit » Mon Jan 20, 2014 4:03 pm

discover does have a tendency to give low limits
how are ur other cards and at what limits/interest are they?

I would recommend slate but the probability of you getting a high enough credit limit depends on a few factors (eg your gross annual, the credit lines u already have and limits--if you really only have an old credit card and the discover it is ur second besides the auto loan, how is the limit on that?)

slate because it's the only card that I know of which would not only give u an intro 0 apr (for 15 months) but also within first 60 days of the account opening u can balance transfer without fee--which for most lenders even Chase's other card with 0 intro apr (freedom) would charge you 3% or 5$ minimum--whichever is greater


maybe some places would run a special and do 2% but I haven't seen anyone do 0% like slate does for the first sixty days

literally balance transfer of 5k -----> 5k

not 5k ------> 5,150$

but 3% is better then 26,27 respectively if capital one can get u the full amount transferred..or let's say it's a limit of 3k you can transfer because it's 3.5k limit. you transfer without any fees the first time, and then pay off 2.3k and still have a bit balance remaining, you're still within the sixty days if you transfer again after the first month payment..then you're about 4.6k into that 10k or so you need..keep in mind they will charge you 3% for the transfer the third month BUT still better then 26-27 respectively

keep aggressively paying it off and transferring in

however one of her cards is from Chase and chase doesn't allow transfers within it's own product lines no matter the social who owns it so that may work for the 12k at citi

the discover, even though the limit you got was low, I would recommend transferring what you can, pay it off, and transfer again..within the time frame of the 0apr, with the 3% fee it's still better

if you can get a high enough limit obviously you don't need to go through all that but I always believe in mapping out every possibility so that at the end of the day whatever u need to get done, gets done

this case being the debt your fiancée is in

btw, commendable that you didn't go running for the hills when u saw that debt (can't lie and say I wouldn't do so myself) and not only lending your own personal money but putting your personal credit on the line

definitely admirable, and respect even though I personally wouldn't go the same route

samhradh
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Postby samhradh » Mon Jan 20, 2014 5:24 pm

whit wrote:btw, commendable that you didn't go running for the hills when u saw that debt (can't lie and say I wouldn't do so myself) and not only lending your own personal money but putting your personal credit on the line


Yeah, if his dedication isn't LOVE than I don't know what is! I would run too.

I didn't think to recommend the Slate because of the balance already being carried with Chase. Didn't think about how he could get her to transfer the Citi balance to Chase.

With that train of thought you can also apply for the Citi Simplicity and transfer the Chase balance :)
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

takeshi
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Postby takeshi » Tue Jan 21, 2014 8:44 am

SkyBox wrote:Any recommendations or advice?

Definitely need more details. It's not just a matter of the card but your credit and income as well. What's your utilization like?

SkyBox
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Postby SkyBox » Thu Jan 23, 2014 11:03 am

With a credit limit of $2500 on Discover, what should I transfer? I am reading different things about not maxing out the card and only utilizing 10 to 15% (which seems low). Would it be safe to transfer $2000 + the 3% fee?

SkyBox
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Postby SkyBox » Thu Jan 23, 2014 11:06 am

What amount should I move to the Discover card? I know I shouldn't max it out, but I am also seeing where you should only utilize 10 to 15% of the credit limit (which seems low). Would I be safe to transfer $2000 + the 3% fee?

SkyBox
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Postby SkyBox » Tue Jan 28, 2014 6:27 pm

I checked my credit report and there had been a mistake that a debt collector turned in for $18. I contacted them and it has been submitted for removal from all 3 credit bureaus. I did get a letter from Transunion stating that it has been removed/deleted, but this dropped my credit score 100pts. The lowest score went from 750 down to 650, so I hope the score goes back to 750 once this is adjusted.

My utilization is low and my salary is middle class or a bit higher, no mortgage and a 15K car lease. So with the new card only being $2500. limit, how much can I safely transfer to it without flagging it as a high limit? I am planning to wait until the mistake is removed before I transfer or apply for another card. I am told it should be cleared within 15 business days - fingers crossed.

SkyBox
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Postby SkyBox » Wed Jan 29, 2014 4:48 pm

whit wrote:if you really only have an old credit card and the discover it is ur second besides the auto loan, how is the limit on that?)

The discover limit is 5k and I charge $500-1000 about 3 to 4 times per year and pay off in full. Also just paid off a car loan and 2 school loans about 3 months ago. I have a furniture loan $1700 that will also be paid in full next month. That's 4 loans closed in about 4 months. Not sure if that helps or hurts the score.



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