Looking for an educated guess on balance transfer

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LenM
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Looking for an educated guess on balance transfer

Postby LenM » Tue Nov 18, 2014 1:25 pm

I have 4 credit cards with a combined limit of 70K. I'm owing approx 12K. I've never been late or missed a payment. Credit score is 799. I need to do a balance transfer, but I'm currently not getting any 0% transfer offers from my other cards. Issuers (one of which is Chase) have told me to check sites at the beginning of each month to see if there are offers. I'm in a bit of a bind, with my 0% having run out on that 12K I owe. I'm thinking of applying for a new card with a 0% offer.

QUESTION - Given what I've written, anyone have an estimate of what my credit limit would be on that new card or any other suggestions? Thanks, Len


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djrez4
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Postby djrez4 » Tue Nov 18, 2014 3:13 pm

Need to know current income and the limits on each individual card.
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LenM
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Postby LenM » Tue Nov 18, 2014 3:25 pm

The limits on each card are 39K, 17K, 9K and 5K. Income is about 40K/yr (semi-retired).

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Postby Battery111 » Tue Nov 18, 2014 5:47 pm

I wouldn't think you would get a particularly large limit with that income, unless you have substantial liquid assets to support it and can get a larger limit on recon. However, who are the current cards with? Wondering if you can get a new account with a 0% offer from, one of the existing creditors, then transfer some of your limit on the other card to make up the shortfall if they don't approve you for a large enough limit initially.
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whit
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Postby whit » Tue Nov 18, 2014 9:16 pm

I can't, give you educated guesses cos I've seen some really far out stuff, but I can tell you that with the income and already extended credit to you at this day and age (post 2007/2008) that if I were to attempt, it would be in the low thousands.

You mentioned a few lines of credit on cc that are pretty high. If, the 39k or 17k is with chase, and the balance you want to transfer is outside of chase, than I would open a slate card if you don't already have one, take whatever CL they give you and transfer the rest you need to support the 12k you owe. Do this within the 60 days of account opening and you won't pay a balance transfer fee and you have 15 months to pay off that balance without incurring APR.

If the 39k or 17k CL is with another issuer, look to see if they have cards within the family that offer introductory 0%apr and apply and have the CL transferred from the 39/17k to the new card to support the transfer..again, this is presuming that the balance owed is not on those cc because you can't do balance transfers with same institution

If it is, most likely the only way is if the cc issuer offers you a convenience check so you can write it into a bank account and from that bank account pay off the cc..checks aren't issued as much and when they are they don't clear right away on system because of the type of check it is but theoretically it works (as in I've seen pple do this to balance transfer within the same company, from one cc to another cc that that company also issues)

however, they're issuing less and less of these so..there's another way to take cash out cheaper, but only if you're a business owner and I would give you a few guesses as to how that can be done. Versus the APR rates of balances carried over that is

Brad Bishop
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Postby Brad Bishop » Wed Nov 19, 2014 6:30 am

Instead of playing the 0% for 18 months (or whatever) balance transfer game, maybe try talking to your bank about getting a personal loan and then just pay it off at a low interest rate. Even if you didn't get the entire 12K from your bank I'd think it'd still be a good move.

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Postby takeshi » Wed Nov 19, 2014 8:25 am

LenM wrote:Given what I've written, anyone have an estimate of what my credit limit would be on that new card or any other suggestions?

We can provide all sorts of guesses but they would be meaningless. Creditors don't all use the same criteria so the credit extended to you will vary by creditor.

Keep in mind that you don't want to max out any new card with a 12K BT and even if you don't max it you don't want to keep it at high utilization for a prolonged amount of time as you run the risk of adverse action.

LenM
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from LenM

Postby LenM » Wed Nov 19, 2014 1:50 pm

Very insightful stuff. The 39K is a BOA card, and that's the one with the debt. I do have a Slate with a 17K limit. They are not currently offering a 0% BT. They were 2 months ago when I checked. (I wasn't ready to do it then) I called them and was told the offers are at the discretion of the marketing team. She told me to check the web site at the beginning of each month to see if there is an offer. Thanks to all



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