Balance transfer

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bluesfan74
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Balance transfer

Postby bluesfan74 » Fri Apr 03, 2015 1:28 pm

Hi all,

I'm new and love the site.

I just received a rewards cards in March. My wife has two store cards with a total of $3000 between them. Is it too soon to open another card to transfer the balances and not hurt my fico? The new card that I would transfer to has 0% for 15 months with no fees.


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obxfisherman
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Postby obxfisherman » Fri Apr 03, 2015 6:36 pm

Welcome to the Forum! In order for us to assist you to the fullest extent, please list what your overall credit profile looks like. Number of credit accounts, credit limits and balances, length of accounts open, etc. Once we have more information we can assist further! Welcome to the forum, and I look forward to your reply.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

bluesfan74
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Location: Missouri

Postby bluesfan74 » Sat Apr 04, 2015 1:05 pm

Ok Thanks for the reply. Quick back story. My wife was off work for most of 2014 so we accumulated about $3,000 in cc debt. Otherwise we paid for everything with a debit card. Just got Discover IT miles and will pay that off every month. Fico around 730. It was at 803 when we refinanced mortgage in 2012.

Kohl's store card $2,000 credit limit $1,485 balance 21.9% interest (in my wife's name)
Amazon CC $2,500 cl $0 balance
ABECU Platinum Visa $2,500 cl $1,443 balance 12.9% interest
Slumberland furniture store card $5,000 cl $3,142 balance left on 48 months 0% interest. Scheduled to be paid off on time
Best Buy cc (for appliances) $3,500 cl $2,400 balance left on 15 months 0% interest. Scheduled to be paid off on time. (in my wife's name)
Discover it Miles $4,500 cl daily user to be paid off monthly.
Mortgage 12 years left on a 15 year at 3.25%
Auto loan $5,191 balance at 2.75%
Federal Plus Parent student loan $4,800 balance that we just got . I think the interest is around 7%.

Not sure if you needed the mortgage, car and student loan info, but I want to make sure that you have everything that you need.

My biggest concerns are the Kohl's and Visa. The parent loan will keep rising every year, but she has been getting scholarships so hopefully it doesn't go too high over the next 3 years.

Thanks in advance

takeshi
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Postby takeshi » Sat Apr 04, 2015 10:49 pm

bluesfan74 wrote:I just received a rewards cards in March. My wife has two store cards with a total of $3000 between them. Is it too soon to open another card to transfer the balances and not hurt my fico? The new card that I would transfer to has 0% for 15 months with no fees.

Impossible to say based on what you've provided. It's never just a matter of the action itself but of one's credit and the impact of the action. Two different people could "open a rewards card in March" and have completely different results in apping for a BT card.

Keep in mind that utilization on the card you're BT'ing to matters as well. Ideally you'd want a limit of at least $9K to transfer those balances. If you end up with less then makes sure you get that utilization down as quickly as possible.

rockyrock
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Postby rockyrock » Sun Apr 05, 2015 4:05 pm

Any dip in your score will most likely only last a few months. I do large balance transfers a few times a year and my score takes a hit for one to two months while it looks like two cards are reporting a high balance. Once the payoff from the first card is reported my score always recovers. This takes a few weeks to a few months depending on the reporting cycle of the cards.

I would say open a few cards the same day to keep your overall utilization low...

as always: YMMV.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

bluesfan74
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Location: Missouri

Postby bluesfan74 » Wed Apr 08, 2015 11:33 am

Thanks for the replies. I decided to apply for the Chase Slate since it has zero transfer fees and 15 months at 0%. I was approved for $5,500. Not a huge amount, but I increased my total credit limit by $4000 since I am transferring $1500 from a card in my name and it will help my wife's CL by transferring $1500 from her card. I checked my fico today on Chase's website and its up to 748 from 730. I'm happy since I will also save almost $40 in interest charges next month.



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