Help Selecting Correct Card

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BlackCivicSi
 
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Help Selecting Correct Card

Postby BlackCivicSi » Mon Jun 22, 2015 4:18 pm

Here's my situation, from scanning through forums and posts, i figured this would be a good place to seek guidance.

I have 3 cards
BofA-7k balance
Synchrony (it was BP Chase but they switched us)-6k balance
CapitalOne-3k balance
TU score: 710
Exp score: 708

I'm trying to find a card i can move 1-2 of these balances over to that's got a low % rate for 12-24 months so i can really do some damage on the balances. The problem is I was denied (PNC) for having too high of credit utilization (which obviously is the reason i'm trying to do this in the first place)

Any suggestions on what card i should take a look at?


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CarefulBuilder14
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Re: Help Selecting Correct Card

Postby CarefulBuilder14 » Mon Jun 22, 2015 7:14 pm

Chase Slate is generally considered one of the best BT cards. I can't guarantee you'll get it, of course.

The fact that the BP card is now with Synchrony should help you, since you couldn't BT to Slate directly from another Chase card.

What are the limits on those cards?
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Vermonster
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Re: Help Selecting Correct Card

Postby Vermonster » Mon Jun 22, 2015 8:57 pm

Your utilization is most important in getting a BT card. If you have high util you won't get a very high limit, thus making the BT card "less useful." The irony of it is that when you need it, you can't get it.
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thom02099
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Re: Help Selecting Correct Card

Postby thom02099 » Mon Jun 22, 2015 9:23 pm

BlackCivicSi wrote:Here's my situation, from scanning through forums and posts, i figured this would be a good place to seek guidance.

I have 3 cards
BofA-7k balance
Synchrony (it was BP Chase but they switched us)-6k balance
CapitalOne-3k balance
TU score: 710
Exp score: 708

I'm trying to find a card i can move 1-2 of these balances over to that's got a low % rate for 12-24 months so i can really do some damage on the balances. The problem is I was denied (PNC) for having too high of credit utilization (which obviously is the reason i'm trying to do this in the first place)

Any suggestions on what card i should take a look at?


You say you have too high of credit utilization. It would be helpful to know where you are in that utilization percentage, or hard figures, ie, what are the CL on those 3 cards. If you're over 60% on any of those cards, your chances will likely be limited. AND you would probably need to get a card with at least at 10K CL, which is not likely, given what you've told us. Those are some significant balances you're carrying on those 3 cards; even if you got a Chase Slate with a starting CL of $10K, you'd rapidly tap that out with the BofA (70%), or the combo of the Synchrony/Cap 1 (90%).

Perhaps a consolidation loan through Prosper, Lending Club, or BestEgg would be more beneficial, given your circumstances.
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ingramjuan
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Re: Help Selecting Correct Card

Postby ingramjuan » Mon Jun 22, 2015 10:25 pm

I would suggest holding off until you get your UT under 25%. Getting HP on your credit report can hurt in the long run.
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MemberSince99
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Re: Help Selecting Correct Card

Postby MemberSince99 » Tue Jun 23, 2015 6:12 am

Agree with the others. When you app for something like this needing it, no one wants to give it to you because you are a "risk" for defaulting. If you don't need it, they all line up sending you checks for balance transfers, which you really can't even use. It truly is ironic.

I'd look to do this another way. Maybe you can sell some assets or work extra on the side for a while to pay the balances down or something like that.

takeshi
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Re: Help Selecting Correct Card

Postby takeshi » Tue Jun 23, 2015 9:03 am

BlackCivicSi wrote:The problem is I was denied (PNC) for having too high of credit utilization (which obviously is the reason i'm trying to do this in the first place)

Any suggestions on what card i should take a look at?

I wouldn't suggest on counting on getting a new card for BT'ing. If your utilization is high then even if approved you're likely to get a low limit. If you want to carry and slowly pay down 16K then you'll want at least 48K which you're not not going to get no matter what the card. It's your credit and income that determine the limit you qualify for.

What's your overall and individual utilization?



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