Balance Transfer

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gregshelley@scrtc.com
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Balance Transfer

Postby gregshelley@scrtc.com » Mon Sep 21, 2015 5:44 pm

Have a question concerning balance transfer and credit limit. My Wife just got approved for a Citi Diamond Preferred card with an $8,800 CL. One of the main reasons we wanted this card was to transfer a large balance from another card. She has a Chase Freedom signature Visa card with a Credit access line of $22k, and has a balance of $18k on it. My question is, should we try to see if Citi would raise her CL on the Diamond preferred card she just got to accommodate the whole $18k so we could transfer it all from her chase Freedom card? would that even be possible or likely? it would sure save us some interest cost. Thanks for your help.
Discover it $3k
BOA CR Visa Sig. $18K
Chase Freedom Visa $2K
Chase MRP Visa Sig. $5K
Cap 1 Vent Visa Sig. $13K
Citi HH Visa Sig. $8.5K
AMEX Plat NPSL
AMEX BCP $20K
AMEX Gold Delta SM $8K
BC AR + WEMC $3.5K
Cap 1 Spark Busin Visa $2K
Chase Ink Cash Busin Visa Sig. $5K


ingramjuan
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Re: Balance Transfer

Postby ingramjuan » Mon Sep 21, 2015 7:46 pm

gregshelley@scrtc.com wrote: My question is, should we try to see if Citi would raise her CL on the Diamond preferred card she just got to accommodate the whole $18k so we could transfer it all from her chase Freedom card? would that even be possible or likely? it would sure save us some interest cost. Thanks for your help.


Asking for a CL would be the way to go especially if its a SP.
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Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

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gregshelley@scrtc.com
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Re: Balance Transfer

Postby gregshelley@scrtc.com » Mon Sep 21, 2015 8:00 pm

ingramjuan wrote:
gregshelley@scrtc.com wrote: My question is, should we try to see if Citi would raise her CL on the Diamond preferred card she just got to accommodate the whole $18k so we could transfer it all from her chase Freedom card? would that even be possible or likely? it would sure save us some interest cost. Thanks for your help.


Asking for a CL would be the way to go especially if its a SP.


Thanks
Discover it $3k
BOA CR Visa Sig. $18K
Chase Freedom Visa $2K
Chase MRP Visa Sig. $5K
Cap 1 Vent Visa Sig. $13K
Citi HH Visa Sig. $8.5K
AMEX Plat NPSL
AMEX BCP $20K
AMEX Gold Delta SM $8K
BC AR + WEMC $3.5K
Cap 1 Spark Busin Visa $2K
Chase Ink Cash Busin Visa Sig. $5K

Vermonster
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Re: Balance Transfer

Postby Vermonster » Mon Sep 21, 2015 8:57 pm

I believe Citi will force you to take a HP for it. You can try for a SP but they historically will not let you get away with it. Good news is that you shouldn't worry too much about hard pulls with a balance like that. Your Utilization and interest are way more of an issue right now.

Take the HP. Then freeze your credit for 1 year. Focus on gardening and paying that down.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

gregshelley@scrtc.com
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Re: Balance Transfer

Postby gregshelley@scrtc.com » Mon Sep 21, 2015 9:05 pm

Vermonster wrote:I believe Citi will force you to take a HP for it. You can try for a SP but they historically will not let you get away with it. Good news is that you shouldn't worry too much about hard pulls with a balance like that. Your Utilization and interest are way more of an issue right now.

Take the HP. Then freeze your credit for 1 year. Focus on gardening and paying that down.


Thanks... Yes, she has only 1 inquiry, her FICO is 783 with Trans union even with such a high utilization ( 85%) I think. She has 376 payments on her history, all pf them on time.
Discover it $3k
BOA CR Visa Sig. $18K
Chase Freedom Visa $2K
Chase MRP Visa Sig. $5K
Cap 1 Vent Visa Sig. $13K
Citi HH Visa Sig. $8.5K
AMEX Plat NPSL
AMEX BCP $20K
AMEX Gold Delta SM $8K
BC AR + WEMC $3.5K
Cap 1 Spark Busin Visa $2K
Chase Ink Cash Busin Visa Sig. $5K

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CarefulBuilder14
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Re: Balance Transfer

Postby CarefulBuilder14 » Mon Sep 21, 2015 11:30 pm

I have to wonder if opening a different BT card might be better, and doing two small BTs (one to Citi, one to the other issuer's card).

$18k is a big BT for which Citi might not have an appetite when they only approved less than half of that originally.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

takeshi
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Re: Balance Transfer

Postby takeshi » Tue Sep 22, 2015 8:47 am

gregshelley@scrtc.com wrote:My question is, should we try to see if Citi would raise her CL on the Diamond preferred card she just got to accommodate the whole $18k so we could transfer it all from her chase Freedom card? would that even be possible or likely? it would sure save us some interest cost. Thanks for your help.

Possible? Yes. Likely? Depends on her credit but odds are probably against it given the high utilization (82%) on the Freedom. If they were willing to extend more to her then they would have assigned a higher initial limit. It doesn't hurt to check aside from the impact of potential hard pull for the credit limit increase. I'm impressed that they gave her $8,800.

Keep in mind that revolving utilization matters on cards that you're using for balance transfers as well. If they won't extend more credit your best bet is probably to BT about half to 60% of the limit of the new card and aggressively pay down the Freedom.

gregshelley@scrtc.com
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Re: Balance Transfer

Postby gregshelley@scrtc.com » Tue Sep 22, 2015 10:18 am

takeshi wrote:
gregshelley@scrtc.com wrote:My question is, should we try to see if Citi would raise her CL on the Diamond preferred card she just got to accommodate the whole $18k so we could transfer it all from her chase Freedom card? would that even be possible or likely? it would sure save us some interest cost. Thanks for your help.

Possible? Yes. Likely? Depends on her credit but odds are probably against it given the high utilization (82%) on the Freedom. If they were willing to extend more to her then they would have assigned a higher initial limit. It doesn't hurt to check aside from the impact of potential hard pull for the credit limit increase. I'm impressed that they gave her $8,800.

Keep in mind that revolving utilization matters on cards that you're using for balance transfers as well. If they won't extend more credit your best bet is probably to BT about half to 60% of the limit of the new card and aggressively pay down the Freedom.


Thanks... If I go with carefulbuilder's suggestion of get a 2nd BT card, which one's are best and will give the best cL? I am thinking the BOA plain visa card might be good 18 months no apr & 3% BT fee.
Discover it $3k
BOA CR Visa Sig. $18K
Chase Freedom Visa $2K
Chase MRP Visa Sig. $5K
Cap 1 Vent Visa Sig. $13K
Citi HH Visa Sig. $8.5K
AMEX Plat NPSL
AMEX BCP $20K
AMEX Gold Delta SM $8K
BC AR + WEMC $3.5K
Cap 1 Spark Busin Visa $2K
Chase Ink Cash Busin Visa Sig. $5K

Kevin86475391
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Re: Balance Transfer

Postby Kevin86475391 » Tue Sep 22, 2015 4:31 pm

gregshelley@scrtc.com wrote:Thanks... If I go with carefulbuilder's suggestion of get a 2nd BT card, which one's are best and will give the best cL? I am thinking the BOA plain visa card might be good 18 months no apr & 3% BT fee.

That sounds like a good option, but you might also want to consider the Chase Slate - which as I recall from another thread you already have for yourself? Your wife could get one too if she doesn't have it. It offers 15 months 0% APR, but a $0 balance transfer fee as long as you make the BT within 60 days of opening the account. So 3 months fewer at 0% APR, but no fee within 60 days.

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CarefulBuilder14
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Re: Balance Transfer

Postby CarefulBuilder14 » Tue Sep 22, 2015 4:39 pm

Kevin86475391 wrote:
gregshelley@scrtc.com wrote:Thanks... If I go with carefulbuilder's suggestion of get a 2nd BT card, which one's are best and will give the best cL? I am thinking the BOA plain visa card might be good 18 months no apr & 3% BT fee.

That sounds like a good option, but you might also want to consider the Chase Slate - which as I recall from another thread you already have for yourself? Your wife could get one too if she doesn't have it. It offers 15 months 0% APR, but a $0 balance transfer fee as long as you make the BT within 60 days of opening the account. So 3 months fewer at 0% APR, but no fee within 60 days.

Not possible since Freedom and Slate are both Chase cards.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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