balance transfer question

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nick1993
 
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balance transfer question

Postby nick1993 » Fri May 13, 2016 12:54 pm

Okay guys my score is 653 but has been rising lately as I have paid off a loan and a lot of debt. Do you guys have a recomendation for a balance transfer for my credit score? i currently have $7200 and I will have it paid off in 6 months if I keep payments up, however I'd like to avoid the interest if I can. Thanks in advance.


yfan
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Re: balance transfer question

Postby yfan » Fri May 13, 2016 4:20 pm

What is the current interest rate you are paying? Transferring balances often includes a BT fee, even if you were to be able to get a 0% offer. Where is your score from? Is it a FICO?

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Vattené
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Re: balance transfer question

Postby Vattené » Fri May 13, 2016 7:33 pm

Congratulations on your progress! It sounds like you are making some meaningful strides.

The Chase Slate is great for balance transfers. Off the top of my head it is the only card I'm aware of with a 0% introductory rate and no transfer fee for BTs. Just be aware an application for the purposes of transferring a balance will be like any other credit card application: you will get the starting credit limit for which your credit profile qualifies. If that debt is on credit cards and it is making your utilization high, getting a $7,200+ starting limit may not be realistic. Also, if any of that debt is with Chase, you won't be able to transfer it to another Chase product. You can transfer balances with other lenders, though. You could apply (for whatever product you decide on - there are a lot of options with 0% intro rates but BT fees are pretty commonplace) and even if you don't get a high enough limit to transfer everything, you could still transfer a portion of that $7,200 to help save on interest.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

takeshi
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Re: balance transfer question

Postby takeshi » Mon May 16, 2016 9:05 am

nick1993 wrote:Okay guys my score is 653 but has been rising lately as I have paid off a loan and a lot of debt. Do you guys have a recomendation for a balance transfer for my credit score?

First off, it's never just about score but a score like that indicates issues with your credit profile that will lead to issues not just with approvals but getting a useful limit for a BT. Keep in mind that revolving utilization matters on the card you're BT'ing to so ideally if you want to transfer $X then you want a limit of at least 3 times $X.

If you have high revolving utilization then that will have an impact on the limits you'd qualify for. All you can do is such a situation is get your balances down.

You don't have just one score. If you're referring to scores then you also need to be aware of the scoring model and CRA. What is the model & CRA for the score you mentioned? You also need to consider the relevance of a model/CRA combo to a given creditor/product. Regardless of what the model & CRA for that score are the combo will not be relevant to all creditors. They do not all use the same model & CRA. With FICO alone there are many scoring models. For most scoring models you have a score with each of the 3 major CRA's.

You can refer to the Credit Pulls Database if desired. Google to find it. However, I doubt you'll be able to rely on a new card for a balance transfer even though the information you've provided is very limited.

nick1993
 
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Re: balance transfer question

Postby nick1993 » Tue May 17, 2016 12:29 pm

takeshi wrote:
nick1993 wrote:Okay guys my score is 653 but has been rising lately as I have paid off a loan and a lot of debt. Do you guys have a recomendation for a balance transfer for my credit score?

First off, it's never just about score but a score like that indicates issues with your credit profile that will lead to issues not just with approvals but getting a useful limit for a BT. Keep in mind that revolving utilization matters on the card you're BT'ing to so ideally if you want to transfer $X then you want a limit of at least 3 times $X.

If you have high revolving utilization then that will have an impact on the limits you'd qualify for. All you can do is such a situation is get your balances down.

You don't have just one score. If you're referring to scores then you also need to be aware of the scoring model and CRA. What is the model & CRA for the score you mentioned? You also need to consider the relevance of a model/CRA combo to a given creditor/product. Regardless of what the model & CRA for that score are the combo will not be relevant to all creditors. They do not all use the same model & CRA. With FICO alone there are many scoring models. For most scoring models you have a score with each of the 3 major CRA's.

You can refer to the Credit Pulls Database if desired. Google to find it. However, I doubt you'll be able to rely on a new card for a balance transfer even though the information you've provided is very limited.

i was just going by creditkarma lol. what site do you recomend?



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