Balance Transfer | looking for advice

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Randiesel75
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Balance Transfer | looking for advice

Postby Randiesel75 » Sat Dec 29, 2012 8:56 pm

All,

I am looking for some advise on a balance transfer.

This afternoon I pulled a credit report for my fiancé as we are about 6-12 months from a possible mortgage. I was happily surprised to learn her scores (myFICO) were 749 (EQ) and 726 (TU). She started very late, so the only issues listed are 1) lack of credit history and 2) amount of debt. Of the 7 accounts listed under her, 4 are still actively being used. There is 1 amongst them that is a problem, hence the reason for my inquiry into possible advice.

The problem card is a Capital One Platinum that's been open since 2006. It has a $4,500 credit limit and her balance is $4,455. With a 22% APR, making the minimum payments has done nothing but perpetuate the issue. In a perfect world, she would be able to aggressively pay this off quickly and problem solved. However, with a wedding on the horizon, our budget is extremely tight.

As a new member, I checked the balance transfer section and figured this is her best bet. So today I called into Discover to take advantage of the great offer on the Discover More card. After what felt like an hour on the phone, I was upset to learn she was only offered a credit limit of $1,000. The Discover representative said the fact all her cards were at or near the ceiling was the issue. This regardless of her good scores from 2 of the bureaus.

My question is, what should I do next? Do I go down the list and try the others? Do I ask her to have her father co-sign for this card under his name, then have her make the payments to him? I'm reluctant to go down the list, especially with Chase as I would like her to open a Sapphire card in the next few months, so don't want that as an adverse look when Chase does the credit pull.

Appreciate the feedback.

Cheers,
Randy


paparoach429
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Postby paparoach429 » Sun Dec 30, 2012 12:30 am

Do you have any high limit cards you can transfer the balance to, or atleast part of the balance? With owing near $4500, she would have to get a card with damn near a 20k cl to be just using 25% utilization. Doesnt sound like a good situation to be in buddy. Hope everything works out.

Randiesel75
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Postby Randiesel75 » Sun Dec 30, 2012 10:28 am

paparoach429 wrote:Do you have any high limit cards you can transfer the balance to, or atleast part of the balance? With owing near $4500, she would have to get a card with damn near a 20k cl to be just using 25% utilization. Doesnt sound like a good situation to be in buddy. Hope everything works out.


Unfortunately, I do not. I am not really concerned with transferring to a card with a $20,000 CL, although, understand the 25% utilization rule. The thought is to transfer to a 0% APR for 12-18 months while the card is aggressively paid off.

DavidNY
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Postby DavidNY » Sun Dec 30, 2012 12:52 pm


silver6054
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Postby silver6054 » Sun Dec 30, 2012 3:58 pm

I don't know the odds of success (probably low) but also ask if Cap One is willing to reduce the APR.

And easy for me to say, but if you are planning on a mortgage 6-12 months from now, I would consider reducing the budget for the wedding and using some to pay down down this card.

Randiesel75
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Postby Randiesel75 » Sun Dec 30, 2012 6:10 pm

DavidNY wrote:Chase Slate


Going to give this a shot in the morning.

silver6054 wrote:I don't know the odds of success (probably low) but also ask if Cap One is willing to reduce the APR.

And easy for me to say, but if you are planning on a mortgage 6-12 months from now, I would consider reducing the budget for the wedding and using some to pay down down this card.


This is a good idea. Let me see how this goes over with the fiancé :)

jrv
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Postby jrv » Sun Dec 30, 2012 9:36 pm

Randiesel75 wrote:All,

I am looking for some advise on a balance transfer.

My question is, what should I do next? Do I go down the list and try the others? Do I ask her to have her father co-sign for this card under his name, then have her make the payments to him? I'm reluctant to go down the list, especially with Chase as I would like her to open a Sapphire card in the next few months, so don't want that as an adverse look when Chase does the credit pull.

Appreciate the feedback.

Cheers,
Randy


Chase Sapphire doesn't have any promotional APR's on balance transfers. You might be better off trying Chase Freedom or Citi Simplicity. Good Luck.
Main:
AMEX Platinum NPSL, Member Since 92
AMEX Blue 15K
PenFed 11K
PNC Visa 20K
First National Bank Omaha Platinum Visa 25K
Citi Simplicity 11K
Drawer:
50K Total

Randiesel75
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Postby Randiesel75 » Sat Jan 05, 2013 11:49 am

Wish me luck, I am going in for round #2 to help the fiancé. Going to call Chase and apply for the Slate card. If things go well and they think its feasible, may just go direct to the Freedom card. However, I think the Slate card will be easier to obtain considering the credit situation (high credit usage and revolving credit, although average on the FICO scores are 730).

Randiesel75
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Postby Randiesel75 » Sun Apr 07, 2013 11:55 am

After a short rest period, I applied the Chase Freedom this morning for my fiance. She was approved instantly. Over the course of the past few months, I had her pay down her high utilization on Capital One (from maxed to 10%) and also added her as a AU on a few of my cards (CSP + BCP).

I'm a little bummed, though. After being approved, we also tried her for the BCE and were denied. Oh well, back to gardening for her as we will be looking for our first-time home mortgage in the next 6 months.



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