Advice on Which Card to Pick for No Interest Balance Transfer?

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MemberSince99
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Postby MemberSince99 » Tue Apr 01, 2014 7:46 pm

My guess is the utilization scared Chase. But look at it this way - they at least opened the door for you if not a hell of a lot. Citi slammed it shut (and they are very difficult to recon with if you were thinking of it).


You may be able to recon the limit with Chase but I have a feeling even if they budge (and it might cost you another hard if you try) it won't be what you are looking for.


The sad fact is, when you NEED credit no one wants to give you any. They want to give credit to people who don't need it. Right now you need it, with your high utilization and that's what will scare off the lenders.


It's kind of a crapshoot on what to try now. You gave conventional wisdom a shot and just got shot down. So I might honestly at this point just wait until you don't need that big of a balance, keep the Slate. Lower that utilization and in 6 months go for a CLI on the Slate and see what you can come up with. It's going to be very tough to get another big limit card when they see hefty utilization. So I see your best option as paying it down. Granted then you won't "need" credit, but as stated that's when you can get it.


VictorSuede
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Postby VictorSuede » Thu Apr 10, 2014 4:29 pm

I went ahead and activated the Slate. I honestly have no idea what I'll use it for, as its limit is anemic and there's no rewards program attached, but I suppose transferring $500 worth of the balance from the IT Card will be better than nothing. Or perhaps I can use it to get no-interest on the cost of getting a new cellphone for my mother. Hers is 4 years old or so at this point.

At any rate, it should improve my overall utilization percentage if I keep it and don't use it much/at all.

How often does Chase do CLIs? Given that I just made over $2700 in credit card payments in the last 3 days, I'll hopefully look less risky to them soon. Someday I figure I'll get a high enough limit that it will be worth it to product change over to one of the rewards cards.
Victor Suede

My Cards
  • Discover IT (1% Everything; 5% Rotating): $15.7k (Credit Limit Increase: 3/15)
  • American Express Premier Rewards Gold (1 Point per Dollar Everything; 3 Points per Dollar Travel; 2 Points per Dollar Gas and Groceries): NPSL (7/13; Credit Limit Adjustment 8/14)
  • Chase Slate: $500 (4/14)
  • Barclaycard MasterCard (1 Point per Dollar Everything; 2 Points per Dollar Gas, Groceries, Utilities): $2.9k (8/14; Credit Limit Increase 4/15)
  • Citi Simplicity MasterCard: $1.5k (4/15)

Total CL: $20.6k

VictorSuede
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Postby VictorSuede » Tue Aug 26, 2014 2:59 pm

UPDATE:

Last week, as I mentioned in another thread, I got an offer in the mail for the Barclaycard MasterCard (rewards card; see signature), with an interest rate equal to the Discover's, no interest for 12 months, and interest free balance transfers. I figured I would go for it, even though it's only been four months since I got approved for the Chase Slate, and my credit situation really hasn't improved since then, aside from my average age of account going up.

Barclay approved me instantly with a $2000 credit limit, much to my pleasant surprise. I'll be using that for a balance transfer as soon as I get the card activated. Anyone looking for a balance transfer card might want to check them out.
Victor Suede

My Cards
  • Discover IT (1% Everything; 5% Rotating): $15.7k (Credit Limit Increase: 3/15)
  • American Express Premier Rewards Gold (1 Point per Dollar Everything; 3 Points per Dollar Travel; 2 Points per Dollar Gas and Groceries): NPSL (7/13; Credit Limit Adjustment 8/14)
  • Chase Slate: $500 (4/14)
  • Barclaycard MasterCard (1 Point per Dollar Everything; 2 Points per Dollar Gas, Groceries, Utilities): $2.9k (8/14; Credit Limit Increase 4/15)
  • Citi Simplicity MasterCard: $1.5k (4/15)

Total CL: $20.6k

marlonbishop
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Postby marlonbishop » Tue Aug 26, 2014 4:45 pm

VictorSuede wrote:Hello,

I'm looking to apply for a no-interest card to transfer the balance off my Discover IT card onto. The IT's no-interest period will end in May and I unfortunately ended up needing to put some unexpected emergency expenses on it, so I'd like to get the balance down before the interest starts to accrue.

According to Discover, my current FICO score is 718.
Discover also gave me my second auto-CLI, this one for $1000, in late February, just short of my 1 year anniversary with them. That came as a bit of a surprise.

I don't intend to use this new card for anything but holding a balance. I'd like to get no interest for at least 12 months.

What cards would be good options, and how much credit should I expect to be approved for?

Thanks!


I would agree with the Slate!
BoA Cash Rewards $4000
Macy's $1000
Discover it $5000
Chase Sapphire Preferred $5000
Chase Freedom $2000
Amex Green NPSL
Amex Gold Premier Rewards NPSL

Find me on MyFico: Sapingo (if you see me say hello)!

MemberSince99
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Posts: 4913
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Location: WI

Postby MemberSince99 » Tue Aug 26, 2014 9:10 pm

Chase may give auto CLIs but it's always YMMV and if you ask, 99% of the time it's a hard inquiry (or two as I found out). It's just always YMMV and they aren't known as being the most generous in terms of auto CLIs.


Barclays is a bit better from what I've read if they like you but if you would do well to not go on a big app spree for a while after getting their card. They can be sensitive to new credit in the first 6 months after you get something with them. Most people never have a problem but just something to be aware of.

VictorSuede
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Postby VictorSuede » Mon Sep 01, 2014 5:13 pm

Thanks for the info, MS99. At this point I'm pretty happy with the credit limit on the Barclaycard I just got. That'll let me do a worthwhile balance transfer that'll take some of the pressure off my Discover card. Once I get the Slate paid down and its no-interest period expires, it will probably end up going in a drawer. I'm not the biggest fan of Chase as a financial institution anyway, and would much rather give my business to Discover or Barclay or AMEX.
Victor Suede

My Cards
  • Discover IT (1% Everything; 5% Rotating): $15.7k (Credit Limit Increase: 3/15)
  • American Express Premier Rewards Gold (1 Point per Dollar Everything; 3 Points per Dollar Travel; 2 Points per Dollar Gas and Groceries): NPSL (7/13; Credit Limit Adjustment 8/14)
  • Chase Slate: $500 (4/14)
  • Barclaycard MasterCard (1 Point per Dollar Everything; 2 Points per Dollar Gas, Groceries, Utilities): $2.9k (8/14; Credit Limit Increase 4/15)
  • Citi Simplicity MasterCard: $1.5k (4/15)

Total CL: $20.6k



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