I have to transfer 20k balance out of my Chase acct because they'll be upping my min. monthly pmt on my 3.99% fixed for the life of balance from 2% to 5% of outstanding balance in January, and I can't afford the pmt.
My rating averages 750, I've never paid anything late. No BK, nothing negative on my reports, ever.
I checked the Credit Pulls database (a great resource), but I have some questions:
1) With the economy the way it is, does anyone think Capital One is a better risk than Discover for opening a new acct? With Chase upping my min. pmt. without any reason except "due to the economy," I'm nervous others will follow their lead.
2) For a BT, is it better to apply for a card, find out what my CL is, if approved, then do a transfer? As opposed to applying and requesting a BT at the same time? I would like to transfer as much as possible to a new card, if approved, but I think I might mess things up if I apply for a card and request to transfer, say, $15k at the time of application. Am I correct?
3) Do people have a better chance of being approved if they've received offers in the mail (like the CapOne 0% to 3/10 I just rec'd) as opposed to going to a recommended card (the Discover More card being recommended this month) and applying?
Thanks for any suggestions/answers.
Not sure if this is needed, but just in case someone has a better idea for me (card-wise):
RBS: bal. $950 (promotional 3.99% for life of balance) on CL of $10,500;
Citi: bal. $1367 (promotional 6.99% for life of balance) on CL of $25,000 (could pay off and take 0% 'til 9/09---if they accept my request for a BT);
Chase: bal. $20,000(promotional 3.99% " " " ) on CL of $32,700;
Harris/FIA: PIF each month--------------------------------------- CL of $24,200.
Have student loan of $21k @ 1.875%
Capital ONe No Hassles Mileage vs. Discover More?
Started by
JimmyJazz4
, Dec 06 2008 01:15 PM
15 replies to this topic
#1
Posted 06 December 2008 - 01:15 PM
#2
Posted 06 December 2008 - 01:40 PM
I don't have a Capital One card but do have a Discover More card. I have noticed by reading other Discover posts is that Discover seems to be really stingy with the credit limits. Discover has nice rewards though. The 5% back on 3 catagories is nice and adds up quickly. I can't recommend anything with a Capital One card because I have never had any experience with them.
Your post is a little confusing to me so I can't recommend much to you and your situation.
Your post is a little confusing to me so I can't recommend much to you and your situation.
#3
Posted 06 December 2008 - 02:20 PM
I'm not sure that Cap 1 or Discover would give you a $20k CL, they're both conservative with CL's. My advice would be to go for a CU. Penfed has a 5.9% for life BT. Keep in mind though that Penfed doesn't like new accts or high utilization.
Edited by Curious, 06 December 2008 - 02:34 PM.
#4
Posted 06 December 2008 - 03:44 PM
Discover More gave me a 20K credit line when I applied two years ago. This happened to be my average credit line on other cards. Don't know if that was a coincidence. The point is that getting 20K is not impossible and the OP's current credit limits would support 20K from Discover. I wouldn't reject the idea out of hand even though the current lending climate is different from when I applied. Income may be important too.
#5
Posted 06 December 2008 - 05:25 PM
Thanks. I will be investigating a local CU. I thought Penfed was only available to certain groups and that I'm not in any of them (military). Maybe I am wrong.I'm not sure that Cap 1 or Discover would give you a $20k CL, they're both conservative with CL's. My advice would be to go for a CU. Penfed has a 5.9% for life BT. Keep in mind though that Penfed doesn't like new accts or high utilization.
#6
Posted 06 December 2008 - 05:28 PM
Sorry for any confusion. Thanks for the post, though.I don't have a Capital One card but do have a Discover More card. I have noticed by reading other Discover posts is that Discover seems to be really stingy with the credit limits. Discover has nice rewards though. The 5% back on 3 catagories is nice and adds up quickly. I can't recommend anything with a Capital One card because I have never had any experience with them.
Your post is a little confusing to me so I can't recommend much to you and your situation.
I'm looking only for a place to park a BT, not to use for purchases.
I'm not necessarily looking for a $20k CL upon application. I'll take anything I can get to help me reduce the balance on my Chase card.
I don't care if it's $3k.
#7
Posted 06 December 2008 - 05:58 PM
In that case go for either one, however I still believe a CU would be a better alternative. They're not as finicky as some of the banks of late.Sorry for any confusion. Thanks for the post, though.I don't have a Capital One card but do have a Discover More card. I have noticed by reading other Discover posts is that Discover seems to be really stingy with the credit limits. Discover has nice rewards though. The 5% back on 3 catagories is nice and adds up quickly. I can't recommend anything with a Capital One card because I have never had any experience with them.
Your post is a little confusing to me so I can't recommend much to you and your situation.
I'm looking only for a place to park a BT, not to use for purchases.
I'm not necessarily looking for a $20k CL upon application. I'll take anything I can get to help me reduce the balance on my Chase card.
I don't care if it's $3k.
#8
Posted 06 December 2008 - 06:04 PM
Two years ago is an eon in credit life. Times have changed. I'm not saying it's impossible to get a $20k CL with either Cap 1 or Discover, just that they're not known for handing out high CL's. The OP could very well get approved for those CL's, everything is YMMV with regard to credit. In this credit climate, my recommendation is still to go for a CU.Discover More gave me a 20K credit line when I applied two years ago. This happened to be my average credit line on other cards. Don't know if that was a coincidence. The point is that getting 20K is not impossible and the OP's current credit limits would support 20K from Discover. I wouldn't reject the idea out of hand even though the current lending climate is different from when I applied. Income may be important too.
#9
Posted 06 December 2008 - 06:05 PM
if it were me i would call them and see if they will change you to 7.99% for life and keep the payment the same as i have read was offered to some, otherwise i would either do BT to citi and work on paying down. With high util and current credit environment getting a decent limit with highish utility will be a bit difficult
#10
Posted 06 December 2008 - 06:06 PM
Anyone can join Penfed by joining the National Military Families Assoc. for a small fee.Thanks. I will be investigating a local CU. I thought Penfed was only available to certain groups and that I'm not in any of them (military). Maybe I am wrong.I'm not sure that Cap 1 or Discover would give you a $20k CL, they're both conservative with CL's. My advice would be to go for a CU. Penfed has a 5.9% for life BT. Keep in mind though that Penfed doesn't like new accts or high utilization.
Edited by Curious, 06 December 2008 - 06:08 PM.
#11
Posted 06 December 2008 - 06:16 PM
I would not trust Chase with another BT for life after they've changed their mind and terms on the original BT for Life. Citi has also been doing a lot of ratejacking to prime customers as of late.if it were me i would call them and see if they will change you to 7.99% for life and keep the payment the same as i have read was offered to some, otherwise i would either do BT to citi and work on paying down. With high util and current credit environment getting a decent limit with highish utility will be a bit difficult
Edited by Curious, 06 December 2008 - 06:16 PM.
#12
Posted 06 December 2008 - 09:07 PM
well at least it will buy time if they change to 7.99% for life or as a backup in case the BT gets delayed or something
#13
Posted 06 December 2008 - 09:32 PM
Just an FYI: They're offering 7.99% until 1/2011 at which time the card will be closed and the rate goes to the prevailing rate at that time.well at least it will buy time if they change to 7.99% for life or as a backup in case the BT gets delayed or something
#14
Posted 06 December 2008 - 09:35 PM
Thanks for that info.Anyone can join Penfed by joining the National Military Families Assoc. for a small fee.
#15
Posted 06 December 2008 - 10:14 PM
From Discover's online T&C:
INTRODUCTORY/SPECIAL APR OFFERS:
(removed)
If more than 90% of your new balance consists of special rate balance transfers, we may increase your minimum payment due to a maximum of 4% of the new balance if it would otherwise be less than that.
#16
Posted 06 December 2008 - 10:53 PM
JimmyJazz4,
I agree with the above post. I had to transfer a balance from Chase after by 0% BT was about to run out. After hearing so much about CU's I transferred the balance to Christian Community CU. I think it was a TU (not to sure) mid 700's for their Platinum Rewards Visa. The 2.9% BT for 18 months is excellent and they are more stable than the big banks in my opinion.
I agree with the above post. I had to transfer a balance from Chase after by 0% BT was about to run out. After hearing so much about CU's I transferred the balance to Christian Community CU. I think it was a TU (not to sure) mid 700's for their Platinum Rewards Visa. The 2.9% BT for 18 months is excellent and they are more stable than the big banks in my opinion.
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