Drchaos

Duplicate post

Here is an update on the balance transfer: The Wells Fargo transfer to the AMEX card happened very quickly as did the ACH from AMEX to my checking account. The cash generated was $2,207.25 as most of the amount went to the card balance. Edward Jones decided to put a fraud alert on my account which help up the payment to Penfed until I took care of it earlier today. $23,000 is now sent (ACH or paper I have no idea). Chase received the funds from NFCU and I requested a refund of the credit balance on Monday. They told me a check would arrive in 7-10 days. I called Union Bank today as I received the acceptance letter but not the card. They said they had some problems sending out cards and that mine is processing but not yet sent. BOA send me balance transfer checks but I am waiting to see what happens with the other cards as there is a 3% fee on this one. I was happier with the idea of earning cash back instead of paying fees but as the window closes my alternative to paying the fee would be removing funds from the Inherited IRA.

I have cards with PENFED, NFCU, and Alliant. I also have a used car loan with PENFED.

Completed three balance transfers today. Sent $18,330.00 from Wells Fargo (0% 21 Months 3% Fee) to AMEX Current Balance $15,932.75 (0% Expires on 2/28/2023) Sent $23,000.00 from Edward Jones Business Credit card (0% 12 Months 0% Fee) to Pentagon Federal Credit Union Current Balance $192.06 (No 0% offer exists) Sent $7,090.00 from Navy Federal Credit Union Platinum Card (0.99% 12 months 0$% Fee) to to Chase Current Balance $0.00 (0% already expired in Sept 2022) Still waiting to receive my credit card from Union Bank (0% 12 Months 0% Fee) with a limit of $15,000. Will do a balance transfer when it arrives. Even though I have other cards with 0% BT offers the fees are 3-4% depending on the card and I am not sure I to cost is worth generating excess liquidity when I can use my BOA card with a $48K limit to earn 1.5% cash back on purchases while only making minimum payments until May 2024. I will post a full list of the credit cards within the next 24 hours when I have more time.

I understand your posts advising caution but I am shouldn't be the target audience for these posts. I had everything worked out and got approved for all of the cards with fairly high limits aside from my error with Chase (applying for a card I already had). My cash flows over the next couple years will be plenty to repay these cards. Right now I need to generate cash in the short term to avoid making a withdrawal from an Inherited IRA, To do so I need to do a balance transfer using a couple of the new cards to generate a negative balance in one of my existing cards to generate cash. I would like some feedback so I don't end up wasting time I don't have by sending a balance transfer to the wrong card company and having them refuse to take it.

Correctamundo. Also, I moved the credit limit over from an existing card so the BOA card now has a $48K limit.

Still waiting to receive the Wells Fargo card before I start doing balance transfers. Never did receive any answers about which card I should overpay to generate a refund check. I plan to use BOA as a spender as it has a 1.5% cash back rewards with 18 months at 0% so I prefer not to send any BTs to BOA cards. Any ideas?

Here is an update on the approvals: Navy Federal Credit Union Platinum Credit Card0.99%N/A12 Mo0% - Approved $7,100 limit - card received Edward Jones Business Credit Card0%N/A12 Mo0% - Approved $25,000 limit - card received Wells Fargo Reflect® Card0%21 Mo21 Mo3% - Approved $19,000 limit - Card not received yet Bank of America® Unlimited Cash Rewards0%18 Mo18 Mo3% - Approved $10,000 limit - card received Discover IT - Approved, $6,000 limit - card received Citizens Bank 0% Balance Transfers 4% fee 0% rate 18 Mo - Approved $13,000 - card received Union Bank® Platinum™ Credit Card0%15 Mo15 Mo0% - No instant decision, they will let me know in a 7-10 days Chase Freedom Unlimited0%15 Mo15 Mo???Discover IT0%15 Mo15 Mo3% - Denied, already had a Chase Freedom Card (thought I still had Chase Slate)

I did get approved for $25K on the Edward Jones business credit card but I think I will need to generate at least $10K from the personal cards. I also want to roll the remaining AMEX balance to a card with a longer BT deal.

So far I have received four of the eight cards I was approved for (assuming the last one is also approved). The next step is to create a negative balance by using a BT to overpay one of my existing cards. Any feedback about which companies will accept an overpayment and send a refund check would be appreciated. Which ones will do so the fastest would also be helpful. If I remember correctly the last time it took me about three weeks to get paid.

I paid down the credit cards enough to get my scores in the 760s. Once I have the new cards I will transfer the AMEX balance (Due Feb 28) to cards further out and make further transfers to get negative balances and refund checks to retrieve some of the cash I used to pay down the cards. My business income next year will allow me to pay all of the cards off if that is what makes sense at the time. My current liquidity problem is due to some decisions I made that will pay off in the long run. Using personal credit to get 0% loans for my business is not a trap but a ladder.

Applied for seven credit cards, here are the results: Navy Federal Credit Union Platinum Credit Card0.99%N/A12 Mo0% - Approved $7,100 limit Union Bank® Platinum™ Credit Card0%15 Mo15 Mo0% - No instant decision, they will let me know in a 7-10 days Edward Jones Business Credit Card0%N/A12 Mo0% - No instant decision, they will let me know in 24-48 Hours Wells Fargo Reflect® Card0%21 Mo21 Mo3% - Approved $19,000 limit Bank of America® Unlimited Cash Rewards0%18 Mo18 Mo3% - Approved $10,000 limit Chase Freedom Unlimited0%15 Mo15 Mo???Discover IT0%15 Mo15 Mo3% - Denied Discover IT - Approved, setting up account, limit unknown At this point BOA had not reduced the limits on my two existing accounts so I do not know if they will do so or if I can move my existing $38K limit for a total of $48k.

Deleted

At this point Equifax and Transunion are both showing a credit score over 760. Today is the day I pull the trigger.

It seems my dispute has been settled. Transunion has finally caught up to my earlier AMEX payment and now shows 78% useage. At this point I have paid the card down below 50% useage and paid of the BOA card completely and am waiting for these payments to show up before pulling the trigger.