Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

Found BTF deals, but...

The last post in this topic was posted 2895 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

So here is my situation:

 

I have about $11,500 on my Bankamericard Mastercard at 9.9%. I did a BTF about 2 years ago and have paid a good chunk of that, but have incurred some purchases over the last year that were necessary when I didn't have excess cash.

 

At any rate, I applied for both the PenFed Promise Visa and NFCU Platinum Visa because they both have no fees and good rates. I was approved for both! The PenFed Promise was given a limit of $12K and the NFCU Platinum Visa was granted a limit of $14K, which brings my total available credit to $76K.

 

However, NFCU is the one that is going to process my large BT because they asked for the info while doing the app.

 

My CONCERN is that if I transfer an $11,500 balance to a $14K card that my score will take a hit. My overall credit card utilization will be low, but this card will be at 80% of its limit.

 

What are you all's thoughts??? Will my score be affected how I think it will be? Or no?

Share this post


Link to post
Share on other sites

I would sacrifice whatever points necassary to pay a balance off at 0% over a year rather than carry debt at 9%+ just to keep my score up. Run your payment with a 9% APR vs. a 0% APR, I think the difference in interest you pay will be enough to make you forget about the score drop...

 

Depending on how thick your file is, you could drop 10 points (my experience in a similar situation) or tank 50+ points (thin file).

 

That 75k in credit should be enough of a buffer to minimize a FICO drop due to one card having high UTI.

Edited by Bobbydebt

Share this post


Link to post
Share on other sites

I would sacrifice whatever points necassary to pay a balance off at 0% over a year rather than carry debt at 9%+ just to keep my score up. Run your payment with a 9% APR vs. a 0% APR, I think the difference in interest you pay will be enough to make you forget about the score drop...

 

Depending on how thick your file is, you could drop 10 points (my experience in a similar situation) or tank 50+ points (thin file).

 

That 75k in credit should be enough of a buffer to minimize a FICO drop due to one card having high UTI.

Thanks for the reply! I am with you on this one. The interest I save over the first year at 0% by just making the same payment to NFCU that I make to BOA drops the balance a lot in that first year.

Share this post


Link to post
Share on other sites

The last post in this topic was posted 2895 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Similar Content

    • By mendelssohn
      Like the title says.
       
      It expires Feb 28.
       
      Check your email. I can't find a link on the website and all that was provided was a form to submit electronically.
    • By Menta33
      Looking to help a friend refinance a high balance mortgage at $550K 80% LTV in a county that goes up to $625K. Time horizon is about ten years before property is sold. May need non-occupying owner to sign the note also to get DTI ratios acceptable. Current note is presently in the non-occupying owner's name (brother of home occupant).
       
      I'm looking at PenFed and NFCU so far.
       
      PenFed offers a 5/5 at 2.875% and no origination fees with a 2% cap on adjustment and 43% DTI only needing a 680+ FICO score, however, all borrowers must reside in the house.
       
      I don't know as much about the NFCU rates, so far it appears they offer a 5/5 at 2.5% and 0.25% origination fee but the rate varies with your FICO score, still getting more info on this one.
       
      Other Credit Unions to consider? What about USAA, how good are their mortgage rates?
    • By funkiehouse
      Noticed this on the Barclays site. Any thoughts on this? Is there a BOA US Air product I don't know about? I think there use to be a BOA US Air debit card...
       

    • By Quietman
      I've seen it posted throughout the forum, and Houston Lynne has it immortalized in her signature block.
       
      I've opened a Penfed savings account, but have not applied for any of their credit products yet. Is there anything I should be cautious about to avoid the "Pyramid Alert!" with Penfed?
       
      I do have several credit union accounts (NFCU - $30K, $10K, BECU - $8.5K, NASA - $30K) and zero balances.
       
      Any thoughts? (PM me if you are concerned about giving away the farm)
       

    • By funkiehouse
      Anyone know much about Suntrust credit cards?
       
      I have an old student loan backed by them but that's my only experience with Suntrust.
       
      Doesn't look like anything too exciting but not too bad either. Not much of anything in credit pulls.
       
      https://www.suntrust.com/PersonalBanking/EverydayBanking/CreditCards/CashRewards
       
      Anyone want to be a GP for one?
       
      The cash back card is 2% up to $6k on gas and grocery then goes to 1%.



  • Member Statistics

    • Total Members
      179,896
    • Most Online
      2,046

    Newest Member
    Aglet
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines