Barclay Balance Transfer Question - Never A BT Before

[Gudziel]

I am considering a BT to my recently opened Barclay card, CL of $2k. I've never done a BT before but it may be worth it for a couple of reasons.

 

1) I cannot open another Barclay card until I build a positive payment history with them. So that will also go with CLI's, I can only figure. I don't want to buy things on this card and still need to pay off other cards in the meantime. Overall utilization on all cards is approx 26%.

 

2) I have three Capital One cards, one with a current total at $900, other two total $600. The $900 is the one I'd like to transfer. The other two cards will be paid in full on my next pay.

 

3) The sooner I pay these off/down, I can contact Cap1's EO for CLI's on my four cards, as well as rewards/removal of AF's.

 

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Since I've never done this before, what do I need to think about? Pros and Cons?

 

Please criticize my thinking here as I do not want to do anything stupid, which this very well may be. I think that this is a way to establish a payment history with Barclay, get my other cap1 cards paid off and attempt to contact cap1's EO for higher limits and rewards.

 

Thoughts?

 

Thanks guys!!!!!

 

ETA: 0% for 6 Months @ 4% Fee ($36 for $900). If done, my Barclay card would be at approx 45% utilization and bring my Cap1 from 67% to zero. Unsure if that helps any?

Edited January 29, 2014 by Gudziel

[stroked89coupe]

To me, 4% for a 6 month interest free term is not worth it. I would simply pay it off as quick as I could.

Edited January 29, 2014 by stroked89coupe

[Gudziel]

To me, 4% for a 6 month interest free term is not worth it. I would simply pay it off as quick as I could.

 

Ok sounds good.

 

So to get on Barclay's good side, I need to make purchases every month and leave under 10% report each month with timely payments?

 

No problem. I simply thought that I could use a BT to take care of one account and pay off the BT in two/three months with Barclay. Obviously, I do not know enough about what to do and why. Thank you for your opinion in terms of my best actions to take, stroked! Much appreciated.

[shifter]

leave under 10% report each month with timely payments?

timely payments, yes. but letting something report has no bearing. just PIF before the statement cuts as usual.

[Gudziel]

 

leave under 10% report each month with timely payments?

timely payments, yes. but letting something report has no bearing. just PIF before the statement cuts as usual.

 

Ok. I've been paying down all CC's in full prior to statement while paying down other debt. So that's easy. Just wasn't sure if creditors look at your reports or their records for payment history when applying for CLI's/CC's with creditors you already have.

 

Thanks shifter!

[shifter]

if creditors look at your reports or their records for payment history when applying for CLI's/CC's

previous card use can definitely be a factor for a CLI, but they can see you used the card based on your charges/payments. what the statements say really doesn't matter.

[Gudziel]

 

if creditors look at your reports or their records for payment history when applying for CLI's/CC's

previous card use can definitely be a factor for a CLI, but they can see you used the card based on your charges/payments. what the statements say really doesn't matter.

 

Roger Roger....

 

Good deal. I'll make small purchases with Barclay and in six months app for the rewards MC they have. By that time I will have all my debt paid down in full.

[cv91915]

 

 

if creditors look at your reports or their records for payment history when applying for CLI's/CC's

 

previous card use can definitely be a factor for a CLI, but they can see you used the card based on your charges/payments. what the statements say really doesn't matter.

Roger Roger....

 

Good deal. I'll make small purchases with Barclay and in six months app for the rewards MC they have. By that time I will have all my debt paid down in full.

Barclays is very stingy with CLIs unless you really give a card a workout. Lengthy discussion on this topic is here: http://creditboards.com/forums/index.php?showtopic=514657

 

They are also stingy with how many cards they'll approve in X amount of time. Look carefully at all of the available Barclays cards before deciding which one you want, because approval gets less likely with every subsequent card.

 

IMHO the Rewards MC is not a great card. I have one, and it's on my list of regrets. I'd much rather have the Sallie Mae (5% on Amazon, groceries and gas, with caps). https://www.salliemae.com/credit-cards/sallie-mae-card/.

 

Note: This is different from the Upromise card!!