CC usage: BTs and PIF

[MJPEREZ77]

Hey CBers hope you are all enjoying your weekend!

 

I have a question regarding BTs and PIF. I normally PIF, sometimes we carry a small balance or balance on a 0 percent special interest. However, I know that most of the advice on this site says to PIF, especially on cards that like to see that, Discover and Barclays in particular, which apply to our personal cc portfolio. My question is, since I also see post on CB saying that users do BTs for the 0 interest specials for 15 or 18 months, are you folks allowing these BTs to sit? If so how do the CC companies view this, since they like to see PIF monthly? My reason for asking is that we have a few BTs to do, one of $11k that we want to PIF, one of $2400 that we want to PIF and one of $3000 that has it's 0 interest special ending in January, since I recently completed an app Spree for DW, I could BT all of it and spread it out over a few cards and PIF within 1st billing cycle. Also, is doing a BT and then PIF within 1st billing cycle also viewed favorably by CC companies (like paying your monthly usage before billing cycle closes)? Just trying to get a strategy down, have been reading and learning from CB for about a year, so I am always trying to improve!

 

Thanks for all your help!

[shifter]

yes, I allow BTs to sit for 15-18 months.

 

but I never spread them out over a bunch of cards.

 

try to keep it to 1 or 2, maybe 3 if you have a really thick file.

 

and never more than 50-60% util on any one card.

[shifter]

as far as what you're saying about

 

what creditors like and don't like,

 

your info is incorrect.

 

nothing is that black and white.

[pbarnes]

The majority of the CC issuers money is made from people carrying balances. They're banking on you not being able to pay the money back at the end of the intro term.

 

If they "wanted" you to PIF, they wouldn't offer 15-18 month 0% APR.

 

These intro rates are a great tool if you use them properly.

 

I'm not clear on why you'd want to BT (possibly paying 3% on the entire amount up front) when you have the funds to pay in full in a month?

 

If you're taking a 3% hit on 11k, you might as well park it there for the full Intro term.

Edited September 14, 2014 by pbarnes

[MJPEREZ77]

Thanks Shifter for your feedback. As for my information, I am just going off of what others have posted via their personal experiences here on CB and I personally talked to a Barclay's UW recently and they stated, "We see that you manage your credit card well and PIF every month, which is what we like", my DW also got a similar response from Discover. I do realize that UWs are human and have their own interpretation of what "They like to see" in their own personal job performance, so yes, I agree, nothing is that black and white, or else we would all have 800+ scores, lol. Again, Thanks!

[MJPEREZ77]

PBarnes:

 

Thanks for your response! I agree, they seem to be a great tool, I am just trying to gather how to use them. The BT fee is a fee we are willing to incur so that we could in fact show the usage on the cards. Again, I am trying to learn the strategies used and hopefully minimize my mistakes along the way. The $11k, $3k, and $2500 are amounts we are prepared to PIF, and I am not sure I want to let them sit there for 15 or 18 months. DW has over $65k in available revolving credit, up from just $6k in August, so we wanted to "make a good impression" with these new CC companies and do the BT, if that in fact would help make that impression, if they'd rather see usage under 30% and PIF or carry small balances, we can do that too. Again, trying to get a strategy in place and to make the most of the gardening I am about to embark on, this is my 1st time testing my green thumb so to speak Any and all feedback is appreciated!