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Best 0% Balance Transfer Cards with HIGH limits. 733 FICO 8 $46k balance/61% utilization


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Trying to find the best 0% transfer card(s) with high limits. Would prefer to consolidate as much as possible to 1 or 2 cards. Debt is from new business which should be able to pay off within 12 months. Consolidation loan likely not an option due to income verification with less than 1 year in biz.

Currently have cards with: NFCU, NASA, Chase, Wells all with higher rates


TU FICO 8 733
EFX FICO 8 740
EXP FICO 8 728

 

61% Utilization
$46k total balance (from business)

No late payments or bads.

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Are these personal cards you are carrying the balances on? Meaning, are they reporting to your personal utilization? I think getting a BT offer from a big bank may be a bit of an issue with high utilization, but I think your scores are decent enough. Discover could be worth a try, maybe a credit union of some kind. FNBO has a 12 month BT offer on their Evergreen Visa for 12 months and they let you check your offer with a soft pull. Just pull FNBO.com and click credit cards, and then pre-qualify. They check Experian. The good thing about them is you can see your limit with the soft-pull check.

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I want to comment on Utilization, admitting that this is one for the "Monday Morning Quarterback" file ...

 

At the first inkling that one is going to start running up their cards, you want to aggressively seek CLI's on existing cards, and add 1 or 2 new cards from issuers with a reputation of setting CL's at one's existing higher limits and above.

 

Showing overall utilization in excess of 20% is a red flag that is likely to constrain your credit endeavors until you're back under that threshold.

 

The truth is that it can be prudent to aggressively push on the credit limit front from day one.  Early on, I took a clue from the smarter players on CB.  Since joining in 2006, I've pushed my aggregate CL's from $16k to $860k.  (FWIW, I've never had more than $35k outstanding, and typically average $20k or less).   In other words, I can now run a total charge balance of $172k and still fall within the 20% guideline.

 

(Creditors may have a problem if I were to edge my revolving debt in the direction of $172k, but that's a separate and distinct issue.  Point is, I have considerable leeway in running up credit balances and am unlikely to be tripped up for any amount I'm likely to desire, including as much as $75k in revolving debt (or even $100k).

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Many years ago, I was in a similar situation.  Not sure if things changed much but at the time, I was getting declined for being "sufficiently obligated". Lesson learned not to use personal cards for business purchases as well as do not obtain business cards that report to personal...example Capital One.

 

I paid the cards off eventually.  My Fico went up and I applied for business cards that didn't report to my personal credit.   

 

This is the key.  Leverage your personal credit scores to get approved for business cards that don't report to personal.  There are business credit cards with 0% APR promo offers and once you are able to do this, you will be in a much better position.  Finding a 0% intro period balance transfer card or cards for personal will most likely be a tough search with high utilization and relatively low FICO scores.

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On 6/19/2022 at 8:14 PM, direct said:

Many years ago, I was in a similar situation.  Not sure if things changed much but at the time, I was getting declined for being "sufficiently obligated". Lesson learned not to use personal cards for business purchases as well as do not obtain business cards that report to personal...example Capital One.

 

I paid the cards off eventually.  My Fico went up and I applied for business cards that didn't report to my personal credit.   

 

This is the key.  Leverage your personal credit scores to get approved for business cards that don't report to personal.  There are business credit cards with 0% APR promo offers and once you are able to do this, you will be in a much better position.  Finding a 0% intro period balance transfer card or cards for personal will most likely be a tough search with high utilization and relatively low FICO scores.

 

Which business credit cards don't report to personal?

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1 hour ago, DebtFreeIn04 said:

I don't think amex has zero percent on bal txr just purchase for 12 months 

I haven't seen a balance transfer offer on the Amex Revolver card that I haven't seen in years after opening the card account.

 

Also, regarding credit card balances...

 

American Express doesn't like people carrying balances on their cards, and if you do, be careful to ask your 4506-T when you ask to increase the credit limit on your revolving card.

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12 hours ago, timbershake said:

 

 

Which business credit cards don't report to personal?

From what I have read, the only business cards that report to personal are Capital One and Discover.  I know for a fact that Bank of America, Chase, Elan, Comerica, Sam's Club Business, Keybank, Goldman Sachs/Marcus do not report to personal as long as you do not default.

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More important than total util is individual util breakdown. If you have no cards above 89% util, that's good. If no cards are above 69% util, that's even better. If you have cards maxed out (90% or above), you're going to have tough sledding getting any new credit.

 

I had no problem getting new credit with 60%+ util because I knew how to spread out the balances to keep the score high and look less suspicious.

 

Your biggest problem is you only have 75k in CLs spread across who knows how many cards. That makes it unlikely you have any large CLs already (25k-50k+). So that's going to limit your ability to immediately pick up two 25k CLs that you could BT your balances.

 

The best news for you is there are many experts on this forum to help you, but we really need to know specific cards, CLs and balances to offer meaningful advice on how to proceed.

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On 6/24/2022 at 4:37 PM, shifter said:

More important than total util is individual util breakdown. If you have no cards above 89% util, that's good. If no cards are above 69% util, that's even better. If you have cards maxed out (90% or above), you're going to have tough sledding getting any new credit.

 

I had no problem getting new credit with 60%+ util because I knew how to spread out the balances to keep the score high and look less suspicious.

 

Your biggest problem is you only have 75k in CLs spread across who knows how many cards. That makes it unlikely you have any large CLs already (25k-50k+). So that's going to limit your ability to immediately pick up two 25k CLs that you could BT your balances.

 

The best news for you is there are many experts on this forum to help you, but we really need to know specific cards, CLs and balances to offer meaningful advice on how to proceed.

Thanks for the response. I have a NFCU at $25k which is maxed (lowest APR on purchases) a Chase at $16k maxed (0% on balance transfer). 
I have a wells biz card that doesn't report but high APR where I could transfer around $6k from these 2 balances if it makes that big a difference on getting below 89%? 
I should have moved some balances around but I thought they would look more at overall utilization for approvals. I didn't think it would have made that big of a difference on my scores sitting where they were at 730-740. 

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BEsides all the good points above - to OP's question - its hard to get 0% on business cards for more than 12 mths. 

The best 0% business card around hands down is US Bank Platinum Business card - 20 mths. 

You shouldnt fluff this app, make sure youre positioned right when you put this app.  

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