2. Apply for the following cards (all 0% BT for 12 months)
Associated Bank Visa Farm Bureau Bank Visa Discover Business Bank
3. Take out hopefully +$20k in BT from the above three cards 4. Take out X amount from my current cards: Bank of America $10,000 (0% BT) Wells Fargo $8,000 (0% BT, only for 6 months)
5. At the end of the day, I'd like to have at least $30k to play with for 12 months 6. Put $30k into a 4.0% APY CD at IndymacBank
Is that a good decision? I thought about maybe opening up a 6% APY rewards checking account but I already have one at Arizona bank and Trust. The rate might drop too. Here are my questions/concerns:
1. Would keeping the $30k in a 4% CD be the best decision? 2. Should I try for more cards? I'm 24yo and don't plan on buying a house or car anytime soon. I don't want my credit to get ruined. My credit history is about 6 years old.
2. Apply for the following cards (all 0% BT for 12 months)
Associated Bank Visa Farm Bureau Bank Visa Discover Business Bank
3. Take out hopefully +$20k in BT from the above three cards 4. Take out X amount from my current cards: Bank of America $10,000 (0% BT) Wells Fargo $8,000 (0% BT, only for 6 months)
5. At the end of the day, I'd like to have at least $30k to play with for 12 months 6. Put $30k into a 4.0% APY CD at IndymacBank
Is that a good decision? I thought about maybe opening up a 6% APY rewards checking account but I already have one at Arizona bank and Trust. The rate might drop too. Here are my questions/concerns:
1. Would keeping the $30k in a 4% CD be the best decision? 2. Should I try for more cards? I'm 24yo and don't plan on buying a house or car anytime soon. I don't want my credit to get ruined. My credit history is about 6 years old.
Don't forget you will have to make monthly minimum payments on all your cards, usually 1-3 percent of the total balance. You will want to keep enough not locked into a CD to make those payments, unless you are positive you can cover them using your income over the next year.
I'll have enough to put aside for those monthly payments. Since you brought it up, +$900/month is quite a lot to pay
Another question too, will the grace period for paying off the cards be long enough to avoid the fee after 12 months? If I apply for those 3 cards now, i'll probably get the cards in 1-2 weeks. Hopefully there will be a convenience BT check included which I'll write out to myself. My bank will probably put a 2 week hold on the checks. Meaning I'll finally be able to open the CD a good 4 weeks after I apply for the cards which will mean I'll have to wait 12 months and 4 weeks before I can take out the CD to pay those cards off.
I would suggest 6 or 9 month CDs rather than 12 month, for 12 month 0% money. Also, I would suggest keeping part of the money liquid, in case you need to pay down a balance due to an adverse action from one of your cc companies. For example, I've had credit limits reduced to just above my current balance, and had to send in an extra payment to get back down to 89% utilization.
Thanks for the suggestion. Since you mentioned the chance of an adverse action from the CC companies, I think I'll consider another rewards checking account. I currently have $20k in a 6% checking acct, looks like I'll open up another.
I got an invitation from US Bank with 0% APR on purchases and balance transfer for 12 months. My credit card balance with chase freedom is about $1000 now. Since I only get $0 fee for BT at the application time, I want surely take advantage of this. So my question is that if I can request $20,000 to my chase business card (credit line is $25,000 and $0 balance right now) and later ask chase to send me a refund check. Then I will deposit this check into my saving account. Will this work? Thanks.
Have built up a 45000 credit limit with a chase card and qualify for a 0% apr until february and want to take advantage of it. It's a $99 capped fee for it. Can I pay it towards my First New England Federal Credit Union Debit Card? Would that go straight into my rewards checking account? What other way can I cash it out other than transfering to other credit cards?
Do balance transfers work towards debit cards in general?
Can anyone please answer my question? Thanks a lot.
woodsley said: I got an invitation from US Bank with 0% APR on purchases and balance transfer for 12 months. My credit card balance with chase freedom is about $1000 now. Since I only get $0 fee for BT at the application time, I want surely take advantage of this. So my question is that if I can request $20,000 to my chase business card (credit line is $25,000 and $0 balance right now) and later ask chase to send me a refund check. Then I will deposit this check into my saving account. Will this work? Thanks.
I had a promotional 0% BT offer from Bank of America and I was able to have the CSR do an ACH deposit into my checking account and still have the 0% BT offer valid. Got the money in 4 business days. So maybe call up Chase and see if they can do something similar.
woodsley said: Can anyone please answer my question? Thanks a lot.
woodsley said: I got an invitation from US Bank with 0% APR on purchases and balance transfer for 12 months. My credit card balance with chase freedom is about $1000 now. Since I only get $0 fee for BT at the application time, I want surely take advantage of this. So my question is that if I can request $20,000 to my chase business card (credit line is $25,000 and $0 balance right now) and later ask chase to send me a refund check. Then I will deposit this check into my saving account. Will this work? Thanks.
USBank says that, but generally speaking the experience here at FWF has been that you can call up a little bit later and do the BT and still get the $0 fee.
I wouldn't recommend using Chase the way you describe. I was able to have USBank send a BT check to my checking account; it took a week for the money to arrive. Just give them your checking account number and the deposit address for your bank. You could then move the money to your savings account. I haven't tried the more straightforward maneuver of sending the BT check directly to savings but I bet that it would work.
jackcrawfish said: Not sure whether others find it useful or just plain annoying, but I updated the vote scores for those recent AOR's located in the QS.
Additionally, I highlighted those with votes exceeding 20. I've included those here as a quick reference.I find it both mildly useful and mildly annoying -- in any case, thanks for updating it. Since the highlighted hyperlinks were nearly illegible on my screen (blue on black), I've edited it to highlight just the score.
I am planning on doing my AOR next month. I have CitiBusiness and Bank of America Business cards now. Does anyone know whether you can apply for a second CitiBusiness or Bank of America Business credit card if you already got one? Do I need to close these cards in order to apply for new one? Thanks.
baobao73 said: I am planning on doing my AOR next month. I have CitiBusiness and Bank of America Business cards now. Does anyone know whether you can apply for a second CitiBusiness or Bank of America Business credit card if you already got one? Do I need to close these cards in order to apply for new one? Thanks. You can definitely have a second BofA business card. I have two Power Rewards Business Visas. In re: Citi, I also have two, but one is a "bare" CitiBusiness and one is a CitiBusiness with Thank You network. Don't know if you can have two of the same "model" of CitiBusiness card.
The CitiBusiness card I have is CitiBusiness with Thank You network. Does anyone have two CitiBusiness with Thank You network cards?
swishyx said: baobao73 said: I am planning on doing my AOR next month. I have CitiBusiness and Bank of America Business cards now. Does anyone know whether you can apply for a second CitiBusiness or Bank of America Business credit card if you already got one? Do I need to close these cards in order to apply for new one? Thanks. You can definitely have a second BofA business card. I have two Power Rewards Business Visas. In re: Citi, I also have two, but one is a "bare" CitiBusiness and one is a CitiBusiness with Thank You network. Don't know if you can have two of the same "model" of CitiBusiness card.
SecondCor521 said: woodsley said: Can anyone please answer my question? Thanks a lot.
woodsley said: I got an invitation from US Bank with 0% APR on purchases and balance transfer for 12 months. My credit card balance with chase freedom is about $1000 now. Since I only get $0 fee for BT at the application time, I want surely take advantage of this. So my question is that if I can request $20,000 to my chase business card (credit line is $25,000 and $0 balance right now) and later ask chase to send me a refund check. Then I will deposit this check into my saving account. Will this work? Thanks.
USBank says that, but generally speaking the experience here at FWF has been that you can call up a little bit later and do the BT and still get the $0 fee.
I wouldn't recommend using Chase the way you describe. I was able to have USBank send a BT check to my checking account; it took a week for the money to arrive. Just give them your checking account number and the deposit address for your bank. You could then move the money to your savings account. I haven't tried the more straightforward maneuver of sending the BT check directly to savings but I bet that it would work.
2Cor521
Yeah, I got a card with them a while back that said "with this application" and when the terms came, there was a specific deadline of 30 or 60 days from account opening to make the transfer. So you don't have to list it on the app, but people have reported higher credit limits when requesting sizable BTs on the app.
I want to apply for 0% for 12 months Chase card. On the application, how to enter balance transfer amount where I really don't have any debt to transfer. Basically, I need the balance transfer amount deposited into my bank account, so how to do it with Chase?
I just paid of all our 0% balance transfers we started last year. I paid it off in the middle of May. Is there a certain amount of time I need to wait to start the App O Rama? 30,60 or 90 days?
I want to apply for 0% for 12 months Chase card. On the application, how to enter balance transfer amount where I really don't have any debt to transfer. Basically, I need the balance transfer amount deposited into my bank account, so how to do it with Chase?
Please help. TIA Chase typically sends a welcome check, that is included in the 0% offer.
Or request a BT be sent to your father-in-law, neighbor, etc - someone you trust to pass the money along to you once they receive it.
blondie6ft said: I just paid of all our 0% balance transfers we started last year. I paid it off in the middle of May. Is there a certain amount of time I need to wait to start the App O Rama? 30,60 or 90 days?
Thanks! JenDepends on when each account updates to the credit agencies; some do it days after each statement, some on the first of each month, etc. Monitor your reports, and you are good to go as so as the balances are updated to zero.
You also could potentially hurry the process along by disputing your balances with the credit bureaus.
I have a nice BT offer on my Discover card, but the limit isn't that great. It's a capped offer.
All CLIs have to be phoned in; you can't do it online. Was denied in a soft pull and asked if I wanted to fill out a form. Rep was nice enough to tell me that submitting the app would result in a hard pull. I decided against it for now. My CL is $11k; is this that fairly typical of Discover? I've had a card for a very long time and managed it well. Thoughts?
unixgirl said: I have a nice BT offer on my Discover card, but the limit isn't that great. It's a capped offer.
All CLIs have to be phoned in; you can't do it online. Was denied in a soft pull and asked if I wanted to fill out a form. Rep was nice enough to tell me that submitting the app would result in a hard pull. I decided against it for now. My CL is $11k; is this that fairly typical of Discover? I've had a card for a very long time and managed it well. Thoughts?
higher limits are possible. I have a card about a year old more than twice your limit.
unixgirl said: I have a nice BT offer on my Discover card, but the limit isn't that great. It's a capped offer.
All CLIs have to be phoned in; you can't do it online. Was denied in a soft pull and asked if I wanted to fill out a form. Rep was nice enough to tell me that submitting the app would result in a hard pull. I decided against it for now. My CL is $11k; is this that fairly typical of Discover? I've had a card for a very long time and managed it well. Thoughts?
I found out after browsing this month's statement that a large BT on my Chase card reset from a low "for life" rate to my standard purchase rate!
I did two transfers at the same time: one, the lower amount, remained low, but the higher one reset! I did not receive written notice of this action, so presume that the person who entered the transactions must have made a mistake on one of them. I have nearly paid the whole balance this month (before I discovered the mistake) so this will not affect me in the future, but I do plan to challenge the rate reset. There's nothing on any of the statements to indicate that one is fixed and the other is not. They look identical until this month.
I'll have to be more diligent in getting written confirmation of BT rate and length at that rate in future.
blondie6ft said: I just paid of all our 0% balance transfers we started last year. I paid it off in the middle of May. Is there a certain amount of time I need to wait to start the App O Rama? 30,60 or 90 days?Dispute balances on all 3 reports and you'll be good to go in a week or two.
blondie6ft said: I just paid of all our 0% balance transfers we started last year. I paid it off in the middle of May. Is there a certain amount of time I need to wait to start the App O Rama? 30,60 or 90 days?
Thanks! JenThats a good question (and a good answer from Tyrone). For the exact answer, you will have to daily monitor your credit. It will very significatnly with different issuers. I believe AMEX is extremely slow, and others may be very fast. It may also depend on when your statement generates, but not necessarily. I would think 30-45 days absolute max if you are just waiting.
TyroneSchulace said: blondie6ft said: I just paid of all our 0% balance transfers we started last year. I paid it off in the middle of May. Is there a certain amount of time I need to wait to start the App O Rama? 30,60 or 90 days?Dispute balances on all 3 reports and you'll be good to go in a week or two.
sammy1224 said: TyroneSchulace said: blondie6ft said: I just paid of all our 0% balance transfers we started last year. I paid it off in the middle of May. Is there a certain amount of time I need to wait to start the App O Rama? 30,60 or 90 days?Dispute balances on all 3 reports and you'll be good to go in a week or two.
What is the process to dispute balances?Read this.
Whats the best way to repair credit after an AOR? I decided i need to sign up for some airline miles cards pretty soon but I think my credit is kinda hurting becuase of a recent AOR. (I got some credit lines reduced, etc). I just paid off all the credit cards, is there anything else to do?
Also I know this has been discussed before but I should keep all my credit lines open? One thing that is referenced in the adverse action is that I have too many lines open.
You can get similar or better rates using 2 or 3 rewards checking accounts!!!!!
Don't tie up your money like that - its too much stress.
Check the reward checking account threads for 5%-6% offers
And then make 10*3*12 direct debits and all the other crap that you have to do and have a limit of ~75K on 3 accounts for about a one point gain. Then if you happen to mess up you get no interest. Not worth the hassle and risk reward.
Oops. I missed a payment to Citi due to the Memorial weekend holiday (ok - I'm lying to myself - it was due to not following conservative FWF advice). The due date was 5/27/2008.
Statement said: Your late fee was based on your account balance as of the payment due date (05/27/08), which was $ 26,429.00
The Annual Percentage Rate on your promotional or transferred balances has been increased due to one of the following reasons stated in your card agreement with us: you failed to make a payment to us when due, you exceeded your credit line or you made a payment to us that was not honored by your bank.
05/28 ELECTRONIC PAYMENT-THANK YOU -446.00
06/02 06/02 PURCHASES*FINANCE CHARGE*PERIODIC RATE Offer 4 223.01
06/02 06/02 LATE FEE - MAY PAYMENT PAST DUE 39.00
I wrote C/S asking for goodwill and they obliged.
06/04/08 04:57:33 I said: A payment posted one day following the due date. However, I am asking for a one time fee waiver considering my very good payment pattern. Additionally, I would like the Finance Charges to be credited and reinstate the 0% offer through the remainder of the promotion period.06/04/08 05:42:23 They said: As a goodwill gesture, we have credited your account $39.00 for the late fee assessed. This credit should appear on your account within two business days. We must receive your payments by the due date in order to avoid late fees in the future.
We would like to inform you that your account was restored to the standard APR on all of the active balances, including:
-Balance Transfer Rates
-Rate Sale Offers
-Intro Rates
-APR Buy-Downs
The changes will reflect in your next billing statement.
Finance charges for purchases, balance transfers and cash advances will begin to accrue from the date the transaction is added to your balance. They will continue to accrue until payment in full is credited to your account.
This means that when you make your final payment on these balances, you will pay interest for the time between the date your last statement prints and the date your payment is credited to your account.
We calculate your finance charges in the following manner:
The daily balance for purchases and cash advances is multiplied by the daily periodic rate each day of the billing period, including the statement closing date. The daily balance includes the beginning balance for purchases and cash advances, plus new transactions and finance charges from the previous day, minus any new payments or credits. The balance subject to finance charges equals the total of all daily balances for the billing period, divided by the number of days in the billing period. The finance charge for purchases and cash advances is the balance subject to finance charges, multiplied by the number of days in the billing period and then by the daily periodic rate.06/04/08 09:30:51 PM I said: Thank you very much for your goodwill. To be certain, the $223.01 finance charge also will be credited? (you stated that the "Intro Rates" have been restored).06/05/08 01:14:09 AM They said: A credit of $223.01 will appear on your next statement.
Does anyone know what is the maximum number of Discover cards one can have? I already have Discover More card and Discover Open Road card. Do you think Discover will approve for Discover Miles card if I apply for it assuming my credit score is high?
jackcrawfish said: Oops. I missed a payment to Citi due to the Memorial weekend holiday (ok - I'm lying to myself - it was due to not following conservative FWF advice). The due date was 5/27/2008.
I wrote C/S asking for goodwill and they obliged.
Will that show up on your credit report as a 30 day late?
baobao73 said: Does anyone know what is the maximum number of Discover cards one can have? I already have Discover More card and Discover Open Road card. Do you think Discover will approve for Discover Miles card if I apply for it assuming my credit score is high?
I have 3.
discover miles business discover miles personal discover (not sure what it is).
Ders said: jackcrawfish said: Oops. I missed a payment to Citi due to the Memorial weekend holiday (ok - I'm lying to myself - it was due to not following conservative FWF advice). The due date was 5/27/2008.
I wrote C/S asking for goodwill and they obliged.
Will that show up on your credit report as a 30 day late? Excellent question. Although obvious, I never asked. In this thread on business credit without PG, "...payment history will be reported to D&B. Your payment history will be rated on what is called a PAYDEX score and you will immediately start to receive pre-approved business credit cards from Lowes, Home Depot, Associates Business Card, Chevron, Conoco, Citgo, Advanta... and the list goes on. All with NO PERSONAL LIABILITY or Credit Check."
The Business Card account does not report to the credit bureau today so I believe there will be no DLQ flag reported either....
I'll post here if my account does get reported delinquent.
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