Partial BT's ?

Discussion in 'Credit Talk' started by BlueEyes, Apr 7, 2003.

  1. BlueEyes

    BlueEyes Well-Known Member

    Well, thanks to this board, I've finally been able to open up a couple of decent accounts. I have a Discover and Sears that are each 10+ years old. Both are over limit, terrible rates. A couple of years ago when I was near my limit on each - had a setback and haven't been able to pay them down due to the outrageous late/overlimit fees. Getting absolutely NO WHERE on the principal and I'm sure they're killing my scores even though I've paid on time for quite a while now. I'm very anxious to get rid of them but can't pay them off yet!!!

    I have one new CL of $1000 with 0% for 6 mos. on BT and another $3000 CL with the same offer.

    I can't transfer the full amount of each of the Sears/Disc but is it feasible to do a partial balance transfer? (I did a search but can't find any threads on this). If I could transfer 1/2 of each of the existing accounts to the new accounts it would get all 4 accounts under 50% utilization and give me 6 mos. no interest on the amount I transfer.

    Would I be better off doing that or just keeping open the new trade lines and charging some small items and pay them off every month? Don't want to waste the 0% for 6 mos. offer.

    Thanks for the suggestions. It's great to FINALLY be getting some better cards and rates.
     
  2. BlueEyes

    BlueEyes Well-Known Member

    Oh yeah, one more thing. I'm really working hard on the last 3-4 negatives on all of my reports and hope to get an even better CL and BT offer on a prime card within the next 3 months or so. My goal is in the next three months to get my reports (at least TU and EQ) totally clean. No one around here seems to ever pull EX and it's not that bad. I should at least be able to get one good CL for $5,000 or so when all of this gets done. Thinking I could do the partial transfer now and use the 6 mos. 0% and then transfer whats left on Sears/Disc to another card.
     
  3. BlueEyes

    BlueEyes Well-Known Member

    A little <bump> here.....any thoughts or suggestions? I'm totally new to the option of transfers, LOL. Thanks :)
     
  4. the other

    the other Well-Known Member

    Do what saves you money. Make sure there are no fees to do the transfers. Make sure you don't exceed your limit on the cards to transfer to. Make sure you always pay on time (so you don't loose the promo rate). I do bts all the time. If you end up with balances that are close to the limit, your score could take a hit, but in my opinion, the most important thing is to save money.
     
  5. kak

    kak Well-Known Member

    Yes, you can to a partial balance transfer. You just tell the company the amount you want to transfer, they really have no way of knowing what your current balance is on the original card. I have actually transferred MORE than my balance and had a credit balance. (I was getting married and knew I would be putting some big charges on the existing cc, and this allowed me to take full advantage of the 0% interest rate the new card offered.)
     

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