I was approved for a card with a really low apr,based on my equifax score(by far my best of the 3). I would like to use this card to transfer a couple of high APR balances. The 2 balances thatI want to transfer are NOT reported on my equifax report(no idea why). Am I opening a can of worms by paying off balances that my new issuer is not aware of simply because they are not reported on my equifax report(the ONLY report they pulled before approving me for a credit line of 7000.00). Will they even care??? The total balnce transfer is 1,100.00 and my credit line is 7000.00. Any advice/ Thanks,Ritch
For just $1100.00 balance transfer? No way! Go for it! Just a caution; in order to prevent the other high-APR cards reporting "balance transferred" status to the CR, you might want to keep a small balance (say $10) pending still on those cards, let that balance cycle through, and then pay it off. Does your new card include the balance-transfer checks? You can make those checks out to yourself, and put the money in the bank, and pay the entire balance on the high-APR cards using that money. Best of luck. -- lakpr
If your new card is Citibank, you don't even have to have the convenience checks. Just call them and tell them you want a balance transfer for however much you need, and ask them to send the check to you. They don't even ask questions. Just verify the terms of the transfer before you confirm. You need to know the APR, how long it's good for, and if there is a balance transfer fee.
