I was just approved for the citi platinum upromise card w/ a limit of $4200 and a chase platinum perfect card w/ a limit of $4k but if I do a balance transfer, my limit goes up to $8k! Guess what I'm doing? I'm going to balance transfer my amex green card at 8k and pay off the chase immediately. I asked the rep if I did this, will my credit limit stay at 8k and she said it would. I hope she's right. I'm only doing the balance transfer to up the limit to 8k. In the past 2 weeks, I have been approved for these cards with a TU fico of 711 and about 7-8 inquiries: 1. Citi Platinum Select-$4200 (0% balance transfer for 1 year). 2. Citi Upromise-$4200 (0% balance transfer for 1 year). 3. Chase Perfect Card-$8,000 (0% balance transfer for 9 months) 4. Home depot ($200 limit-sucker will be canceled soon) I'm calling Capital One asap and canceling my $600 limit card asap!
(1) You've been carrying a balance on your AmEx Green card? (2) You're going to pay of a 0% balance transfer immediately? BTW, congratulations on your approvals!
LOL, I know it sounds weird. I am not carrying a balance on my amex card. I have the cash to pay off the full balance this month but I'd rather use the balance transfer so that they can increase the limit from 4k to 8k. Even if I pay it off in 1 month, I can use the balance transfer again at 0% for the remainder of the 9 month term. My main goal is to obtain the 8k limit thus lowering my ratios.
If you're worried about the CL going back down again, you could try carrying the 0% balance for a couple of months.
It took about 4-5 days. They sent me an email telling me my application was finished. I logged onto the chase website and found out that I was approved. Fyi Will, I just closed on my house last week. My house was 350k and I used a 80/20 loan. The second is a heloc which will kill my utilization %. That is why I want as much credit as possible. I dont need the credit for spending. I just want it available for ratio purposes. Make sense?
yes ,but with all the new credit your scores are gonna nose dive for awhile anyway... but they will come back up after 6 months or so .............. so hang on and congrats on house ...ps helocs kill scores
Yeah, I agree Will. Helocs do kill scores. That is why I applied for as many cards now because I know as soon as the heloc hits my credit, my scores are going to tank. That is why I applied for so many cards in the past 2 weeks. I wanted to make sure I get the cards before the heloc hit. I just hope somehow that I can have it report as an installment account versus a revolving one. Somehow, I think its going to be impossible to do that. Thanks for the congrats. I financed through Countrywide and received a 5.75% fixed on the 1st and 6.75% on the 2nd. The second is variable with the margin set at prime+2.5% due to the high ltv ratio. I think I got a fair deal.
It does sound like you got a fair deal. Congratulations!! No, they won't lower your credit line when you pay off the balance. It is a permanent increase. But why pay off a 0% balance? Take the money and put it in a money market account, or a CD, or something. Even if you only get 1%, you're paying nothing, so you're making money on someone else's money. That's what builds wealth--making more than you pay. Your scores will be tanked for a while anyway, and you have the cash if you need it, so why pay it off?
I had a card with Fleet and Citi and they lowered my limit once my balance dropped. The reason the gave was I had too many lines open. Funny thing is the effective date was the next billing cycle which gave me time to max them out and then let them charge off.
