Race to Pay Off House Mortgage by 5 May 2015: Options (credit check, finance, financial)
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I still appreciate your help. While I am going to make final decision early January, I think what worked for DrD76 can (and mostly probably will) work for me.
I can have Balance Transfer as regular checks?! If so then do they allow limit up to credit limit?
Absolutely YES! This is precisely what I did!
I have gotten 0% BT checks that can be used UP TO THE CC LIMIT! (Chase)
I have gotten 0% BT Direct Deposits to my checking account that can be used UP TO THE CC LIMIT! (Citibank and Bank Of America)
I have gotten 0% BT Direct Pay to Mortgage Accounts that can be used UP TO THE CC LIMIT! (Discover IT)
Just make sure you don't exceed CC limit when you add in the fees.
Just make sure you realize that the closer you get to your CC limit, the lower your next CC score will go.
And of course, plan carefully, do not default!
Cash Advance IS NOT THE SAME AS BT... What I did was BT, not Cash Advance!
Absolutely YES! This is precisely what I did!
I have gotten 0% BT checks that can be used UP TO THE CC LIMIT! (Chase)
I have gotten 0% BT Direct Deposits to my checking account that can be used UP TO THE CC LIMIT! (Citibank and Bank Of America)
I have gotten 0% BT Direct Pay to Mortgage Accounts that can be used UP TO THE CC LIMIT! (Discover IT)
Just make sure you don't exceed CC limit when you add in the fees.
Just make sure you realize that the closer you get to your CC limit, the lower your next CC score will go.
And of course, plan carefully, do not default!
Cash Advance IS NOT THE SAME AS BT... What I did was BT, not Cash Advance!
DrD
Just one more thing... it depends on the CC company whether they offer BT via Checks/Direct Deposits/Direct Pay... for instance, in my case, Discover IT only offered Direct Pay... they didn't offer checks or direct deposits.
That's the problem: To go the Balance Transfer route I will need to pay off $24,000 from that. I doubt Chase Slate alone will give me that option. I am going to guess they are going to give me $12,000 credit line and of that only $6,000 as Cash Advance! So...I would have to find several of such 15-month, zero interest, zero fees cards to get the $24,000. Highly unlikely!
I wish I don't need a 'middleman' like Charge Smart.
What will your mortgage balance be by next April?
(The cash advance limit does not matter. A balance transfer is not a cash advance. Just like the price of tea in China, the cash advance limit is completely irrelevant to what you are trying to do.)
Well, well, well! Just spoke with my Credit Card A representative and she confirmed that I could have 0% APR up to 18 months AND upto my credit limit right now, if I wanted to. She also confirmed "right now" I could also have the money transferred to my checking account. There is currently a 3% fee attached to that.
@Petunia100: You were right!
So now I am realizing that I don't have to pay Charge Smart if I could find zero transfer fee cards. Sweeeet!!!
So, I should start shopping for a card around December. If I find two good cards with around $12k each then it would be zero interest for 12+ months and no fees either. Only Chase Slate fits the bill right now.
Well, well, well! Just spoke with my Credit Card A representative and she confirmed that I could have 0% APR up to 18 months AND upto my credit limit right now, if I wanted to. She also confirmed "right now" I could also have the money transferred to my checking account. There is currently a 3% fee attached to that.
@Petunia100: You were right!
So now I am realizing that I don't have to pay Charge Smart if I could find zero transfer fee cards. Sweeeet!!!
So, I should start shopping for a card around December. If I find two good cards with around $12k each then it would be zero interest for 12+ months and no fees either. Only Chase Slate fits the bill right now.
Citi Simplicity, Citi ThankYou, Chase Freedom, Discover IT, Bank Of America ... just a few that I have and that had offered 0% BT offers... of course, applying for credit also lowers your score... but then when you get approved and your overall credit limit increases, your score goes up
Citi Simplicity, Citi ThankYou, Chase Freedom, Discover IT, Bank Of America ... just a few that I have and that had offered 0% BT offers... of course, applying for credit also lowers your score... but then when you get approved and your overall credit limit increases, your score goes up
It would be nice to get something like Chase Slate: 0% interest for 15 months and 0 BT fees.
Now I am torn between opening a Chase Slate account now and pay off, say, $12,000 or wait till early January and see where we actually stand by then. Decisions, decisions, decisions...
It would be nice to get something like Chase Slate: 0% interest for 15 months and 0 BT fees.
Now I am torn between opening a Chase Slate account now and pay off, say, $12,000 or wait till early January and see where we actually stand by then. Decisions, decisions, decisions...
I went ahead and taken the first step: Applied for the Chase Slate card online and it has been 'approved' for $10k. I am going to push for more credit limit soon. Within next few days, I think I am going to Close my Chase Ink credit card which hardly every gets used...
I went ahead and taken the first step: Applied for the Chase Slate card online and it has been 'approved' for $10k. I am going to push for more credit limit soon. Within next few days, I think I am going to Close my Chase Ink credit card which hardly every gets used...
Hi Meengla,
Closing CC has a negative effect on credit score...
Credit scoring formulas use "Total CC Limit", and when you close a CC, the Total CC Limit decreases, which in turn negatively effects score...
Probably you already knew... but just thought I'd mention it.
DrD
Hi Meengla,
Closing CC has a negative effect on credit score...
Credit scoring formulas use "Total CC Limit", and when you close a CC, the Total CC Limit decreases, which in turn negatively effects score... Probably you already knew... but just thought I'd mention it.
DrD
Hi,
I am kind of aware of that; and someone in this thread did mention that a few pages ago. But I remember many years ago I was given a very low credit limit because 'I had too many accounts' and was advised to Close some.
Anyway, even after Closing the Chase Ink card, I will still have 3 credit cards, including the new Chase Slate one. My credit score is so high at the moment that I doubt Closing one more (I did Close a Bank of America one a few days ago) would have too much impact?
Thanks for the heads up!
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