| Posted By |
Message |
kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
|
Credit Limit and Balance Transfers
My 0% interest was up on my credit card (the only one I use) so I applied for a new card with a 0% apr on balance transfers for 1 year.
I just got the card in the mail today and my credit limit is less than what the balance transfer is...
Am I going to get screwed on this? When they transfer the balance, won't I be over my limit?
I plan on calling tomorrow to see what the deal is, but thought you guys might have some insight.
TIA.
|
Posted 3/14/08 11:27 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
|
Re: Credit Limit and Balance Transfers
If they did what they did for mine - they didn't transfer the entire balance.
So you will have to keep paying on the first card as well as the second card 
|
| Posted 3/14/08 11:28 PM |
| |
|
rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
|
Re: Credit Limit and Balance Transfers
Call the new company and tell them that you want to transfer over X amount - but your limit is only Y amount. They may be able to bump up your limit a bit.
You might also call your existing company and ask if they would be willing to keep your promotional rate for an additional month or two - or give you a lower rate for that time frame.
Good luck!
|
| Posted 3/14/08 11:41 PM |
| |
|
BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
|
Re: Credit Limit and Balance Transfers
Posted by rojerono
Call the new company and tell them that you want to transfer over X amount - but your limit is only Y amount. They may be able to bump up your limit a bit.
You might also call your existing company and ask if they would be willing to keep your promotional rate for an additional month or two - or give you a lower rate for that time frame.
Good luck!
they typically don't budge on new accounts as they are still new, no history,etc..
as far as your balance transfer, you can only transfer part of it. not much you can do. its a game to keep doing balance transfers but at one point it comes to an end or else it will affect your credit negativly as this bank gave you less credit then you wanted as they don't know you want to get rid of a card...
|
| Posted 3/14/08 11:46 PM |
| |
|
rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
|
Re: Credit Limit and Balance Transfers
Posted by BabyBoy
they typically don't budge on new accounts as they are still new, no history,etc..
You are right.. but it never hurts to ask! I actually was able to get BoA to bump up my initial limit by 500 dollars so that I could do a transfer from a Chase card that I wanted to get rid of. If the extra amount isn't a huge sum of money you may have some luck!
|
| Posted 3/15/08 12:19 AM |
| |
|
seank80
Don't Taze My Dog Bro!!
Member since 5/07 2240 total posts
Name:
Sean
|
Re: Credit Limit and Balance Transfers
Call them up. Tell them you want to use their card for a BT but you don't want the utilization to be high on that card. As long as your income is within reason for the new limit they will not give you a problem. I got a new Citibank Select card within the past month and they more than doubled the original limit for me when I called them for the first time. It's worth a shot. They will ask you a few questions and what you want the limit to be. An analyst will have to look at it and it will probably take 24 to 48 hours. Good luck.
|
| Posted 3/15/08 7:20 AM |
| |
|
kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
|
Re: Credit Limit and Balance Transfers
Posted by BabyBoy
Posted by rojerono
Call the new company and tell them that you want to transfer over X amount - but your limit is only Y amount. They may be able to bump up your limit a bit.
You might also call your existing company and ask if they would be willing to keep your promotional rate for an additional month or two - or give you a lower rate for that time frame.
Good luck!
they typically don't budge on new accounts as they are still new, no history,etc..
as far as your balance transfer, you can only transfer part of it. not much you can do. its a game to keep doing balance transfers but at one point it comes to an end or else it will affect your credit negativly as this bank gave you less credit then you wanted as they don't know you want to get rid of a card...
But they asked for the balance transfer when I filled out the application. 
So, in other words, i transferred the balance before I knew it would be accepted. I didn't get immediate approval online because of an address discrepancy, but when they called me and I validated the address they said you were approved and the balance transfer will occur within the next 10-14 days.
I never asked for my limit- I just assumed it would be similar to the limit on my last card, which is more than double what I was transferrring.
So, now when the balance transfer goes through, I feel like I am going to be over my credit limit right away and be charged the finance charges. I have to call...
It just makes no sense.
|
| Posted 3/15/08 11:50 AM |
| |
|
BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
|
Re: Credit Limit and Balance Transfers
Posted by kahlua716
But they asked for the balance transfer when I filled out the application.
So, in other words, i transferred the balance before I knew it would be accepted. I didn't get immediate approval online because of an address discrepancy, but when they called me and I validated the address they said you were approved and the balance transfer will occur within the next 10-14 days.
I never asked for my limit- I just assumed it would be similar to the limit on my last card, which is more than double what I was transferrring.
So, now when the balance transfer goes through, I feel like I am going to be over my credit limit right away and be charged the finance charges. I have to call...
It just makes no sense.
on the forms, they discoulse probarly in fine print they will transfer "X" amount less then your total credit if approved. So if you asked to transfer 5000, but you only got approved for 4000, they would transfer 3750 or so...(most want to leave room for fees and such... 200-250 less... verify with the bank how much they are sending...
for the bank, credit lending is all about numbers, credit rating and so on. my orginal post was ment to say its hard to keep balance transfer full amounts of loans as everytime an account is open for said amount, it could lower your score. number of accounts makes a difference, income and the bank itself has different lending practices and amounts they will give out...
|
| Posted 3/15/08 1:28 PM |
| |
|
kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
|
Re: Credit Limit and Balance Transfers
Thanks for the help! 
|
| Posted 3/15/08 1:40 PM |
| |
|
HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
|
Re: Credit Limit and Balance Transfers
definitely call them up... If you have good credit, they might offer you something.
|
| Posted 3/15/08 2:01 PM |
| |
|
hbugal
Lesigh
Member since 2/07 15928 total posts
Name:
|
Re: Credit Limit and Balance Transfers
This happened to me and what they did was not transefer over the entire amount. They only did a pratial transfer..I didnt find out until I received the card and then my bills. They wont allow more than the credit limit to be transferred..In my case I got royally #%$&#% b/c the card I was transferring from was one of those No Payments No Interest for 2 year things and since I didnt pay off the balance I wound up accruing interest..Had I known I would of just transferred part to one card and paid off the remainder etc...
I would just call the card company and see what's up.
|
| Posted 3/15/08 7:33 PM |
| |
|
