Applied for the Chase Slate card for balance transfer

[frugalredhead]

And they gave me a $900 limit. A fat lot of good that does me The approval message said that if that's not enough to suit my needs, I can discuss with the person who calls to confirm receipt of my card. I wanted to transfer, at the very least, my $10K Discover balance that is at 13.99% (my highest interest rate). I guess even if I can get them to bump it up a little bit, it's better than nothing.

On the bright side, I just added up my balances (do this at the same time every month to minimize fluctuation of the charges that go directly to my cards) and I have paid off $1600 since last month, for a total of $3600 since February!

By the time I get my paycheck this Friday from my second job, I'll have my balances in the $60K range! Seems odd to smile about that astronomical figure, but it's good progress!

[corn18]

Don't lose all hope on the Slate card yet. I got an initial limit of $6,000. I asked for more and they gave me $15k. Then I asked for more and they gave me $30k. Not sure how it will turn out for you, but maybe you can get it up high enough to cover that Discover card. You better have a plan to pay it off after 15 months because it goes sky high after that.

[kabhold]

One thing I always do is apply on the phone. That way if you want to ask for an increase they wont have to pull another hard pull. And everytime I apply on the phone I get a much higher credit limit than if I did online... about 2-3 times as much.

[frugalredhead]

Thanks for the advice about applying on the phone! I did call to ask for an increase, but they declined it because of lack of payment history on that card. Ummm, I just opened it Monday! So I'll make my first payment and then call again!

[cardtrick]

That's a BS reason. They're not giving you more because you have $60K is revolving debt.

Escalate it to executive customer service. Be polite but try to reason with them. Say, you want to move some of your balances over from multiple cards because the high debt to credit limit ratios on those cards are killing your score.

Worst that can happen is they say "no". At the very least you will have someone with a bit more power looking at your account.

[frugalredhead]

Worth it to do balance transfer promo?

Please disregard

[Weird Tolkienish Figure]

And they gave me a $900 limit. A fat lot of good that does me The approval message said that if that's not enough to suit my needs, I can discuss with the person who calls to confirm receipt of my card. I wanted to transfer, at the very least, my $10K Discover balance that is at 13.99% (my highest interest rate). I guess even if I can get them to bump it up a little bit, it's better than nothing.

On the bright side, I just added up my balances (do this at the same time every month to minimize fluctuation of the charges that go directly to my cards) and I have paid off $1600 since last month, for a total of $3600 since February!

By the time I get my paycheck this Friday from my second job, I'll have my balances in the $60K range! Seems odd to smile about that astronomical figure, but it's good progress!

As far as others have said about upping the limits, do that. Also, see this article:

http://www.nerdwallet.com/blog/top-credit-cards/nerdwallets-best-low-interest-credit-cards/

Some of these will have fees on balance transfers however it's better than paying a lot on interest over and over again. In the meantime, jack up the balance on your slate card, pay it down and try to get the limit upped.

[frugalredhead]

Yeah, I called again a week or so ago and they said they couldn't increase my limit because of my high debt... which is totally understandable! So I transferred as much as I could to it, will budget to pay it off before it's up (June 2015) and keep on paying my highest interest debt until they decide I've paid enough off to give me more credit

[Weird Tolkienish Figure]

Yeah, I called again a week or so ago and they said they couldn't increase my limit because of my high debt... which is totally understandable! So I transferred as much as I could to it, will budget to pay it off before it's up (June 2015) and keep on paying my highest interest debt until they decide I've paid enough off to give me more credit

Jack it up to $900, pay it off, then call again.

[creditcardfree]

I hope you can get a higher limit at some point during the promotion period. I think they only give you 2 months to move money for no fee.