Author Topic: Balance Transfer with little income reported  (Read 5875 times)

Offline 123ablack

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Balance Transfer with little income reported
« on: October 22, 2012, 08:27:31 PM »
Hi All,
I'm trying to help a family member of mine who has a total of 14k in outstanding balances brtween 2 cards and wishes to do a balance transfer to a card with 0% APR for the first 12-18 months.

He currently has:
Chase united (old) card with a 25k credit line and around $7000 outstanding balance
Bank of America card with a 17.5 CL and around $7000 outstanding balance

He has a great credit score but has a reportes income of $14k annulay and insists on reporting this income.

What's his direction to go for a complete balance transfer with a 0% apr and maybe even a nice Signup bonus?

Thank you all in advance!

Offline myb821

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Re: Balance Transfer with little income reported
« Reply #1 on: October 22, 2012, 08:37:13 PM »
best bet is applying for chase slate and if they wont approve offer to take 15k from ua card to open it

Offline 123ablack

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Re: Balance Transfer with little income reported
« Reply #2 on: October 23, 2012, 12:06:47 AM »
best bet is applying for chase slate and if they wont approve offer to take 15k from ua card to open it

Thanks. would chase allow balance transfers from their own cards?
if so, would they allow balance transfers from 2 cards (Chase United and Bank of America) onto the slate?

Offline myb821

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Re: Balance Transfer with little income reported
« Reply #3 on: October 23, 2012, 12:08:53 AM »
Thanks. would chase allow balance transfers from their own cards?
if so, would they allow balance transfers from 2 cards (Chase United and Bank of America) onto the slate?
what you could do is a balance transfer of 14,000 from boa and then ask boa for a check for the difference saying it was a mistake and then use that check to pay off the balance on the united

Offline 123ablack

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Re: Balance Transfer with little income reported
« Reply #4 on: October 23, 2012, 12:21:09 AM »
what you could do is a balance transfer of 14,000 from boa and then ask boa for a check for the difference saying it was a mistake and then use that check to pay off the balance on the united

Too complicated for someone who likes to play by the rules (doesn't wanna change his reported income either..)


if he applies for the Chase Slate would he be able to use his United 25k credit line as leverage eventhough he has a 7k balance there?
in other words, when you close a card due to a credit line shift does it have to have $0 balane or can it be closed and he still owes this money?

Online AsherO

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Re: Balance Transfer with little income reported
« Reply #5 on: October 23, 2012, 12:23:19 AM »
what you could do is a balance transfer of 14,000 from boa and then ask boa for a check for the difference saying it was a mistake and then use that check to pay off the balance on the united

+1, BofA will cut you check as soon as the credit posts, unlike other issuers who'll make you wait a while "until it clears".
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Offline 123ablack

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Re: Balance Transfer with little income reported
« Reply #6 on: November 07, 2012, 07:13:58 PM »
what you could do is a balance transfer of 14,000 from boa and then ask boa for a check for the difference saying it was a mistake and then use that check to pay off the balance on the united

Dear myb821,
Can you please elaborate on this method, what exactly is the process? and are there any fees involved?

Here is my original post to which you were referring to:

Hi All,
I'm trying to help a family member of mine who has a total of 14k in outstanding balances brtween 2 cards and wishes to do a balance transfer to a card with 0% APR for the first 12-18 months.

He currently has:
Chase united (old) card with a 25k credit line and around $7000 outstanding balance
Bank of America card with a 17.5 CL and around $7000 outstanding balance

He has a great credit score but has a reportes income of $14k annulay and insists on reporting this income.

What's his direction to go for a complete balance transfer with a 0% apr and maybe even a nice Signup bonus?

Thank you all in advance!

Offline Moishebatchy

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Re: Balance Transfer with little income reported
« Reply #7 on: November 07, 2012, 07:41:50 PM »
Dear myb821,
Can you please elaborate on this method, what exactly is the process? and are there any fees involved?

Here is my original post to which you were referring to:

Hi All,
I'm trying to help a family member of mine who has a total of 14k in outstanding balances brtween 2 cards and wishes to do a balance transfer to a card with 0% APR for the first 12-18 months.

He currently has:
Chase united (old) card with a 25k credit line and around $7000 outstanding balance
Bank of America card with a 17.5 CL and around $7000 outstanding balance

He has a great credit score but has a reportes income of $14k annulay and insists on reporting this income.

What's his direction to go for a complete balance transfer with a 0% apr and maybe even a nice Signup bonus?

Thank you all in advance!


I'm not myb821, but I'll take a crack at this...

When you do a balance transfer, the new bank has no idea exactly how much you owe the old bank. All they know is that you tell them "cut my old bank a check for $7k, and cover that check using my new card". But you could theoretically tell them any amount you want.

That being the case, instead of telling Chase "pay BoA $7k on my behalf", you tell them "pay BoA $14k on my behalf". Chase never knows the difference. Meanwhile, BoA gets the check for $14k and realizes that you overpaid, so they send you a refund check for the difference. You then use that check to pay off the other card, and tada! Bob's your uncle. ;)

Oh, and the Slate generally has no balance transfer fees during the first 30 days. :)

Offline myb821

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Re: Balance Transfer with little income reported
« Reply #8 on: November 07, 2012, 07:50:06 PM »
I'm not myb821, but I'll take a crack at this...

When you do a balance transfer, the new bank has no idea exactly how much you owe the old bank. All they know is that you tell them "cut my old bank a check for $7k, and cover that check using my new card". But you could theoretically tell them any amount you want.

That being the case, instead of telling Chase "pay BoA $7k on my behalf", you tell them "pay BoA $14k on my behalf". Chase never knows the difference. Meanwhile, BoA gets the check for $14k and realizes that you overpaid, so they send you a refund check for the difference. You then use that check to pay off the other card, and tada! Bob's your uncle. ;)

Oh, and the Slate generally has no balance transfer fees during the first 30 days. :)
+1

Offline 123ablack

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Re: Balance Transfer with little income reported
« Reply #9 on: November 07, 2012, 07:56:06 PM »
I'm not myb821, but I'll take a crack at this...

When you do a balance transfer, the new bank has no idea exactly how much you owe the old bank. All they know is that you tell them "cut my old bank a check for $7k, and cover that check using my new card". But you could theoretically tell them any amount you want.

That being the case, instead of telling Chase "pay BoA $7k on my behalf", you tell them "pay BoA $14k on my behalf". Chase never knows the difference. Meanwhile, BoA gets the check for $14k and realizes that you overpaid, so they send you a refund check for the difference. You then use that check to pay off the other card, and tada! Bob's your uncle. ;)

Oh, and the Slate generally has no balance transfer fees during the first 30 days. :)

Thanks a lot. So would you suggest he applies first for the slate,  he won't get approved for more then $500 if at all.. So he'll have to call recon and have them shift a huge part of his united card credit line and then follow your instructions?

Offline myb821

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Re: Balance Transfer with little income reported
« Reply #10 on: November 07, 2012, 07:58:40 PM »
Thanks a lot. So would you suggest he applies first for the slate,  he won't get approved for more then $500 if at all.. So he'll have to call recon and have them shift a huge part of his united card credit line and then follow your instructions?
yes

Offline Moishebatchy

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Re: Balance Transfer with little income reported
« Reply #11 on: November 07, 2012, 08:06:40 PM »

Offline 123ablack

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Offline meshugener

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Re: Balance Transfer with little income reported
« Reply #13 on: November 07, 2012, 08:43:52 PM »
And to move credit from other cards (once the Slate is approved) you don't need to call recon, you can call the number on the back of your card.
And, IMO, that would be the best way to do it. You don't want the lending dept to look to deep into his file....
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Offline 123ablack

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Re: Balance Transfer with little income reported
« Reply #14 on: November 07, 2012, 11:33:30 PM »
And to move credit from other cards (once the Slate is approved) you don't need to call recon, you can call the number on the back of your card.
And, IMO, that would be the best way to do it. You don't want the lending dept to look to deep into his file....
Maybe I have OCD, but that's my feelings. Take it or leave it.

Is that so?? Is it an official chase policy that thu can move credit lines between cards without a pull or some higher authority?

Offline meshugener

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Re: Balance Transfer with little income reported
« Reply #15 on: November 08, 2012, 12:32:44 AM »
Yes.
I've done it by a stupid rep.
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Offline 123ablack

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Re: Balance Transfer with little income reported
« Reply #16 on: November 08, 2012, 01:01:07 AM »
Yes.
I've done it by a stupid rep.

Good to know. Thanks for sharing that.

I think I'll have to reach out to recon anyway since he won't get approved at all or the slate with a 14k annual income when he already has 25k CL with them..

Offline meshugener

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Re: Balance Transfer with little income reported
« Reply #17 on: November 08, 2012, 08:42:13 AM »
He gotta be crazy + stupid to apply as $14k income at this point. Doubt it recon will help.
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Offline 123ablack

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Re: Balance Transfer with little income reported
« Reply #18 on: November 08, 2012, 02:05:10 PM »
He gotta be crazy + stupid to apply as $14k income at this point. Doubt it recon will help.

You're absolutely right (read my original post) he doesn't wanna report more tha 14k.. I've tried numerous times to convince him but it he won't give in #Paranoid....

What makes you think he'll have a hard time with recon if he's willing to shift his credit line from his 25k united card?

Offline meshugener

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Re: Balance Transfer with little income reported
« Reply #19 on: November 08, 2012, 02:22:32 PM »
Didn't notice he has an 'available' credit line of 25k with chase.
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