Chase gave me the boot! AOR adverse consequences

A pimp can only slap his 'ho so much. Good thing you kept her bank roll.

Why should it matter who you make the BT checks out to? Who cares if it was yourself or ""Three Fingers Vito"? Sounds like that was just an excuse.

Hmm - I made my last Chase BT check out to myself, the other my wife made out to me. Of course, I only did $20K, not 90K, and only 3 cards, not 12

Hope they don't gank me!

Consider changing the title to 'AOR adverse consequences'

I don't know if you are the first, but I doubt you will the last. We might as well consolidate the experiences.

12 accounts "closed by lender" aren't going to adorn your FICO score, but that's the cost of the B/T business.

I am a noob on BT's so please excuse me if this sounds like an elementary question, but does the OP now have to immediately pay back the $90K in BT's that he has drawn from Chase since they are closing all of this accounts?

If yes, Good thing you kept the money in a liquid account. I read in one of the other BT threads where some people were putting BT money in Mutual funds which to me sounds risky, even with Index funds. As if you are thinking to get in for 36-48 months and if you have to pull the money out in the 4th month, then that will definitely affect your long term calculations on profit and it may even incur a loss.

Forgot to mention the keyword - Immediately.

mhesidence said: Chase cracking down on AOR's, or maybe just tighting up credit?
I think they've always been this way - they seem to love universal default and ratejacking or decreasing credit limit for utilization alone. It's interesting that they did it to both members of the same household - were the BTs evenly split between the two of you?

So... six cards each you and the wife?

Did you have any older cards with chase? If so, did they do anything to them?

Did they give any indication that if you had performed the BTs "properly" (i.e. to another credit card) that their action would have been any different?

I must say, Chase is the most picky after AMEX IME.

They've required a hard pull for both reallocations I've done...one of which times they didn't tell me they were doing it. (I'd dispute it, except its on TU so bumpage will take care of it anyways).

They've also lowered my line by $2000 once (but didn't touch my other ~$25k in lines) one time when I accidentally let a card hit over 89% utilization. At least it was good proof that 90% is the magic number.

Xeon852 said: They've also lowered my line by $2000 once (but didn't touch my other ~$25k in lines) one time when I accidentally let a card hit over 89% utilization. At least it was good proof that 90% is the magic number.Alas, many if not most FWF credit investors will ignore such evidence (not really "proof").

Your and OP's experience offer one more rock on the mountain of data that suggests that restraint is the way to play the BT game long term.

fatwallet2099 said: dudetheobscure said: 12 accounts "closed by lender" aren't going to adorn your FICO score, but that's the cost of the B/T business.

Yes, I understood the cost to my FICO when I undertook this project (52 cards bt my wife and me in less than 5 months) and was/am prepared for the beating I am/will be taking on my FICO.

Predictable outcome of credit cards/balance transfers "gone wild".

alchemize said: Why should it matter who you make the BT checks out to? Who cares if it was yourself or ""Three Fingers Vito"? Sounds like that was just an excuse.

Hmm - I made my last Chase BT check out to myself, the other my wife made out to me. Of course, I only did $20K, not 90K, and only 3 cards, not 12

Hope they don't gank me!

it makes sense. if check is made out to a third party, then it is likely that the money is being actually spent. if so, the borrower will likely be unable to repay loan within 0% period. if so, the bank will look forward to lots of profit (18% p.a. interest).

if the check is payable to self, it is likely that the borrower will repay within 0% period, and bank will make no money.

banks are getting smarter...

Anakin

DaveHanson said: Xeon852 said: They've also lowered my line by $2000 once (but didn't touch my other ~$25k in lines) one time when I accidentally let a card hit over 89% utilization. At least it was good proof that 90% is the magic number.Alas, many if not most FWF credit investors will ignore such evidence (not really "proof").

Your and OP's experience offer one more rock on the mountain of data that suggests that restraint is the way to play the BT game long term.

Yep, 6 cards at one issuer is pretty intense, 3 cards at 85% at one issuer is pretty intense . I'm still waiting to see someone have adverse action for 2-3 cards per issuer and 50% utilizations per card.

DaveHanson said: Xeon852 said: They've also lowered my line by $2000 once (but didn't touch my other ~$25k in lines) one time when I accidentally let a card hit over 89% utilization. At least it was good proof that 90% is the magic number.Alas, many if not most FWF credit investors will ignore such evidence (not really "proof").

Your and OP's experience offer one more rock on the mountain of data that suggests that restraint is the way to play the BT game long term.

i always milked the cow for all its worth, did 99% utilization, leaving just enough for the BT fee, so far no adverse actions, i think i dodge the bullet though, after reading these anecdotal evidence, i will tread carefully from on, perhaps no more than 89% is purdent course of action

OP is a noodge....created several new accounts similar in name to himself to rate green....What's the deal with that.....I think his story sounds kind of fishy, besides...

maddybeagle said: OP is a noodge....created several new accounts similar in name to himself to rate green....What's the deal with that.....I think his story sounds kind of fishy, besides...

Wow, it took that long, and I wasn't even hiding it....not a noodge...just interested in how thinks work.

"story sounds kind of fishy"--to each his own

...and reality is that issuers don't like you using your entire credit limit, or making the minimum payment that they establish as well.

One of the big advantages of FWF is that if you follow along, you shouldn't get blindsided by nonsense like this. Nonsense it is, but it is real nevertheless. Trying to explain the ways of credit issuers is beyond the ken of mortal men.

I am so new here. What does BT mean- can you translate the deal?
Dazlette

maddybeagle said: OP is a noodge....created several new accounts similar in name to himself to rate green....What's the deal with that.....I think his story sounds kind of fishy, besides...

Yes, I am one of OP's account. Here is another "fishy" story for you to savor.

Between my wife and I, we have 6 Chase accounts closed after she BTed 89% on one of her new card. Chase even went ahead and close all of my cards. Only one of my card has she as authorized user. I have zero balances across all my credit card.

fatwallet2099 said: Received 12 notices (12 accounts bt wife and me) that Chase was closing accounts:
Why?

Rapid increase in revolving balances
Too many accounts opened recently
Too many request for reviews of credit.

I called, they said they noticed I made BT checks out to myself (I actually made it out to my bank) I guess they didn't like the $90,000 in BT's. I get to continue paying back the BT's under the 0% terms...while I make 5.24% on the principal. Ha, take that Chase. And I only missed out on one of my sign-up bonuses, peeves me though, because it was an airline ticket. But ~ $1800.00 in sign-up bonuses--credit to cards and airline ticktets and $90,000 in BT's..I think it was worth it.

I guess my love affair with Chase has ended...until next time!

Edit None of these account were older than 16 weeks.

Don't you still have to pay the balance transfer fee though... which is normally at least 75 bucks? I know it might a noob question, but i'm just curious.