Yeah, win333 is right -- BOA directly deposits to checking accounts at other banks, at least did so in the past. I must have not been fully awake when I typed the earlier post (have corrected it since).

I feel that you're going to be fine with Discover and BOA, just make timely payments, preferably above minimum. Chase (as it is now) can (and is likely to sooner or later) give you all sorts of grief ... so just make sure that you get more in after tax interest from their BT money than you pay in fees.

xjagox said:Wow!

I just called BoA to reallocate. Appearantly my existing PSU card limit has been increased to $27,300. She let me reallocate $25K of CL to the NEA card:
PSU CL: $2,300
NEA CL: $37,000

I did a $31,000 BT from the NEA to my checking account, $30 fee.

Also got my Advanta business card in the mail, $10,000 CL. I called up to do a $8,000 BT to checking, $90 fee.

$39,000 free money for $120. Not too bad.

I left 3,000 on my BofA personal, then I saw the BofA on crack thread and CLIed it to 10,000 the next month. woohoo! If you drop the credit line too low then I don't think they'll bite. I just CLIed a suntrust FIA card that I left 600 on and they increased it to 900

BTs are complete.

Advanta - called CSR, BT directly to checking account, $8,000
BoA - called CSR, BT directly to checking account, $31,000
Chase - deposited BT check to checking account, $15,000
Discover - called CSR, wouldn't deposit to checking, transferred to HELOC instead, $13,000

Total= $68,000 of 0% money

Now I just need to wait until all transactions clear.

What's your HELOC rate; prime?

IMO - you've got to be careful using AOR temporary funds (IE: 6- 12- 15-month) to pay down fixed debt. It's risky if you are jeoparding being liquid and possibly in the future being slave to credit cards instead of more "fixed" type of debt.

Scenarios you should consider:
* you lose income source(s) at some point before the temporarily borrowed AOR funds become due.
* you make one or more mistakes on your credit accounts and the borrowed funds become due immediately.
* or both of the above occur!

You should take into effect how costly a liquidity crisis would be to you (IE: bankruptcy, foreclosure, etc.) And make plans with suitable risks. Personally I am quite risk-averse.

For me, an AOR with a 12-month time horizon didn't help much with my confidence for paying down longer term debt, in the way that an alternate vehicle (IE > 3 years) could. Pre-paying 6 or 12 months doesn't provide a whole lot of additional profit, IME.

Dipping into your HELOC for some liquidity is IMO a real option, provided it's in the draw period for a suitable time horizon, and the rate is acceptable (Short terms rates, including Prime are forecasted by the market to drop to 5.5% in less than 1 month, but rise in about a 2 year time horizon.)

You might want to take notice that part of the recent federal "economic stimulus package" included the conforming limit being raised significantly above $417k. I don't know how certain it is to go into effect or when it will happen, but that should make a future re-fi for you much more profitable. More incentive to pay down your debt, keep a clean credit report and perfect payment history!

PS - am I reading you right, that you are "upside down", even with an untapped HELOC of $60k, or is your primary mortgage just below 80% LTV and you're trying to get it back to that level?

edit - nevermind, I see you are shooting to attain 80% LTV primary. I wouldn't worry too much about that, because you could always refinance along with a 90%CLTV HELOC (and then consider using the credit card 0% BT after refinance to pay that immediately off if required.)

How high is your car loan? Considered selling and downgrading to a cheaper, and "wholly owned" used car? IE: Make it a project to sell it on the private market for full market value. Assuming you aren't upside down on your car as well, you'll have some funds available to pay your primary mortgage closer to 80% LTV.

cyberkost said:I feel that you're going to be fine with Discover and BOA, just make timely payments, preferably above minimum. Chase (as it is now) can (and is likely to sooner or later) give you all sorts of grief ... so just make sure that you get more in after tax interest from their BT money than you pay in fees.

What do you mean cyberkost? How can Chase charge fees if you pay the minimum due per month on the 0% BT balance? I thought that all they could do is cancel the card, but there is no risk of any fees (besides the initial $75 max BT fee).