Why can't a credit card company tell me if I can do balance transfer to new card without getting the new card?

Question

Does applying for the card effect anything?

Can I opt out After approval if they do not approve enough credit to cover the balance transfer without it effecting anything (like credit rating)?

Any advice would be helpful, everything online and calling just ends up with "let me take you application" sales people.

I have trying to figure out the best way to get rid of the Bank of America Visa because of the high interest rate and problems with them. (Bank of America Visa $4000 balance)

Last time I looked my credit rating was 777

I researched doing a balance transfer to another credit card (Capital One Mater Card) to get the 0% interest on the balance transfer.
https://creditcards.citi.com/credit-cards/citi-platinum-select-mastercard/

I called with questions and they just kept wanting me to complete the application.

I have never done anything like this before.
This all seems backwards to me.
They told me I had to apply, then if approved I could transfer the balance. But, they can not tell me if I will be approved for enough credit at a good enough rate to transfer the balance without first applying and being approved for what ever they determine.

I do not want to apply for another card unless I am sure I can transfer the balance and cancel the Bank of America Visa card.

I do not understand why I have to apply, be approved, and receive the card just to find out if I can transfer the $4000 to the new card.

Answer 1

The reason you have to apply is because the limit depends upon the information you provide and they can verify. Each bank/card issuer has different parameters that the limit is based on. A person with say $20,000 in incomer is not going to get the same limit as someone with $100,000 in income and of course, the bank has no idea what your income is until you apply and fill out that place on the form. Additionally, it costs the bank money to pull your credit report, which also goes into the limit decision - so they are not going to spend the money to pull the report until they get a valid application (after all, if the policy is that you have to be employed at your employer for a year and you have been there 6 months, they will decline the application without pulling the report, saving the money).



As for opting out, if you apply, get approved for say $2,000, there is no requirement. that you keep the account open - you can close it and be basically back to where you were at 777 minus a point or two for the inquiry, which will quickly come back. On the other hand, if you apply and there is no annual fee, why not keep the account and use it for something small ($25 - $50) every three or four months (pay it off and avoid finance charges) which will increase your credit score due to the unused credit on that card.

Answer 2

the main suitable answer so a ways is The canine of conflict. Clint has some good factors too. I paintings at a financial business enterprise now, and until now a loan employer. Any way you shrink it, it seems undesirable on you which you had to bypass a debt administration employer. Your credit will mirror it. those days, it takes a score of 7 hundred to get a physically powerful cost on loans. and that i do no longer think of you may desire to place everywhere close to seven hundred if dealing with debt mgmt. Lose the enjoying cards, pay the smallest ones off first. Use that extra funds (from paid off enjoying cards) to carry on with greater to the subsequent card, and keep going. i know it is not common, yet you're able to have the delight of working it out on your individual and your credit won't go through as lots. good success!

Answer 3

No time to read all of that + Bacardi = Priceless.