I have ~$10K in cash "thanks" to way overpaying IRS the previous 2 years. I'm not very good at doing my own taxes, apparently.
I can use it to pay off some credit card debt, which is significantly more than $10K. I also want to open a credit card specifically for balance transfers to consolidate the rest of my credit card debt.
How long should I wait after making the major payment to apply for one of these credit cards, in order to get better terms? First priority being higher limits, second priority being the length of the promotional period.
A few sub-questions to check my assumptions.
I'm not seeing any "balances transfers up to $$$" conditions highlighted on comparison sites. Is the transferable limit simply equal to the card limit, and therefore determined by credit line one gets approved for?
If true, how sensitive is this granted credit line to having made a major payment? (i.e. Is it even worth factoring in, as I'm doing?)
Is it purely the credit score changing that affects the granted credit line? (i.e. Is seeing it change the signal to go ahead?) Or is it a variety of custom factors internally determined in the bank.