Doing this backwards while paying off debt.

sarahlaila — Wed, 26 Sep 2012 13:52:00 GMT

Well I would love some advice. I originally consolidated my debt which was $18500 on a prosper.com installment loan back in March with interest rate of 14% and 5 years.
This past summer I got serious about a budget and paying off this loan in 18 monts so I can be consumer debt free before buying a new home for my growing family. I am considering taking advantage of 18m balance transfer offers to get interest rate down to 0%.
My Penfed card has a CL of $12500, a discover with $8900 and BARCLAYS with $5000 all have 0 balances. My current utilization is 4% and my FICO scores are 740-776.
I know I will take a huge FICO hit by doing the balance transfers and increasing utilization but it would save me $3500 interest and I would have it all paid off in 18months.
I do not want to max out the cards so I was thinking $6000 on Penfed( no balance transfer fee at 4.99 for life), 6000 on discover and $4000 on Barclays
Any thoughts? Am I being ridiculous lol

Re: Doing this backwards while paying off debt.

llecs — Wed, 26 Sep 2012 13:55:37 GMT

Sometimes finances trump FICO. I'd consider it as an option.

Re: Doing this backwards while paying off debt.

Shogun — Wed, 26 Sep 2012 14:19:31 GMT

If not apping for anything currently, who cares if scores takes a bit of a hit. Save money, pay it off. Besides your scores will go back up after you pay it off. Good luck.

topic Re: Doing this backwards while paying off debt. in Understanding FICO® Scoring

Doing this backwards while paying off debt.

Re: Doing this backwards while paying off debt.

Re: Doing this backwards while paying off debt.