Moving cards to nfcu cloc

Anonymous · ‎07-20-2017

Hi, im thinking of paying all of my cc off and closing them by using the cloc. From my understanding the payment will only be 2 percent of the total balance or a different interest rate. im getting rid of all my ccs except for my nf and capital one. Just got a house last month so looking to get rid of these little bills any advice?

Anonymous · ‎07-20-2017

@Anonymous wrote:
Hi, im thinking of paying all of my cc off and closing them by using the cloc. From my understanding the payment will only be 2 percent of the total balance or a different interest rate. im getting rid of all my ccs except for my nf and capital one. Just got a house last month so looking to get rid of these little bills any advice?

If the rate on your NFCU CLOC beats the APR on the cards you want to transfer from then it can be a smart idea. Even smarter would be to get a Chase Slate, BofA AmeriCard or Citi Simplicity for their long, 0% APR balance transfers. Chase and BofA even waive the balance transfer fee if done at the time of or close to approval for the card.

Just as a suggestion: even though you just bought your house and aren't too worried about credit at the moment, I would not close the accounts once you pay them off due to the debt-to-credit ratio. If all you have are a NFCU Visa and a NFCU CLOC and that CLOC carries a large balance, your debt-to-credit ratio will be very high and that can lower your score.

steelers1 · ‎07-21-2017

@Anonymous wrote:
Hi, im thinking of paying all of my cc off and closing them by using the cloc. From my understanding the payment will only be 2 percent of the total balance or a different interest rate. im getting rid of all my ccs except for my nf and capital one. Just got a house last month so looking to get rid of these little bills any advice?

Yes it is 2% + INTEREST

Anonymous · ‎07-22-2017

A BT fee free stiuation would be nice. If people using the LOC method had that available, then they wouldn't use their LOC.

The minimum is 2%+ interest and you can only transfer $5K a day. I did it last week with no problem and closed two crappy cards in the process.

Anonymous · ‎07-22-2017

Thanks for the heads up about the $5000 day, im getting rid of my 2 secured cards and first premier and credit one!!!!

Anonymous · ‎07-22-2017

@Anonymous wrote:
Thanks for the heads up about the $5000 day, im getting rid of my 2 secured cards and first premier and credit one!!!!

I forgot to mention that there's also a transfer fee for each withdrawal, so be sure not to go over the limit.