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Advice on what to do for BT...

Established Contributor

Re: Advice on what to do for BT...


09Lexie wrote:
While cc goals are admirable it doesn't put money in my account. Calculate the money you'd be saving if you pay the $215. I think you'll come to the right decision. BT. Smiley Wink

Thats true...I know that would be the smarter thing to do...gosh, it just SUCKS that my score would take a hit Smiley Sad

 

I have question though...the fact that compaies report the highest balance on your credit report. If I had a credit card that showed that the highest balance is close to being maxed out, but the current balance is 0. Does that affect your fico score in any way?

Chase Sapphire Reserve-10k
Chase Freedom-4k
1st Financial Bank USA-11.4k
USAA Amex-7.5k
USAA Visa Sig-7k
Citi Thank you Preferred-4.8k
Citi Diamond-2k
Amex Gold-NPSL

FICO8-11/2017
EX: 737
EQ: 722
TU: 735
Message 11 of 13
Established Contributor

Re: Advice on what to do for BT...


Hoya08 wrote:

zeusta20 wrote:

pt310 wrote:

+1 on all of the replies...As long as you can pay it off within the 0%. Also, take into account the BT fee, if any.


I may not be able to pay if IN FULL before the BT period ends. But even then, the interest rate would be less on my cc than it would be on my loan. I'm just worried about the hit its going to take on my fico score. Because my goal is to get to 750+ and i'm at 723! So close.


Make sure you read the fine print.  If you don't pay-off the BT before the 0% "grace" period ends, interest will accrue on the original BT amount, not what's remaining.  If the CC interest rate is lower than your current rate, you'll save some interest fees Smiley Happy


Wow, I didn't know that! I thought that the amount left would be subject to the interest rate. I'm definitely going to have to read up on that and see. Thanks for the info!

Chase Sapphire Reserve-10k
Chase Freedom-4k
1st Financial Bank USA-11.4k
USAA Amex-7.5k
USAA Visa Sig-7k
Citi Thank you Preferred-4.8k
Citi Diamond-2k
Amex Gold-NPSL

FICO8-11/2017
EX: 737
EQ: 722
TU: 735
Message 12 of 13
Highlighted
Senior Contributor

Re: Advice on what to do for BT...

Typically only store cards have accrued back interest...
Discover, Chase, Amex don't have the restroactive interest charging
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Message 13 of 13