Balance Transfer to existing Bank of America Visa

[Jazzytimes]

A year and a half ago I purchased some furniture for which the promotions were no payment and interest for 18 month. well the 18 months will be up on June 15th and i am facing really high interests.

I called bank of america this morning with whom i have a $7000 line of credit and they offered me a balance transfer at 0 interest for 12 months with a transfer fee of $99.  I took it. $5700 will be deposit to my checking account to complete the transfer.

Did I do OK???  

[marty56]

From a FICO standpoint, your CC is now at 81% util which will hurt your FICO score.  How much depends on what your util is now.. 

As long as you can pay it off in 12 months, you will save money in interest but the score hit could actually wind up costing you more money if you are going after a mortgage or auto loan.  Until you pay the BT down enough that  your score goes back up that is.

[Jazzytimes]

thanks for the reply. I did not mention that I have an overall credit limit of $33,000 and that I plan to pay it off in the next 7 months or sooner. I was not able to get a credit line increase because the department was closed. I was given a number to call back tomorrow.