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Frequent Contributor
Posts: 299
Registered: ‎05-28-2012
0 Kudos

Balance Transfer

Thanks to the EO at Capital One, my lousy $500 rebuilder card was PC'd to no AF and a $1,500 CL. Paltry compared to some here Smiley Happy but I was just happy to get some kind of results. They also upped my BBRZMC to $1,000. Love that EO. They should be more CLI friendly to those that have had the cards for 18+ months and always PIF! Smiley Happy


Anyhow, my husband took a pay cut. We don't have much debt aside from our vehicles and probably about $1,800 spread across several cards. My discover right now is $800/1200, his freedom is $350/500, my USAA is $200/1000, BBRZMC $150/1000. My walmart has a balance if $75/300, and his is $375/800. We have a 5K signature loan at our credit union, but that payment is manageable - about $140 a month.


I don't mind carrying balances on the discover or freedom, since they're 0% into. I would, however, like to get their balances down. I want to pay the others off. Since finding this board, I've been a little OCD about keeping zero balances, but until I figure out how the new budget is going to work (1K less a month, but expenses still the same.), I don't think that's reasonable right now.


I'd like to keep the credit score impact minimal. Is it better to have just one with a moderate balance under 30%, or 3 cards at 10%? We're in the process of fixing up an old house to purchase in about 4-5 months. The monthly payment on that home will be less than our rent, so it should come out in our favor. We've refinanced out vehicles, and dropped the payment on one about 25%.


I'm thinking pay off USAA, BBRZMC and Freedom (already met the $500 spending requirement) and SD them until the money picks up again. Use the Walmart ones for gas, and discover as needed.

Capital one won't charge me a fee, but the balance transfer will max it out for a month or two.

Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660

Established Contributor
Posts: 1,837
Registered: ‎08-20-2012
0 Kudos

Re: Balance Transfer

Congrats on your cli

Valued Contributor
Posts: 2,300
Registered: ‎07-23-2012
0 Kudos

Re: Balance Transfer

you could just use cash for everything =) 


as for your score and or util. 

if your not applying for anything it shouldnt matter. 

if your cards are maxed out for 3 months and then pif your score will recover once they update. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9

2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000

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