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Balance transfer questions...

Senior Contributor

Balance transfer questions...

I've got at least a week to figure this out, so no hurry...

 

Just got approved for a BofA 123 card with 0 percent for 12 months on purchases AND BT's.

 

Just got to the point where NO card is maxed out, although a few are still reporting that way.

 

Should I use the 0 percent BT's to completely pay off four or five "lesser" cards, or use smaller BT's to bring down utilization across the board?

 

 


Gardening since 10 Jan 2018. Gardening until I hit 700 or 15 April. Whichever comes first. Smiley Tongue
Zero percent financing is where the devil lives...
10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
01/01/18 Fico8 scores: EX 655, EQ 661, TU 650
Message 1 of 4
3 REPLIES
Frequent Contributor

Re: Balance transfer questions...

If it were me, I'd pay off either as many as I can, or the highest rates, if that's different
Message 2 of 4
Super Contributor

Re: Balance transfer questions...


tcbofade wrote:

I've got at least a week to figure this out, so no hurry...

 

Just got approved for a BofA 123 card with 0 percent for 12 months on purchases AND BT's.

 

Just got to the point where NO card is maxed out, although a few are still reporting that way.

 

Should I use the 0 percent BT's to completely pay off four or five "lesser" cards, or use smaller BT's to bring down utilization across the board?

 

 


Cough cough...since your gardening pay off the smaller one's and then work on what's left..UTL won't be a problem while gardening...Keeps you out of troubleSmiley LOL

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 4
Highlighted
Valued Member

Re: Balance transfer questions...

Typically, with a BT you pay some transaction fee upfront (2 to 4% depending on the offer). If you're going to pay off the balances very soon, maybe the "(High Interest Rate) / (Time to Pay off)" is less than the transaction fee. If that's the case then feel free to skip the offer. If you can't pay off everything in the near term, then of course I would say save the money.. transfer the highest APR first. Pay off highest APR first.

Message 4 of 4