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Valued Contributor
tcbofade
Posts: 2,096
Registered: ‎09-26-2011
0

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?

 

 


Current Scores: EX 676 (FCR) TU08: 648 Wally (TU08). 07/01/14 Last app 05/29/2014.
Gardening until 01 November 2014.
(Thou shalt not app, thou shalt not app, thou shalt not app...)
Zero percent financing is where the devil lives...
Frequent Contributor
pt310
Posts: 380
Registered: ‎05-03-2013
0

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


In the Garden since 7/3/13
Latest Scores: 749 EQ MyFico 8/5/13 | 766 TU Wally Aug '13 | 732 CK Fako 8/7/13 | 776 CS Fako 8/6/13
Goal: 780+ and my own house by next summer!
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Senior Contributor
myjourney
Posts: 25,492
Registered: ‎02-07-2013
0

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 trouble:smileylol:

"Intelligence plus character--that is the goal of true education"
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Valued Member
slick_shoes_182
Posts: 36
Registered: ‎03-22-2013
0

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.


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