Balance transfers

[illcrew3]

I don't know exactly where to post this because it involves two types of credit. I have an auto loan with an interest of 11.99%. I have a CC with an interest rate of 7.24%. I am thinking of paying off about $2,200 of the auto loan with my CC. Is this a good idea to save on interest or will hurt my utilization too much? I will not be seeking any new credit any time soon.

[MarineVietVet]

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@illcrew3 wrote:

I don't know exactly where to post this because it involves two types of credit. I have an auto loan with an interest of 11.99%. I have a CC with an interest rate of 7.24%. I am thinking of paying off about $2,200 of the auto loan with my CC. Is this a good idea to save on interest or will hurt my utilization too much? I will not be seeking any new credit any time soon.

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A few questions.

1. How long is the BT offer? 6 months? A year?

2. What is the BT fee?

3. What are your CC balances and credit limits now and what would they be after the BT?

Remember that if you do this you'll still have the normal payment on your car loan plus the CC payment.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[illcrew3]

I just saw that I could just run it as a purchase for the same rate so there will be no balance transfer fees. I only have $3,000 available on a $10,000 limit. After paying $2,200 to my auto loan my available credit will be $800. 

Paying the $2,200 to my auto loan will cancel my payments for 12 months.

[MarineVietVet]

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@illcrew3 wrote:

I just saw that I could just run it as a purchase for the same rate so there will be no balance transfer fees. I only have $3,000 available on a $10,000 limit. After paying $2,200 to my auto loan my available credit will be $800. 

Paying the $2,200 to my auto loan will cancel my payments for 12 months.

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It's good that there are no BT fees and no car payments for a year but I would be nervous about getting your utilization so high. Right now it's at 70% and with the BT it would be 92%.

This might (you never know) also make this creditor and other creditors nervous as to why your card is near maxed out. That could lead to AA (Adverse Action) such as CLD's, or even account closure. To me it wouldn't be worth it but it's your call.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".