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09-10-2012 11:25 PM
I have been trying to pay off a personal loan at 14% of $16800. I know my FICO score would take a hit but I am thinking of splitting the amount between hopefully 2 18 month interest free cards to save money and pay off faster. I have a PENFED cash rewards card with limit of 12500 and no balance on it. I am thinking of applying for the ciit simpliicity and then putting about $8600 on each card. My FICO is 743 here and Walmart FICO is 766. Income is $85000/year. I just opened the PENFED card and US Bank Cash+ card ($10000 limit) in last week. I know FICO score will drop wiht the increased utilization but I won't be apping for anything until summer or Fall of 2014 for a new mortgage hopefully. Will the Citi Simplicity be a good balance transfer card??? Do you think I will get a high limit?. My other limits are Barclay $4700, AMEX BCE $ 7000, BOA $10000,US Bank Platinum $8500, Best Buy $3600, NFM $6000, and Chase slate and Cap ONe card I have not used in a long time. The only card with a balance is the BOA of $2500 at 0% and NFM $1700 at 0%. My goal is to debt free in 2 years. I do not want to use my AMEX or US BAnk Cash+ cards for balance transfers becuase I PIF for rewards. My AAofA was 8 years before I apped and got the last two cards. Thanks for any advice.
09-11-2012 07:29 AM - edited 09-11-2012 07:30 AM
Citi Simplicity would be a good choice. 0% for 18 months on BT's and no AF. It is also a good choice because Citi is known for generous initial CL's for 720+ FICOs.
PS Paragraphs are your friend.
09-11-2012 07:33 AM
LOL sorry I was on a roll while typing it up. I am so close to just apping for it and letting FICO take the hit. Then I'll just pay down everything and have no need for further credit or dings until the mortgage app. I figure by then the inquiries will be falling off and AAoA will improve, balances will be down and FICO will be back up for the mortgage app.
09-11-2012 07:37 AM - edited 09-11-2012 07:38 AM
I've actually seen higher CL's given on their Diamond Preferred card, which is similar to the Simplicity whereby it offers 18 months 0% APR on BT's.