Consolidating balances to the Barclaycard

[calihlove75]

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@Creditaddict wrote:
I'd add that although it may only be 10-15% of score having more cards with balance vs 1 or so higher will usually effect your score more.
Additionally, regardless how small, I have had more issues getting more credit when all accounts had balances vs just a couple that I could say are 0% or daily use type cards and that's why reporting. Of course exceptions to all rules but.

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So true! A couple of months ago I had a card that usually reports zero report a small balance (I mean small, like under $20) and it resulted in a 14 point loss!!

Edited to add:

BUT, I added $1036 to a card that already had a balance last month (I wanted the darn couch) and guess what..I lost 2 points. Go figure!!

[FinStar]

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@SnackTrader wrote:
I wouldn't balance transfer any sooner that you have to on the Carecredit. That 3% fee on $1,000 is $30 you wouldn't have to pay until December when the balance is smaller. The decision to transfer over the Amazon may be financially beneficial if its a 20+% interest card and you won't be paying it off for 6 months or so. But even if it ends up costing you a little bit more, maybe it is worth it to consolidate that one payment.

I don't know where you are at in terms of your other balances right now, but I think consolidating an interest accruing balance to a non-interest accruing balance will help you focus on your larger balances. But don't jump the gun on those that aren't gathering interest yet.

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+1

The above is a very good recommendation, especially when deciding on a long term strategy.  However, LS, you pretty much know where you stand today and your future goals.  I'm sure you will decide on the best option that fits your current financial picture.

[LS2982]

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@FinStar wrote:

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@SnackTrader wrote:
I wouldn't balance transfer any sooner that you have to on the Carecredit. That 3% fee on $1,000 is $30 you wouldn't have to pay until December when the balance is smaller. The decision to transfer over the Amazon may be financially beneficial if its a 20+% interest card and you won't be paying it off for 6 months or so. But even if it ends up costing you a little bit more, maybe it is worth it to consolidate that one payment.

I don't know where you are at in terms of your other balances right now, but I think consolidating an interest accruing balance to a non-interest accruing balance will help you focus on your larger balances. But don't jump the gun on those that aren't gathering interest yet.

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+1

The above is a very good recommendation, especially when deciding on a long term strategy.  However, LS, you pretty much know where you stand today and your future goals.  I'm sure you will decide on the best option that fits your current financial picture.

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I agree on the CareCredit. I have to think on that a bit. I need to make my mind up by 5/20 so there is plenty of time for Barclays to post before 6/4.

TBH i'm just burnt out trying to manage all of these accounts. I'd like to get it down to 4 I can monitor daily and eliminate the balances 1 by 1.

[masscredit]

My Barclay's BT offer is 3.9% until the end of January with a $10. or 4% of the transaction amount fee.  Could use the checks to do BTs or just write it out to myself. I ended up doing that and depositing it. I'll then make payments from there.  Paying off Orchard, Walmart and JCP along with my balance that was on Barclay's.  That pretty much converts the Barclays's balance to the promotional rate until the end of January.  Plus, I'm hoping that my score gets a bump from having those cards paid off before the statements close (lower utilization being reported). Then I'll work on a few cards that I think are due for a CLI (pretty much most of them).  If some of those go through that will also help reduce utilization in the long run.  It will jump up some after the BTs post on next month's statement. 

[LS2982]

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@masscredit wrote:

My Barclay's BT offer is 3.9% until the end of January with a $10. or 4% of the transaction amount fee.  Could use the checks to do BTs or just write it out to myself. I ended up doing that and depositing it. I'll then make payments from there.  Paying off Orchard, Walmart and JCP along with my balance that was on Barclay's.  That pretty much converts the Barclays's balance to the promotional rate until the end of January.  Plus, I'm hoping that my score gets a bump from having those cards paid off before the statements close (lower utilization being reported). Then I'll work on a few cards that I think are due for a CLI (pretty much most of them).  If some of those go through that will also help reduce utilization in the long run.  It will jump up some after the BTs post on next month's statement. 

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Give it 6 months you might get a better offer from them! They get better and better if you ignore them and take care of the account. I know you already took the offer but I wouldnt be surprised if a sweeter offer came later!

[masscredit]

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@LS2982 wrote:

Give it 6 months you might get a better offer from them! They get better and better if you ignore them and take care of the account. I know you already took the offer but I wouldnt be surprised if a sweeter offer came later!

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I went from no offers to getting two mailings for BTs and one for a low or no interest iPhone purchase. All within a month and also got an auto CLI from them too. 

[LS2982]

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@masscredit wrote:

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@LS2982 wrote:

Give it 6 months you might get a better offer from them! They get better and better if you ignore them and take care of the account. I know you already took the offer but I wouldnt be surprised if a sweeter offer came later!

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I went from no offers to getting two mailings for BTs and one for a low or no interest iPhone purchase. All within a month and also got an auto CLI from them too. 

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Thats great!!! How long have you ha the account open?? Have you gotten any auto luv from them?

[masscredit]

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@LS2982 wrote:

Thats great!!! How long have you ha the account open?? Have you gotten any auto luv from them?

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I opened the account in August of '12. Started with a $1300.00 limit then reconed (my first recon ) to $2k.  The auto CLI last week went from $2k to $3700.  

[enharu]

hey LS,

I think it's a good idea to transfer it to the barclaycard before the promo period ends.

As for the carecredit, you can always transfer it right now, but do not transfer the full sum. If you think you will be able to pay 300 for example by Dec 2012 for that, then you can transfer the remaining 700 first that you don't think you will be able to pay by then.

You can also check out the slate if you want to open a new account. there's no 3% transfer fee.

And if you think you need a longer timeframe than october 2013 to finish paying this sum of money, it's better to try open a simplicity and BT to that card. the default offer is 18 months and there's some 21 months offer that some sites posted as well. It's better to just pay the 3% fee once and for all rather than having to BT it again later.

But your idea of consolidating your debt is definitely a good idea. In a way it's a lot easier to manage and you basically have a longer interest free period other than the 3% fee.

[LS2982]

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@masscredit wrote:

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@LS2982 wrote:

Thats great!!! How long have you ha the account open?? Have you gotten any auto luv from them?

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I opened the account in August of '12. Started with a $1300.00 limit then reconed (my first recon ) to $2k.  The auto CLI last week went from $2k to $3700.  

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Sweet!!! Maybe the BT's I will o soon will net some auto luv in august!