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Established Contributor
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Registered: ‎01-09-2008
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Credit card shuffle and BT advice

I am looking for some advice on my BT's and credit card shuffle

 

I just received 8 new credit cards. the one with the largest SL is PENFED and has 0% interest for 12 months for BT's

 

I have used each credit card  and would like to tranfer the balances to my PENFED so they can report a "0" balance.  Then i will make a larger payment to PENFED and start paying down my balance.  Is there anything wrong with doing this other than the small fee of transferring?  Is there a limit to transferring balances?

 

Is this frowned upon doing this monthly? 

 

Im trying to keep my util down on each card and it seems easier to just make one payment.

 

 

 

 

Gardening since 5/3/2016
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Re: Credit card shuffle and BT advice

We need more information to really respond well. What is your PenFed limit? How much do you want to transfer? It is important to think of utilization, too. How high will your utilization be on that account if you do this?

 

 


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover; NASA Platinum Cash Rewards. EQ: 752 TU: 737 EX: 787
Established Contributor
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Re: Credit card shuffle and BT advice

I have a $10,000 SL on my PENFED.  Between all my other credit cards I will be transferering $1800.  My UTI will be around 15-18% depending on how much of a payment I make.  

 

Or is it better to leave a few small balances on some of the cc's so they all don't report as "0"?

Gardening since 5/3/2016
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Re: Credit card shuffle and BT advice


glamchick wrote:

I have a $10,000 SL on my PENFED.  Between all my other credit cards I will be transferering $1800.  My UTI will be around 15-18% depending on how much of a payment I make.  

 

Or is it better to leave a few small balances on some of the cc's so they all don't report as "0"?


1 card reporting balance and all others at zero is optimal.

 

Established Contributor
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Re: Credit card shuffle and BT advice

Ok so my new accounts will not frown upon me doing a BT to pay them off?    I just don't want to set off any alarms and get accounts closed or CL's lowered.

 

 

Gardening since 5/3/2016
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Re: Credit card shuffle and BT advice

Doing a BT from multiple cards to one card with 0% interest would be the smartest thing to do. As for the cards being paid down to 0, that would show that lender that you carried a balance and paid it off (which would be a good thing)

 

As previously mentioned, as long as your utilization on the accepting card is kept low, you're doing the right thing.

 

Well done.

Frequent Contributor
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Registered: ‎06-04-2011
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Re: Credit card shuffle and BT advice

Is it really worth $54 to optimize your FICO score for a month or two?  DO you expect to be using your score (aka applying for new credit) that soon?

Established Contributor
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Re: Credit card shuffle and BT advice

Aahz - I see what your saying but I used my cards to get all caught up on my bills.   Now I want to transfer all the balances to my Penfed card and pay that down.   I just wanted to know if I could do this now and if needed months later as well.  I wasn't sure how often I could do a BT?  And I don't want to raise any flags, I would like to apply for CLI's in 90 days.

 

 

 

 

 

 

Gardening since 5/3/2016
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Re: Credit card shuffle and BT advice


glamchick wrote:

Aahz - I see what your saying but I used my cards to get all caught up on my bills.   Now I want to transfer all the balances to my Penfed card and pay that down.   I just wanted to know if I could do this now and if needed months later as well.  I wasn't sure how often I could do a BT?  And I don't want to raise any flags, I would like to apply for CLI's in 90 days.

 

 

 

 

 

 


So can you BT multiple cards?

Established Contributor
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Re: Credit card shuffle and BT advice

[ Edited ]

Jdana70 wrote:

glamchick wrote:

Aahz - I see what your saying but I used my cards to get all caught up on my bills.   Now I want to transfer all the balances to my Penfed card and pay that down.   I just wanted to know if I could do this now and if needed months later as well.  I wasn't sure how often I could do a BT?  And I don't want to raise any flags, I would like to apply for CLI's in 90 days.

 

 

 

 

 

 


So can you BT multiple cards?



 

Gardening since 5/3/2016

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