Debt Consolidation Loan/CC question.

[brcamacho]

Im kicking aroudn the idea of doing a debt consolidation loan to save on some interest in my quest to get my credit back on track.  I qualify for a loan from my credit union at a very good rate, but then i got to thinking, if all my cards are paid off and i only have my 2 car payments and one installment loan, could i then apply for a slate or citi prefered(both of witch im prequed for)  and use the zero % balance transfer to pay the loan off thus saving on all the interest?

Thanks

Edit:  Reason im thinking of doing it that way is because, whenever you need a balance transfer card you can never seem to get one or get one with enough to deal with the balance.  My thinking is this way i will have very low cc util and qualify for a hihger limit.

[Creditaddict]

How much is the total debt?

[brcamacho]

About $7500

[Creditaddict]

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@brcamacho wrote:

About $7500

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I say risk and apply for the Chase Slate and backdoor instantly after approval for CLI... many have had really good luck with getting an instant CLI on a slate card telling them you are trying to do business with chase but if you don't get at least $8500 (they don't let you BT up to the limit but it is $0 BT fee) but if you don't get at least $8500 you will go to your credit union for the loan and won't use them at all! (bluff if you need!)

[brcamacho]

Not a bad idea.  when i search for offers with chase i get the slate and freedom popups.  My scores in my sig are pretty current with about 32% util.  Do you think I have a shot with chase?

[Creditaddict]

I have to admit that I think it would be a stretch to get that high with under 700 scores but I have seen crazier things.

[brcamacho]

Even if i could 5k of it that would for sure help. 

[Creditaddict]

apply to chase first and recon then apply to citi as follow up.

[brcamacho]

Assuming i just go with the consolidation loan and wait a few months before doing anything, will i see a rise in my scores?

[myjourney]

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@brcamacho wrote:

Assuming i just go with the consolidation loan and wait a few months before doing anything, will i see a rise in my scores?

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Any new TL's will result in a scoring ding lasting between 3-6 months YMMV tho