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Do I transfer or leave as is to help util?

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mzladyk
Established Member

Do I transfer or leave as is to help util?

I have two low $500 Cap 1 MCs. They're about a year old. I recently req for a CLI and one was a platinum MC that is now being changed over to a QS One.

 

I had a vet emergency so I maxed out one card and have a high balance on the other. Well, on the statement, I make sure it only shows 30% on one. But still not ideal, of course. This was before I had other cards to put the balance on or to spread throughout my cards.

 

I have about $6600 available cred and using $1300 max right now (again, that's because I charge, but pay off one so it only shows 30% util at most)

 

I have a hidden Paypal Credit line of 1500 (19.99% APR?) And 0% APR and no balance on Disc IT and Amex BCE. Should I consolidate and transfer my MCs to hidden credit line or just transfer to one of the creds with no APR? Because MCs are at 26.99% APR I believe. I'm making 2 separate payments on them. So wouldn't it make sense to consolidate on to ONE card that has no APR? Or not worth it? Which card/line? 

 

I'm still a newbie to credit but I'm trying to learn what's best to build my credit. I've raised it by 100 within a year so I'm getting there!

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1 REPLY 1
Skye12329
Valued Contributor

Re: Do I transfer or leave as is to help util?

Personally i would ask how long is it going to take me to pay off the debt? Like if you can do it in less than 2 mos or so, i wouldn't bother transferring the balances.

However if it will take some time then definitely transfer to a 0 APR card, just make sure its 0% APR on BT still and not just purchases.

As for which credit line, obviously its not good to show a maxxed out card but if you need to i would say maybe try to have it 50% max if possible.
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