I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

[MarineVietVet]

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@bsal wrote:

well cardanalysis they told me it was 3% or 5 dollar fee I went ahead and applied and they told me i was approved for 12k, now with that being said my utilization was 26% when i had a ball of 5k with a 20k card now that i got approved with this card for 12k and do the ball transfer wouldn't  that make my utilization go up more with only a 12k limit?

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The fee for this if you BT the entire $5,000 is $150. That means your balance would be $5,150 with a CL of $12,000 which makes the utilization 43%. Right now you have a utilization of 25% ( 5,000/20,000).

To pay off that $5,150 before 6/2012 would require a monthly payment of $286. Can you comfortably make that payment? What would be the default rate if you didn't pay the balance off by 6/2012?

Edited because of typos.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[bsal]

damn 43% ? well i just got a part time job i should be able to pay 1,000.00 a month but 43% thats a lot wow

[MarineVietVet]

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@bsal wrote:

damn 43% ? well i just got a part time job i should be able to pay 1,000.00 a month but 43% thats a lot wow

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43% is pretty high but if it will save you enough money it's something to consider.

You need to decide if you'll pay less interest paying off the balance you have right now at 10.9% or whether the BT is better.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[bsal]

well i jumped the gun and had already applied for the card and was approved for 12k 

[Anonymous]

This is why I get so angry at Citibank- they are already misleading you with 3% or $5 dollar fee- it is indeed 3% or $5, but whichever is GREATE- which in your case the balance transfer would cost $150 right out of the gate- I agree with the FICO Moderator. Good luck- and for anyone else reading...please read ALL the fine print of the BANK cards. Again, most credit union cards do NOT assess ANY balance transfer fees- and my guess is you are better off with NAVY Federal Credit Union- with NO gimmicks.

[MarineVietVet]

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@bsal wrote:

well i jumped the gun and had already applied for the card and was approved for 12k 

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Yes but that doesn't mean you have to go through with the BT. Or have you already asked for the BT?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[bsal]

well i tell you this now that i know i'm going to go ahead and try to pay off that balance as fast as possible and never use the card after the balance is cleared thanks again for you guys help it was my fault i jumped the gun,

[bsal]

YES I WENT AAHEAD AND DID IT BUT THE LADY SAY IT MIGHT TAKE 30 DAYS FOR IT TO TAKE EFFECT DO YOU STILL THINK I HAVE TIME TO CANCEL IT?

[MarineVietVet]

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@Anonymous wrote:

This is why I get so angry at Citibank- they are already misleading you with 3% or $5 dollar fee- it is indeed 3% or $5, but whichever is GREATE- which in your case the balance transfer would cost $150 right out of the gate- I agree with the FICO Moderator. Good luck- and for anyone else reading...please read ALL the fine print of the BANK cards. Again, most credit union cards do NOT assess ANY balance transfer fees- and my guess is you are better off with NAVY Federal Credit Union- with NO gimmicks.

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I don't agree that it's misleading. It plainly says the fee is the greater of $5 or 3%. I'm not sure what could be more clear.

But I do agree with you that all of us need to go over the fine print more carefully than what many of us do.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[MarineVietVet]

---

@bsal wrote:

YES I WENT AAHEAD AND DID IT BUT THE LADY SAY IT MIGHT TAKE 30 DAYS FOR IT TO TAKE EFFECT DO YOU STILL THINK I HAVE TIME TO CANCEL IT?

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I don't know if it's possible to cancel a BT but all you can do is call and ask. I would do that as soon as I could though.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".