I have gotten myself into an interest situation

[twist7d7]

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@Anonymous wrote:

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@twist7d7 wrote:

I feel like getting a morgage will draw my scores down a bit. but thats for another thread.

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The inquiries for the mortage -YES.  But in the long run, the mortgage will actually boost your scores as it offers a mix in your portfolio. So a WIN WIN situation.

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True but DTI right? and my friends think im crazy for having this much credit but I know it will pay off in the long run!

[Anonymous]

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@twist7d7 wrote:

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@Anonymous wrote:

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@twist7d7 wrote:

I feel like getting a morgage will draw my scores down a bit. but thats for another thread.

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The inquiries for the mortage -YES.  But in the long run, the mortgage will actually boost your scores as it offers a mix in your portfolio. So a WIN WIN situation.

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True but DTI right? and my friends think im crazy for having this much credit but I know it will pay off in the long run!

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It will.  You are doing the right thing.  You will have the last laugh...

[Imperfectfuture]

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@twist7d7 wrote:

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@Anonymous wrote:

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@twist7d7 wrote:

I feel like getting a morgage will draw my scores down a bit. but thats for another thread.

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The inquiries for the mortage -YES.  But in the long run, the mortgage will actually boost your scores as it offers a mix in your portfolio. So a WIN WIN situation.

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True but DTI right? and my friends think im crazy for having this much credit but I know it will pay off in the long run!

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Nothing wrong with paying attention to credit when others don't.  I still stand by my statement of building up an emergency fund.  There is nothing wrong with that advice, and CC companies also ask about assets in applications.  Good luck on your repayment plan.

[yfan]

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@Anonymous wrote:

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@yfan wrote:

Huh? When did I say that? I said that if it can be paid within months, I wouldn't bother with BTs. The reason is that (a) I think in that short a period of time, the hassle of figuring it all out isn't worth it, and one may be able to better use the time figuring out how to actually pay the debt and/or how to get some extra income, and (b) the savings can be wiped out by balace transfer fees, since the fees don't depend on the length of time it will take to pay back. For example, a 12% interest card will cost roughly 3% in interest in 3 months; but the BT fee may well be higher than that. I have no problem with helping OP with BTs.

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The OP clearly stated they wanted to pay it back over a 9 month period.

This would amount to more interest than the 3% it would cost to BT.

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And were that the only reason I gave, BT would be a no brainer. OP said "give or take" 9 months - we don't know give or take what period of time. Certain other suggestions here - including cutting down on monthly spending and finding more income if possible - may cut that down significantly.

[northface28]

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@twist7d7 wrote:

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@Imperfectfuture wrote:

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@Anonymous wrote:
Personally, I would taken the bus instead of using cc for car repair.

Is it really worth it to spend $5000 on car repair?

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That is where an emergency fund comes in.  There will be something coming up while paying down Debt.  So why not get started now?  No matter how small, it will knock dents off the next emergency, can use cards for rewards, and pay most, if not all off.  JMHO.

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I do have emergency funds but they are tucked away in various investments 

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I wouldnt be investing without a robust emergency fund first.