New Member
Posts: 6
Registered: ‎08-19-2008

Should I Balance Transfer?? Advice would be greatly appreciated

Hey Guys,

This is my first post. I am a 23 year old and I am trying to payoff my debt to start saving for a down payment on my first home.   I have never been late on a payment and keep constant tabs on my finances, but I definitely would appreciate some feedback.

Here is my outstanding Debt


Account     Balance        Limit            Ratio    Actual      Promo           BT

Citi                $5,593.70    $9,000.00    62.15%   8.99%    

Discover         $611.42        $750.00   81.52%    9.99%   0% 02/09     08/19/2009      

Amex Blue     $376.54     $1,000.00   37.65%   15.99%    0% 01/27/09    N/A  

Macys                $0.00         $800.00        0%       X                     X                 X    

Merryl Lynch      $0.00      $5,000.00       0%     9.99%           N/A                1.99% 08/09


Citizens Auto   $0.00          $14,000      4.99%

I will definitely have the Discover/ Amex cards paid off by the time the promos end.

My main concern is the high balance on the Citi card. I recently called and balance transferred my Car balance with no transfer penalty at 3.99% for the duration. This is the breakdown of the Interest Rates.

$2,443.70 -> 2.99%. Promo Expires 02/23/2009

$3,150.00 -> 3.99% BT – Duration   

I have a Merrill Lynch Card I opened with a Balance Transfer offer of 1.99% until 08/09, cap of $75 fee.  Do you think it’s worth balance transferring to the ML Card? Should I attempt to get a 0% card.

New Member
Posts: 6
Registered: ‎08-19-2008

Re: Should I Balance Transfer?? Advice would be greatly appreciated


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+