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Established Member
bandlp08
Posts: 30
Registered: ‎01-07-2012
0

Should I transfer my balance?

I have 4 Cards by the same company and I am able to transfer the balance on them all to one card.  I just paid them all down to 30%.  Is it best to keep them all how they are and just pay the min payment or should I transfer  all to one and pay one large payment? If I do transfer all to one it would pretty much max out that card but on the other hand  the other 3 would be at a $0 balance.  So what do you think? I am still kinda new at this stuff and I am trying to get a score increase as well as just build credit.   Thanks for your help!!!

BK7 7/2009 EQ512
5/2012 EQ562/TU576
01/2013 CK 602 Walmart TU 627
Goal: 675 Across the board!!!!
Cap1 750/ Cap1 Biz 750/ Sony 500/ Orbitz 750/ Merrick 900/ RRFCU 500/ Credit1 600/ Orchard 320/ FP 300/ Firestone 2200/ Walmart 600/ Barclay NFL 500/ Maurices 250/ Kays 2200/ Amazon 300/ Paypal Smart Connect 500
Valued Contributor
creditnocash
Posts: 2,222
Registered: ‎07-23-2012
0

Re: Should I transfer my balance?

do you already have the other card to bt too? 

depends what the interest on those cards are and the one your bting too. 

 

does the bt fee and the interest out weigh of making 4 other payments? 

 

all things to think about. 

 

its always better to pay it down and not move it around.

 

what do your reports look like? 

Current: Discover Fico 689 8/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: Should I transfer my balance?

[ Edited ]

make the payment to all of them and forget about transfer....they might come with fees and you really dont wanna max out on 1 card unless they had 0% promotion.......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Should I transfer my balance?


bandlp08 wrote:

I have 4 Cards by the same company and I am able to transfer the balance on them all to one card.  I just paid them all down to 30%.  Is it best to keep them all how they are and just pay the min payment or should I transfer  all to one and pay one large payment? If I do transfer all to one it would pretty much max out that card but on the other hand  the other 3 would be at a $0 balance.  So what do you think? I am still kinda new at this stuff and I am trying to get a score increase as well as just build credit.   Thanks for your help!!!


It is best to "do the math" and figure which way gets you out of paying interest as quickly as possible with the least interest expense.   Usually it is the lowest APR, but you have to calculate the BT fess as well.   Also you should try to get one card  in the PIF status so you can make maximum use of the grace period for your normal purchases, while you are paying off your debt.

 

 

IMO, you should not worry about your score until you are not paying interest.

 


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