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How are you going to consolidate debt? Balance transfers? I would do a simple cost/benefit analysis, taking into account balance transfer fees and interest savings, to see if the move will be profitable. If it does not cost anything to consolidate, by all means go for it!
@MzKoli wrote:How bad of an idea was it for me to consolidate all my CC debt onto 1 card?
My Util is now currently 59% on that one card and 13% overall
My rationale was 1 payment, 0% APR til 5/14/14 and it would lower my overall minimum monthly payment ( for DTI purposes).
My scores were 747 and 762 previous to this move...
This is a great move for the reasons others have articulated. ALSO, this will not hurt your score IMHO. Your overall util is still the same and now you have fewer (only 1) card reporting a balance. If anything, it may bump up your score a bit. YMMV.
@pakman92 wrote:
@MzKoli wrote:How bad of an idea was it for me to consolidate all my CC debt onto 1 card?
My Util is now currently 59% on that one card and 13% overall
My rationale was 1 payment, 0% APR til 5/14/14 and it would lower my overall minimum monthly payment ( for DTI purposes).
My scores were 747 and 762 previous to this move...
This is a great move for the reasons others have articulated. ALSO, this will not hurt your score IMHO. Your overall util is still the same and now you have fewer (only 1) card reporting a balance. If anything, it may bump up your score a bit. YMMV.
I echo these thoughts.
@LS2982 wrote:
@Rso All my cards are still In tiny pieces in the shredder box......I miss them yet understand im on a mission and they stay gone until Its complete
I hear ya... I did the same thing once and I became so distraught and anxiety ridden every time I would walk past the table I had them all gathered on... I finally called and had new ones issued because I was fearful something would come up and I would need them in an emergency.. lol Hang in there bro..
@pakman92 wrote:
@MzKoli wrote:How bad of an idea was it for me to consolidate all my CC debt onto 1 card?
My Util is now currently 59% on that one card and 13% overall
My rationale was 1 payment, 0% APR til 5/14/14 and it would lower my overall minimum monthly payment ( for DTI purposes).
My scores were 747 and 762 previous to this move...
This is a great move for the reasons others have articulated. ALSO, this will not hurt your score IMHO. Your overall util is still the same and now you have fewer (only 1) card reporting a balance. If anything, it may bump up your score a bit. YMMV.
Utilization on each card also matters. The FICO scores will probably go down a few points, but of course this would be a very short-term effect
@MzKoli wrote:How bad of an idea was it for me to consolidate all my CC debt onto 1 card?
My Util is now currently 59% on that one card and 13% overall
My rationale was 1 payment, 0% APR til 5/14/14 and it would lower my overall minimum monthly payment ( for DTI purposes).
My scores were 747 and 762 previous to this move...
That good deal 0% for over a year saves a lot of money. !3% utilization is still a very low number.