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Too late now but...

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LS2982
Mega Contributor

Re: Too late now but...

@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



EQ FICO 548 3/3/16
Message 11 of 18
HiLine
Blogger

Re: Too late now but...

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! Smiley Happy

Message 12 of 18
pakman92
Established Contributor

Re: Too late now but...


@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.


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Message 13 of 18
FocusedAndDetermined
Senior Contributor

Re: Too late now but...


@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.

Message 14 of 18
RSCo
Established Contributor

Re: Too late now but...


@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   Smiley Happy  Hang in there bro..

 

$30,500$18,500NPSL$15,000$10,000$25,000$32,000
Message 15 of 18
HiLine
Blogger

Re: Too late now but...


@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 Smiley Wink

 

Message 16 of 18
MzKoli
Contributor

Re: Too late now but...

Thanks everyone for the reassurance. I plan to throw all my extra cash at it and hopefully have it at 30% in 3 months then pay it off in full by the end of the year...
Message 17 of 18
Wolf3
Senior Contributor

Re: Too late now but...


@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.

Message 18 of 18
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