New Visitor
Posts: 1
Registered: ‎07-26-2007

Transferring Balances to Lower-Interest Cards

According to myFICO, I need to transfer my high-interest credit cards to a lower-interest card.  My concern is opening yet another card.  6 months ago, I opened a new card in order to transfer my largest balance, and only a portion of the balance ended up being transferred and after the 6 months, the 0% APR went up to 25% (variable rate) and they will not lower it, and so now I have another card.  I really want to pay off my cards, but with 25% rates, it makes it difficult to pay more than just interest.  Is it possible to transfer all the high-interest cards to one card?  If so, how?  And then how do you make sure that interest rate stays at a low rate?  And, do I cancel the other cards or leave them open once the balances are transferred?  Please help!  Thanks :smileyhappy:
Established Contributor
Posts: 905
Registered: ‎05-09-2007

Re: Transferring Balances to Lower-Interest Cards

Most cards will allow multiple BTs and NEW ACCTs typically have the BEST BT Rates. All that is necessary is that the available credit is there and BT away!
This may not have the nest impact on FICO short term (High UTI on One Card, New Acct, And INQ) BUT if your goal is to pay down rapidly with less or no interest - go for it.
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007

Re: Transferring Balances to Lower-Interest Cards

New Member
Posts: 1
Registered: ‎05-07-2007

Re: Transferring Balances to Lower-Interest Cards

I don't mean to hijack the thread, but if someone is willing to offer advice on OP'ers position, maybe they won't mind looking at my similar situation.
HSBC $900 cap, $100 yearly fee, Balance=$556.51, 30 days late about a year ago, 34% IR.
Sears $1440 cap, Balance=$1206.21, 60 days late about a year ago, 34% IR .
Closed auto loan, $12000 cap, closed 2005, 30 days late about three years ago.
$140,000 2005 mortgage, Balance=135,000, never late.
Divorce one year ago led to lates. Current EQ score of 630.

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