What to do....Balance Transfer

[raisinitup]

Thanks in advance for your help and direction....Here's my credit picture

EQ - 680

EXP - 704

TU - 650

NFCU CC - $10k/15k limit

Macy's Amex - $1k/2k limit

FNB MC - $1400/2800 limit

Income = 50k

I'm agressively paying down my balances since I know they're not ideal but I would like to do a balance transfer to save some $$ on the interest. I'm not sure if my scores are high enough to transfer such a large balance and if they are good enough, I'm not sure which card to go with. Any suggestions ?

[takeshi74]

As always, it's not just a matter of scores but your entire credit picture.  Your utilization is quite high at ~63% and you're not likely to get favorable limits or rates with high utilization.

Granted, YMMV and I've posted this example before but I applied near the end of last year for a Slate to BT since my utilization was high and Chase would only give me a $2,000 limit with the highest APR.  Several months later I was able get my utilization under 10%.  No other changes.  Chase approved a $25K CSP and $25K MileagePlus Explorer (APR's are fixed on these cards).  Not saying that your credit supports this.  Just providing it as an example of how much utilization can impact and limit you.

[Burned2manybridgesB4]

+1

Just off your current util listing, you're looking like you're on the path to trouble.

[raisinitup]

Thanks to those who read my questions and responded with an opinion but I'm really looking for suggestions. I did include that I am in the process of agressively paying down on my cards so I'm just trying to see if the balance transfer is a viable option.

[Burned2manybridgesB4]

If you got an approval, I'd guess it to be 2k at best, unless you try another CU.

[raisinitup]

So I would guess that wouldn't make sense to just transfer 2k right ?

[Burned2manybridgesB4]

First off, let me express that the vast majority here are not going to criticize you, judge you, etc..etc..

We're here to help, and we all have our own experiences/specialties.

The more info you provide, the more you'll get replied.

How about your AAOA, any bad stuff (co's, ca's), how long have the cards been open individually, and how long have you carried these balances on each card?

[meagherrob]

This could be a option for you.  Maybe try and open another NFCU credit card and transfer over the 2 non NFCU cards to that for the 0% they have right now (doesn't work for NFCU to NFCU BT's) and hope they give you a nice limit so then the utilization would go down.  Then request a CLI for your other NFCU card and hopefully that will give you a even better utilization to where you would be more attractive for a higher limit Chase card and then transfer it all to that new card...worth a shot in moy opinion   Good luck!

[raisinitup]

Thanks and I do appreciate everyone who takes the time to read and give me some advice.

My AAOA is 5 years, My NFCU card was opened in January of this year but the others were all opened in May (we bought our first home and used them for applicances, etc). Last baddie was in 2005 when we had a charged off car loan but that's due to fall off this year (DOLA was 2007). No collections, 15 accounts paid as agreed (mostly store cards that I've had for years that I never use and student loans). Hoping when our mortgage starts reporting, my scores will improve even more.

Hope that helps !

[Burned2manybridgesB4]

Have you researched a HELOC, to subset the NFCU balances, or is it the other cards you want to knock off first? I can't envision Navy being your highest APR.