10-12-2009 12:40 PM
After much thought, I have to take advantage of my 9 months 0% APR Citi card offer. There's a lot of naysayers on this board that will say bad idea, but this time I have to trust my instinct and experience.
My pay off amount is $5,194.75 until 10/16. After 10/16 I will have to add $1.54 per day to the balance. My loan is scheduled to be paid off 10/2010. I have 10 payments left. I will take $2,194 from savings, and xfer the remaining $3000 to Citi. If I go ahead with the BT would save $632.35- $90 BT fee= $542.35 in savings.
I currently have $24,100 in available credit. I have no credit card balances. Xferring $3000 will put me at 12.45% utilization. The BT balance will be paid off before the teaser rate ends.
I don't see this as being a bad idea. Any input is greatly appreciated.
10-12-2009 02:16 PM
10-12-2009 02:27 PM
I would do it as long as you are 1000% certain you can PIF before the BT term ends and your Ctit card is 0 balance. I would also try not to let any other CC report a balance to minimize any idea of Citi to do AA on you.
I would also pay as much as I could as soon as I could. Also sock drawer the Citi card until the BT is PIF.
10-12-2009 02:58 PM - edited 10-12-2009 02:59 PM
Thanks for the replies.
I did this before with my State Farm card. I had a 0% APR for 12 months and $0 BT fee. I divided the total BT amount by 12 and made 12 equal payments. Never late!! I didn't use the card at all during the 12 months. I know credit card rules. I am very dicipline. I will have the BT paid off by 5/2010 rather than take the full 9 months.
10-12-2009 03:18 PM
10-12-2009 03:29 PM
I'm going to go through with it pending what creditwherecreditisdue says
10-12-2009 08:59 PM - edited 10-12-2009 09:01 PM
I did this earlier this year with the remaining 24 payments I had left on my car loan. I don't remember at the moment how much I saved but it was about $1000, I believe. It has worked out fine for me even though I put a much larger amount on the 0% cards.
It sounds like you have a well thought out plan and Hauling has given a lot of good advice above.
I say, Trust yourself and "Go for it!"
It's all about saving money!
10-12-2009 09:27 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.