Credit Card Center Advertiser Disclosure

Regular Contributor
Posts: 178
Registered: ‎05-22-2007
0 Kudos

best way to consolidate?

My wife and I have about $37k in CC debt.  we were both recently divorced before we started dating, and neither of us had anything... we had to buy all new furniture, etc, then wedding rings, weddingmoon, etc.  we don't regret any of our purchases, and we have been frugal and patient with the things that we bought.  we make $130k per year. about half of that debt has 6 more months of 0% before the interest rate climbs...


We are able to make the payments, and are paying extra and have been paying quite a bit of this debt down.  I just think it would be faster and make more sense to consolidate it into one loan and start hammering on it. 


What do you suggest? should we try to find a CC with a balance transfer offer or go to our Credit Union for a personal loan?


her scores are close to 800 mine are pushing close to 700.



11/30/2009 TU 676 EQ 665 EX 654 (CU pulled)
5/14/08 TU 660 EQ 676 EX 623
9/5/07 TU 579 EQ 612 EX 546
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0 Kudos

Re: best way to consolidate?

My general advice would be to live skinny and pay those things off as fast as you can.

As to the CC bT option, lenders are pretty aware of the moving debt from point A to point B thing, so I wouldn't be optimistic about expecting 0% BT offers when your current 0%'s mature. (Could happen, though, of course.)

If you can get a loan to cover the current balances, and if the APR is doable, then you should certainly go for it.

Congrats to both of you on finding some happiness after the tough years!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
Posts: 5,804
Registered: ‎10-06-2007
0 Kudos

Re: best way to consolidate?

I am not a big fan of consolidation CC debt into a single loan.  The best way to get out of CC debt is to use a debt snowball type of approach where you make minimum payments on all but the smallest debt and pay extra on it until its PIF and then attack the next smallest debt and so on.  I used a DMP program to slay my 70k of CC debt and it took almost 5 years.


Not to judge but if you want to be sucessfull in getting  and staying out of CC debt, you need to be honest with yourselves on why you wont able able to PIF the 0% BT before the promotion rate is over.  Just that would tell me that it would be a bad idea for you to take another consolidation loan out.

10/17/2017 FICO: EQ 829 TU 830 EX 826
Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
0 Kudos

Re: best way to consolidate?

If any of those 0% offers are on like a store card and have deferred interest, it may be in your best interest to at least transfer those balances.  The amount of deferred interest could outweigh any balance transfer fees.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760

Take the FICO Fitness Challenge
Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
0 Kudos

Re: best way to consolidate?

Is all the CC debt on joint cards or is it in one persons name? If the latter, I'd concentrate on removing any AU status and do anything else you can to get one of your credit reports as clean and healthy looking as possible. The person with clean reports can then apply for new cards with 0% BT offers. To reiterate, get all the debt on one persons credit report so the other person can get some fresh financial instruments to move the debt to with BT's. Pay down as much as you can for 12 months then you should be able to BT it back to the other spouse for another 12 months at 0%.


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.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* 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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on 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.