Credit Card Center Advertiser Disclosure

Established Member
Posts: 14
Registered: ‎06-13-2008
0 Kudos

transferring balance

I'm in a DMP on a few cards and making progress.

One card would not negotiate and interest rate is near 30% (not part of DMP)

I'd like to try and get a 0% interest card and transfer the

balance.  My fico is 661, brought down by too much

debt, a low interest card would help a lot.

Will I be able to transfer a balance?  Its 4,000.

I do not use any cards, I'm just paying them down.

I can't make progress though on the high interest card.

Any input is appreciated,



Valued Contributor
Posts: 2,691
Registered: ‎07-29-2009
0 Kudos

Re: transferring balance

If you are in a DMP, are you allowed to get a new card?


If you are able to, do some reading and research here on the Credit Card forum. Maybe list your utilization, average of accounts, any new accounts, etc. and you can get some advice on any cards that might work for you. If you have high utilization, that could be a problem.

Established Member
Posts: 14
Registered: ‎06-13-2008
0 Kudos

Re: transferring balance

thanks.  I'd have to check with the DMP admin to see.  It seems

that it would make sense, same amount of credit, just lower interest,

and not using the card..... but whether it will be viewed that

way, who knows.  My utilization is 85% ...... so high.  I hate to

apply, have it hit my credit as an inquiry, just to be turned down,

but its probably the only way I'll know.  I have to get out of

the high interest rate, I keep paying having it only go to

interest....... very frustrating.


thanks for your reply!


Established Contributor
Posts: 982
Registered: ‎05-27-2009
0 Kudos

Re: transferring balance

With utilization that high and your current credit status, you are not going to be able to secure a good credit card that offers a BT option you want.


Your best option is to check with a local CU about obtaining a personal loan. Print off a copy of your credit report and bring it with you to see if there is anything they can do to help. Even 15% is better than 30 and if you get the loan, it will move the debt to installment which is much better for FICO scoring.

Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU

Take the FICO Fitness Challenge
Established Member
Posts: 14
Registered: ‎06-13-2008
0 Kudos

Re: transferring balance

thanks, that sounds like excellent information.  I am a member of a CU, have a mortgage

through them and am also paying down a credit card with them, so I'm not sure I

could even get a loan through them or another CU.  Its worth talking to them about with

the printout.  It seems to make sense for someone to help on interest, I've been paying

everything my score has gone up 70 points in the last year +.  My strong points are

length of credit history and payment history - very weak point is the debt utilization.  But

its better than it was. 


Congratulations on your fico improvement - it gives me incentive to keep plugging along,


thanks for your reply!



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.