I am seriously thinking about transfering all of my balances to one or three of credit cards. In thinking about this, I have come up with several questions:
1. How will this affect my overall credit score? The transfers would max out those particular cc's
2. How much a month would I have to pay on those cards? Does antone know the formula for figuring this out
3. How quickly will I be able to pay them off ( this is something only I can answer)
I currently have at least 4 baddies that are reporting:
Countrywide ( several years old)
Providian (WaMu, several years old)
Discovercard (1 year old)
1 Collection (it was updated to 11/2007. However, the inital was 7yrs ago and this should be dropping off in 2008
credit lines:
heloc 40,000 zero balance
discovercard 5000-3267 balance
cap1 13,000-4,000 balance
cap1 3200-1400 bal
boa 5300-4877 bal
amex 8100-6000 bal
HD 9500-3500 bal
This is my situation, what do you all think is the best course of action Currently, I am at 678 eq, and the other two around 640- 660. Trying to buy another house, and would like to be at 700 or better of course. Time limit, the sooner the better