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balance Transfers

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rudy
Regular Contributor

balance Transfers

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
Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: balance Transfers

not sure, but i just did the fico score sim on my tu and eq reports and the sim said i would lose no more than 5 points or gain 30! either way would be ok by me. the ease of making one payment is worth 5 points, and if it did go the other way even better.
 
not sure i trust the sim though. seems the util game may depend on your "fico bucket". some have been dinged as bad as have a collection for having a single account reporting max util, some felt no ill effect.


Message Edited by dnm45227 on 12-16-2007 11:04 PM
Message 2 of 3
Anonymous
Not applicable

Re: balance Transfers

While moving Unsecured debt to secured debt is normally not a best financial decision -

Unless you have cash laying around-
To get your scores up QUICK- use the HELOC
Get overall UTL under 10% with 1/2 of CL's reporting a balance.
Message 3 of 3
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