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To BT or NOT BT...

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themeggerz
New Contributor

To BT or NOT BT...

So, I was thinking of BT some items.... and applied for a Navy Fed card.

I was granted a 15k spending limit - my biggest yet!!! Smiley Happy

 

This card could, hypothetically, take all my other cards balances. 

 

GOALS:

Pay off all revolving debt by September 2012 (husband back from afghanistan)

BT promotion on Navy Fed card is 0% for a year (2/13) AND NO BT fees (!!!)

 

I have the following cards to "pay off" - they have interest fees.

HSBC RZM - $721 - 22.99% interest (half is on a 0% promotion)

Paypal SmartConnect - 2218 - 22.9%

Credit union card - $565 - 9.9%

 

 

The following are on 0% financing and have auto payments each month to pay off in time for their deferred interest plans:

Best Buy $2859.98

Zales 1325.99

Barclays (mine) 908.14

Barclays (husband) 4035.16 - this will be paid with our refund if I don't BT

 

So, is it better to have all those cards at 0 utilization, and 1 card at very high utilization, that will be paid off by September....

Just BT the ones with interest charges?

Or just keep it the way it across the board?

 

I have other cards already paid off - I dont have the tantalizing desire to spend more so "opening" the other cards doesn't affect me.

I guess its more , do I just give myself more work by trying to BT all to one card? Does my score go up?

SCORES (2/2013): EX 795 TU 717 EXP 726
Goal: 800+ and Gardening

Wallet: NavyFed 15k AMEX BCE 2k Discover 3k BOA 5k
CapitalOne 2250 HSBC RZM 950 Best Buy SC 2900
GEMB/Paypal 3700 Merrick Bank 1k Zales 2k Barclays 1300 GEMB/AJMadison 3600 Walmart 800 VS 500 NY&CO 400
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1 REPLY 1
atarvuzdar
Established Contributor

Re: To BT or NOT BT...

My personal belief is that our credit score is meant to serve our needs in obtaining credit. It looks to me that you've obtained all the credit you need with that great CL on the new card!

 

I would look at this from a financial perspective and transfer anything that has an APR in effect. It will save you $$. I believe the general consensus is that at least half of your accounts at $0 balance is beneficial, so keep that in mind as well.

 

No guarantees that you'll see a fluctuation in your credit score, but you will definitely be saving yourself money--and that (in my very humble opinion) should always be the goal! Smiley Happy

 

Good luck!

FICO 8: EQ 846 / TU 836 / EX 832
AMEX Platinum / BofA Cash Rewards Visa Sig $99,900 / Chase CSR $43,400 / Citi Double Cash $39,600 / AMEX EveryDay $30,000 / Discover It $26,000 / Gemini $25,000 / JetBlue $25,000 / Chase Freedom Unlimited $22,500
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