01-18-2013 09:59 AM
If I have a loan with a balance of $xxxx would it be beneficial to transfer that debt to a CC with a zero percent balance transfer, to pay the debt off faster? Even though it would take that card up to about 90% UTI?
But it would show a payed off loan?
01-18-2013 10:55 AM
01-18-2013 09:07 PM
This sort of arrangement is almost certainly going to be counted as a cash advance, and I don't think there's any BT offer in existance which allows for 0% interest on such things. I could be wrong but it's got to be near wooly mammoth rare.
Look at the terms and conditions of that BT offer once, and then again, and then a third time before doing so.
Generally speaking, it's better to consolidate credit card debit onto an installment loan both for APR and for FICO purposes rather than the other way around. Even a fully paid installment loan provides little benefit FICO wise, and has been reported as a negative at times too.
01-19-2013 07:01 AM
+1 for checking the facts. This will probably be treated as a cash advance and generally charged interest from the date of transaction. In most cases it is better to reduce CC debt before loan debt.