Well I would love some advice. I originally consolidated my debt which was $18500 on a prosper.com installment loan back in March with interest rate of 14% and 5 years. This past summer I got serious about a budget and paying off this loan in 18 monts so I can be consumer debt free before buying a new home for my growing family. I am considering taking advantage of 18m balance transfer offers to get interest rate down to 0%. My Penfed card has a CL of $12500, a discover with $8900 and BARCLAYS with $5000 all have 0 balances. My current utilization is 4% and my FICO scores are 740-776. I know I will take a huge FICO hit by doing the balance transfers and increasing utilization but it would save me $3500 interest and I would have it all paid off in 18months. I do not want to max out the cards so I was thinking $6000 on Penfed( no balance transfer fee at 4.99 for life), 6000 on discover and $4000 on Barclays Any thoughts? Am I being ridiculous lol
If not apping for anything currently, who cares if scores takes a bit of a hit. Save money, pay it off. Besides your scores will go back up after you pay it off. Good luck.
Starting Score: 504 July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013 Goal Score: All Scores 760+, Newest goal 800+ Take the myFICO Fitness Challenge Current scores after adding $81K in CLs and 2 new cars since July 2013 EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.