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!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.