I know what I will most likely do in this situation, but I wanted to get some feedback on the 'score side' of this.
Fico-wise, is it better to have a balance of $4,000:
On 2 cards - one with a $4,200 limit (48% util), one with a $5000 limit (40% util)
- or -
On a single card with a $4,500 limit (88% util)?
The 2 cards in first scenario both have fixed APRs of 7.99%. The card in the 2nd scenario is a 0% for 12 months w/ no transfer fee Citi card. Overall util is at 17%.
Scenario #2 will save me a few hundred dollars over the course of the 12 months. In this time I'll be paying the card down as aggressively as possible. Since the transfer can be initiated anytime in the next 11 months, I may use the card and then request a CLI after 6 months to reduce the heavy util of that one card. Not sure if waiting 6 months is worth the effort though. Regardless, I'm thinking I will go with the 2nd plan...unless you all think it will be disastrous for my scores! They're all in the 710-730 range.
Hauling - will the $1200 Fed. Gov't handout coming in May/June help? Take all we can get, right?
DH has dibs on that one, for HIS balance transfer from last year!
I think I'll be OK with a quick initial paydown, she said a bit nervously. But seriously, I'm not in the market for any more credit any time soon, so as long as the other creditors don't get antsy, any damage should be temporary.