Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
Re: Should I transfer my balance?

bandlp08 wrote:

I have 4 Cards by the same company and I am able to transfer the balance on them all to one card.  I just paid them all down to 30%.  Is it best to keep them all how they are and just pay the min payment or should I transfer  all to one and pay one large payment? If I do transfer all to one it would pretty much max out that card but on the other hand  the other 3 would be at a $0 balance.  So what do you think? I am still kinda new at this stuff and I am trying to get a score increase as well as just build credit.   Thanks for your help!!!

It is best to "do the math" and figure which way gets you out of paying interest as quickly as possible with the least interest expense.   Usually it is the lowest APR, but you have to calculate the BT fess as well.   Also you should try to get one card  in the PIF status so you can make maximum use of the grace period for your normal purchases, while you are paying off your debt.



IMO, you should not worry about your score until you are not paying interest.