Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
Re: CC Debt vs. Loan Debt
If you are certain that you can use a check from your CC to pay the loan, and that it will be at 0%, then it might make sense. But you really need to check the fine print of the balance transfer. Sometimes interest is charged retroactively to the start of the transfer after the promotional period.

The loan will show as a paid off and closed after you do this. Your FICO® score will take a hit from the maxed out card but if you can save $ then IMO it's worth it. Run the numbers again to make sure that you'll really save enough money. My 2¢.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX