topic Re: BT dilemna what to do in Personal Finance

BT dilemna what to do

althes — Sat, 07 Sep 2019 14:45:21 GMT

I have a BT card coming 15k to use.

Cards with balances.

4000/20000 26.99% monthly interest 95.00

1980/2500 25.99% monthly interest 40

2200/3500 25.00% monthly interest 45.00

2857/4000 28.99% monthly interest 60.00

Ok so how do I break this out.

I don't really want to go over 50% on the card, but I am thinking FICO be damned for a year.

Move as much as possible over but not enough to affect FICO too drastically.

Re: BT dilemna what to do

Anonymous — Sat, 07 Sep 2019 15:21:16 GMT

If you're going to do it, do it all since you have enough to cover and then make large payments. This will keep you motivated to pay it off within the year and not spend on the other cards (hopefully). You're going to take a hit regardless so might as well use thr BT for its purpose.

Re: BT dilemna what to do

Anonymous — Sat, 07 Sep 2019 18:26:22 GMT

Well to answer that, one would need to know how much you're currently paying them. And how much you would be able to pay them back monthly. Also be helpful to know who issued said BT card, as some limit the amount of the BT. And others get skittish with higher balances.

Maybe even know which CC are associated with which balances(more later)

If it were me, I'd leave the $1980/2500 balance where it is, and try to make big payments to bring it down. Around $150-250 if possible?

Then I would BT the remaining $9057 to the new card, which would only bring you to about 60% util. Not great but not as bad as 80%, especially if you pay it down quickly. Based on typical BT offers, I'm guessing 12 months 0%? Which would make your monthly payment rougly $800.

As for that $1980/2500 balance, if possible I'd BT it to one of your existing CC's if an offer is available. It would buy you time and save on interest if you're unable to make those larger payments. Discover for instance almost alwasy has one as well as Citi. This is why i ask which cards you have. $1980 blance would look best on that $20K or even $4K CL card.

Re: BT dilemna what to do

tcbofade — Sat, 07 Sep 2019 21:12:28 GMT

In my little corner of the world, dollars are more important than Fico points.

Assuming this is a zero percent BT card arriving, I would transfer all of it and work to pay the new card down to under 49% utilization.

Re: BT dilemna what to do

AverageJoesCredit — Sat, 07 Sep 2019 23:45:59 GMT

What card is it and what lender? Some lenders love when you use their card for Bts others not so much. If you need to bt 11k , you have 15k card, do it all. One payment , less stress, and the more you pay it will eventually go down. Dont stress fico scoring or points or what a bank thinks, do whats best for YOU and save on interest.

Re: BT dilemna what to do

althes — Sat, 07 Sep 2019 23:47:25 GMT

I can drop 500-700 depending on the month to the BT card.

Its Navy by the way.

Thanks for the replies.

Have some good stuff to ponder.

20k card is Synchrony.

No BT offers.

I don't have a Citi but have a secured Discover, so I am considering waiting until the Discover unsecures and becomes a year old and applying for a Discover to do a BT.

Skeptical about Citi as I can't seem to get anything from them, only cards on the retail side.

Recently got a Shell MC.

Will see how it pans out and even if I got up to 9000/15000 on the BT card I can live with that as make payments to knock it down.

Re: BT dilemna what to do

althes — Sat, 07 Sep 2019 23:48:18 GMT

As usual if anyone cares to know, alot of the charges are medical expenses.

Re: BT dilemna what to do

Anonymous — Sun, 08 Sep 2019 19:57:37 GMT

I'd say go all in.

Just some data points to help

My navy was at $10k, got a bump to $20k then balance transferred over $17k to it about a few days later.

Paid over minimum for a few months and 6 months and a day after the last bump, I got bumped to $25k

at that time my balance was about $13k or so, still over 50% of the 20k limit, but after next payment

it got me under 49% so i am still estatic. currently at 47% and I will be putting $2500 or so each month

until beginning of Feb2020 when my 0% ends.

Note: I also had a 0% BT fee.

Just another note: I BT a lot and max my limits on most of my cards that offered over the years...

Navy rocks!

Re: BT dilemna what to do

AverageJoesCredit — Sun, 08 Sep 2019 20:15:51 GMT

Navy? Lol, DO IT! They dont mind and youll build excellent history with them. Next csrd you get with them you might get 20 or 25k. Im using my Navy card for all my credit card debt and was at 50%. Pay as much as you csn. By end of promo if you still need time you can find another bt card and the amount you need will be less. Where do you think any of mt Sync balsnces went lol. With Sync always pif cuz they interest is insane.

Re: BT dilemna what to do

Anonymous — Mon, 09 Sep 2019 03:46:06 GMT

Dont let the score drive the behavior. Last month was a slow month for collecting money for dw and mine biz. I took a long term bt on Disco while we wait out the money owed us. Also I needed to pay our taxes dw had a 0% plan it from Amex so we put our tax bill on Amex. I am all about saving money and hide

Re: BT dilemna what to do

privacyadvocate69 — Thu, 26 Sep 2019 19:28:02 GMT

You're paying $240/month (or so) in monthly interest right now.

How much do you want to pay in monthly interest for the sake of a FICO score?

Re: BT dilemna what to do

SouthJamaica — Thu, 26 Sep 2019 20:39:15 GMT

@althes wrote:
I have a BT card coming 15k to use.
Cards with balances.
4000/20000 26.99% monthly interest 95.00
1980/2500 25.99% monthly interest 40
2200/3500 25.00% monthly interest 45.00
2857/4000 28.99% monthly interest 60.00

Ok so how do I break this out.
I don't really want to go over 50% on the card, but I am thinking FICO be damned for a year.
Move as much as possible over but not enough to affect FICO too drastically.

So pay off the 3 smaller balances. That will give you 3 new zero balance accounts, which is good medicine, especially for your mortgage scores.

The $7037 balance on the BT card is under 50%.

Since you're going to have better aggregate revolving utilization with the added 15k account, and since you'll be knocking off 3 accounts which presently are > 50%, you can only see a gain here.

Then, after the dust settles, see how you feel about the 4k balance

Re: BT dilemna what to do

CreditCuriosity — Wed, 02 Oct 2019 00:10:30 GMT

thankfully NFCU came with a nice limit and and a card that can be used for a BT vs. those predatory APR's you are being charged. Thankfully you got a bit of luck on your side and have an "Exit Strategy" out of the outrageous APR's/interest. I would put those high APR cards away if it was me until the BT is payed off. Best of luck.