topic Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!! in Credit Cards

I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Sun, 26 Dec 2010 16:28:47 GMT

hey guys i really need soma advice on what to do about my current situation , ok i have a 20k credit card with navy fed credit union with a 5k balance on it with 10.9% intreast rate im trying pay off, my question is i keep getting letters from citi bank credit card saying i been pre-approved for 0% intreats rate and 0% intreast rate bal transfer till 06/2012, should i really sign up for this? and transfer my bal to them so i can get that 0% ? and if so how would that affect my current credit score witch is 685 transunion and 717 equfax is it really worth it to sign up for this off with citi bank, i have one credit card and i would kind of like to keep it that way but if it makes sence to do that balance transfer i'm willing to do it but i don't want my fiche score to drop either what should i do guys any advice? hellpppp meee

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

Anonymous — Sun, 26 Dec 2010 16:43:26 GMT

You could do that.. Do you really need to though? You can't pay off 5k on a 20k card?

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Sun, 26 Dec 2010 17:01:15 GMT

yea i can pay it off but i just thought it would help to save a lil money while im doing it with that 0% off, so what do you think i should do in your honest opinion? do you think i would take the hit and lower my fiche score by doing it? i don't want my score to drop and i really don't need another cc card but if its to save money well who knows

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

Anonymous — Sun, 26 Dec 2010 17:32:55 GMT

@bsal wrote:
hey guys i really need soma advice on what to do about my current situation , ok i have a 20k credit card with navy fed credit union with a 5k balance on it with 10.9% intreast rate im trying pay off, my question is i keep getting letters from citi bank credit card saying i been pre-approved for 0% intreats rate and 0% intreast rate bal transfer till 06/2012, should i really sign up for this? and transfer my bal to them so i can get that 0% ? and if so how would that affect my current credit score witch is 685 transunion and 717 equfax is it really worth it to sign up for this off with citi bank, i have one credit card and i would kind of like to keep it that way but if it makes sence to do that balance transfer i'm willing to do it but i don't want my fiche score to drop either what should i do guys any advice? hellpppp meee

If you only have one card, at 25% utilization, and paying 11% interest on a balance that you're paying over time, I'd say it'd more than likely be a win/win to transfer the balance to a 0% interest card. A) You'd save money while you're paying off the balance - just make sure you can pay it off before the promotional APR expires. B) You'd probably get a score boost by having more than one revolving credit card.

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Sun, 26 Dec 2010 18:01:03 GMT

yes i can diffantly pay if off before the promotion and did you say a score boost? really? how so. you telling me by having more then one revolving credit card you can get a score boost ?

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

Anonymous — Sun, 26 Dec 2010 21:10:12 GMT

FICO score is higher with 3 revolving accounts than with 1 account. My guess is the score will be lower in the short term and higher in the long term.

I would take the offer, saves you money, and develops a 2nd account.

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Sun, 26 Dec 2010 23:08:58 GMT

really? i'm stoked thanks guys for all your help i'm going to do it thanks again guys

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

Anonymous — Sun, 26 Dec 2010 23:41:52 GMT

Hi there! Before you accept Citibanks generous offer- check out what the balance transfer fees are. Sometimes those can be 3%-5% which can wipe out any savings you may have in interest. And if there is ANY chance you may ever be late with a payment (it gets lost or something), your 0% interest rate will go away- and likely skyrocket to 29% percent. I would check out the TERMS and CONDITIONS for the offer- and look closely at the Balance Transfer Fees as well as ANY circumstances in which they could revoke the 0% offer. I work in the Credit Union Credit Card industry and quite frankly, you will not find a more fair and ethical credit card than those at Credit Unions- the bank 0% offers count on you skipping a beat. Good luck!

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

Anonymous — Sun, 26 Dec 2010 23:59:45 GMT

@Anonymous wrote:
FICO score is higher with 3 revolving accounts than with 1 account.
IME, this is definitely a YMMV issue.
DH gained 29 opening his first revolving; 2 points when he opened his second revolving; and 0 points when opening his 3rd revolving account.

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Mon, 27 Dec 2010 01:19:16 GMT

well cardanalysis they told me it was 3% or 5 dollar fee I went ahead and applied and they told me i was approved for 12k, now with that being said my utilization was 26% when i had a ball of 5k with a 20k card now that i got approved with this card for 12k and do the ball transfer wouldn't that make my utilization go up more with only a 12k limit?

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

MarineVietVet — Mon, 27 Dec 2010 01:35:20 GMT

@bsal wrote:
well cardanalysis they told me it was 3% or 5 dollar fee I went ahead and applied and they told me i was approved for 12k, now with that being said my utilization was 26% when i had a ball of 5k with a 20k card now that i got approved with this card for 12k and do the ball transfer wouldn't that make my utilization go up more with only a 12k limit?

The fee for this if you BT the entire $5,000 is $150. That means your balance would be $5,150 with a CL of $12,000 which makes the utilization 43%. Right now you have a utilization of 25% ( 5,000/20,000).

To pay off that $5,150 before 6/2012 would require a monthly payment of $286. Can you comfortably make that payment? What would be the default rate if you didn't pay the balance off by 6/2012?

Edited because of typos.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Mon, 27 Dec 2010 01:39:22 GMT

damn 43% ? well i just got a part time job i should be able to pay 1,000.00 a month but 43% thats a lot wow

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

MarineVietVet — Mon, 27 Dec 2010 01:42:56 GMT

@bsal wrote:
damn 43% ? well i just got a part time job i should be able to pay 1,000.00 a month but 43% thats a lot wow

43% is pretty high but if it will save you enough money it's something to consider.

You need to decide if you'll pay less interest paying off the balance you have right now at 10.9% or whether the BT is better.

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Mon, 27 Dec 2010 01:46:07 GMT

well i jumped the gun and had already applied for the card and was approved for 12k

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

Anonymous — Tue, 28 Dec 2010 05:27:22 GMT

This is why I get so angry at Citibank- they are already misleading you with 3% or $5 dollar fee- it is indeed 3% or $5, but whichever is GREATE- which in your case the balance transfer would cost $150 right out of the gate- I agree with the FICO Moderator. Good luck- and for anyone else reading...please read ALL the fine print of the BANK cards. Again, most credit union cards do NOT assess ANY balance transfer fees- and my guess is you are better off with NAVY Federal Credit Union- with NO gimmicks.

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

MarineVietVet — Mon, 27 Dec 2010 01:59:43 GMT

@bsal wrote:
well i jumped the gun and had already applied for the card and was approved for 12k

Yes but that doesn't mean you have to go through with the BT. Or have you already asked for the BT?

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Mon, 27 Dec 2010 02:00:31 GMT

well i tell you this now that i know i'm going to go ahead and try to pay off that balance as fast as possible and never use the card after the balance is cleared thanks again for you guys help it was my fault i jumped the gun,

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

bsal — Mon, 27 Dec 2010 02:03:33 GMT

YES I WENT AAHEAD AND DID IT BUT THE LADY SAY IT MIGHT TAKE 30 DAYS FOR IT TO TAKE EFFECT DO YOU STILL THINK I HAVE TIME TO CANCEL IT?

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

MarineVietVet — Tue, 28 Dec 2010 05:27:50 GMT

@Anonymous wrote:
This is why I get so angry at Citibank- they are already misleading you with 3% or $5 dollar fee- it is indeed 3% or $5, but whichever is GREATE- which in your case the balance transfer would cost $150 right out of the gate- I agree with the FICO Moderator. Good luck- and for anyone else reading...please read ALL the fine print of the BANK cards. Again, most credit union cards do NOT assess ANY balance transfer fees- and my guess is you are better off with NAVY Federal Credit Union- with NO gimmicks.

I don't agree that it's misleading. It plainly says the fee is the greater of $5 or 3%. I'm not sure what could be more clear.

But I do agree with you that all of us need to go over the fine print more carefully than what many of us do.

Re: I REALLY NEED HELP IM CONFUSED AND AT A LOST HELP ME !!!!!

MarineVietVet — Mon, 27 Dec 2010 02:05:02 GMT

@bsal wrote:
YES I WENT AAHEAD AND DID IT BUT THE LADY SAY IT MIGHT TAKE 30 DAYS FOR IT TO TAKE EFFECT DO YOU STILL THINK I HAVE TIME TO CANCEL IT?

I don't know if it's possible to cancel a BT but all you can do is call and ask. I would do that as soon as I could though.