topic Re: Transfer or Not??? in Credit Cards

Transfer or Not???

Anonymous — Wed, 05 Mar 2008 16:09:04 GMT

OK, here is my situation. I want to purchase a house within the next year, but I want to pay off more of my credit card debt first. I have $8,500 to pay off, and I was thinking of transferring my balance to another credit card with a 0% interest promotion, because the interest on my current cc is killing me. I know that transferring will save me over $100 dollars a month, but opening another credit card may harm my credit scores, and mortgage lenders do not want to see you applying for additional credit in the year prior to purchasing. Do you think I should transfer the balance and risk lowering my credit score?

TU: 737

EQ: 724

EX: 738

Re: Transfer or Not???

Creditaddict — Wed, 05 Mar 2008 16:15:45 GMT

I think as long as you are over 3 months out from applying for mortgage you should be fine and the savings would allow you to pay off the balance that much faster!

Re: Transfer or Not???

Red1Blue — Wed, 05 Mar 2008 16:22:21 GMT

If you are planning on the house next year, you might be ok to do transfer now. Also keep in mind if you wait 12 months Home Loan interest rates can go up too. It is a trade off you might have to look into. Since market is down and interest rates are low, you might want to go for your house sooner than later.

Re: Transfer or Not???

Creditaddict — Wed, 05 Mar 2008 16:25:29 GMT

And if I'm not mistaken, anything about 680 still qualifies you for lowest rates on market, even no doc loans