Balance Transfer on CC?

[Anonymous]

I called Discover tonight and asked about the balance transfer that's available to me. He mentioned that i could also use it for some of my auto loan to lower that. If i did that i could get my car loan down to about the value of the car, but then i would have a credit card with a high debt limit but with the 0% for 14 months i think it was. I'd rather keep my limit low on the card. My offer is available until April. I told him i wanted to pay down the amount that's on the card first before i would do this. Should i use any of the credit available to pay off some of my car loan, maybe like 1000-1500?

[AllZero]

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@Anonymous wrote:

I called Discover tonight and asked about the balance transfer that's available to me. He mentioned that i could also use it for some of my auto loan to lower that. If i did that i could get my car loan down to about the value of the car, but then i would have a credit card with a high debt limit but with the 0% for 14 months i think it was. I'd rather keep my limit low on the card. My offer is available until April. I told him i wanted to pay down the amount that's on the card first before i would do this. Should i use any of the credit available to pay off some of my car loan, maybe like 1000-1500?

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If you would like to share more details. Perhaps, more members can give you some feedback.

CC credit limit, APR on car loan, length of loan, balance, original loan amount, etc.

[Anonymous]

I have 14,900 left on my loan, 40 payments left, 8.74% interest rate, i think the total loan with interest was 25019. My cc limit is $5700. I have a balance right now of $2000 on the card right now. 

[ldkcivilservant]

I did this with my NFCU Platinum this week. 1.99% for 12 months rather than 5% on my loan, 0 BT fees.

I can get it cleared in less than 12 months.

[Anonymous]

If there are no fees associated with the 0% 14 month offer and you are using that to pay-down your auto loan, that sounds like a win-win.

[Anonymous]

Wouldn't recomend if it's going to push the UTL% as it will hurt your FICO

[Caitt]

Hey when you did it with NFCu do you just call your car financial company and tell them apply it to the principal? 

[ldkcivilservant]

Got the payoff quote online and filled out the BT form on NFCU website. No calls to car finance company required.

Car is now paid off and saved 6 months of interest.