I would maybe look at some cards that dont charge a transfer balance fee or a personal loan that way uyou dont have to worry about the utilization.
Starting Score: 512
I concur with above posters, it sounds like a personal loan would be ideal for your situation. With your scores, income, and low DTI thanks to paying off your mortgage (congrats!) and having no other installment debt, you would likely qualify for a favorable interest rate and a loan that would nearly (if not entirely) pay off the CC debt that you are intending to transfer. Putting that balance into an installment loan relieves your revolving portfolio of carrying that load long-term, which will be much better for your credit profile over time. And if you aren't able to land a large enough loan to cover the full balance, then I'd recommend a BT card or two to clean up the leftovers.
@JMCB wrote:I'm wanting to apply for (4) credit cards & (2) Hard pull CLI so I can balance transfer about $55k in debt out of $177k in CL, so I can spread the debt out to stay below 30% on each card. I was going to use 3 cards but was warned against it. Most my cards CL are around $13k. My FICO Score 8 is 790 with perfect history, 12 year average, 31% Util, no inquires, and I live in Oklahoma. I know I will take hit with 6 inquires and 4 new cards. But I haven't applied for anything in 5 years. Only debt I have is this. What strategy would you use? What card would you apply for first? Then CLI? Thank you for any suggestions!
I've received the following Pre-approved offers in the mail:
Citi Diamond - 0% at 21 months - Read they can pull all 3 CB.
WF Reflect - 0% at 21 month - Read they pull EX mostly
BoA - 0% at 18 months - Read they pull EX mostly
US Bank - 0% at 20 months - Read they pull EX mostly
Want to do CLI for Chase (EX) & Barclays (TU)
If I were you I would try to get a credit union non-rewards platinum card with no balance transfer fee and no cash advance fee.
