@kdm31091 wrote:Why do you feel the need to app for so many BT/low APR cards? I would think one with a decent limit should be enough. If you anticipate having debt for that long, you may need to look at the bigger picture. Constant BTs are a bandaid, and don't actually solve the underlying debt, so I wouldn't apply for a bunch of cards with the premise of "long term, low cost BTs" because that really doesn't solve anything.
I would tread lightly rather than heavily with apps in your situation. A spree seems ill advised.
First, thank you for sharing your thoughts. 
"One with a decent limit should be enough". Define decent. Sure, if the credit union gives me a $25k BT card, I'll be "one and done", but I don't expect that.
Bigger picture takes a long time to explain, but I've made great progress already this year. Long story short, wifey and I bought a home via short sale and rebuilt it using credit cards...intended to refinance the mortgage to pay off CC's, but were told that we had too much CC debt. (duh). I just opened a home equity line and took $20K or so off of our CC balances, and 56% util is a LOT better than 84% which is where we were in January.
Util WILL be dropping all year as we have now turned the corner, so to speak...it just isn't going to drop very quickly, and I believe that zero / low interest BT cards will help that number drop more quickly AND save us actual dollars every month.
@elim wrote:I just want to know one thing...
How did the house come out? Awesome?
LOL. The INSIDE is lovely, thank you. We've still got a bit of work to do on the outside, but nothing major or structual.
We bought in 2013 for 118k. House appraised at 125k.
Failed refi attempt 2015, house appraised at 165k.
Home equity appraisal 2016, 182.5k.
Lots of space, good floor plan for us. We remodeled all three bathrooms, converted a second family room into a 210 square foot laundry room (because DW thinks she's Martha Stewart...) and essentailly remodeled the kitchen. Lots of paint, lots of drywall repair, lots of minor plumbing work.
Here's hoping for a 200k appraisal and a successful refi in 2017!
@driftless wrote:
First, I wish the best of luck moving forward. I would approach your situation differently. I would determine which CC's I would want 3 - 5 years from an only apply for those CC's if I thought that I had a good chance of approval. I would then start paying down your debt starting with the CC's with the smallest balances and working my way up. I would also close CC's that will not be used in the future. Thinking long term.
You make a few excellent points, thank you. During that 3-5 years, I'd rather be paying 5 or 8 percent interest then 18, 20, or 25% interest.
As I mentioned earlier, we HAVE turned the corner...our total CC debt should go down every month from now to forever. If I can reduce the amount of interest I'm paying, I think that it will go down faster.
...and if I can't, I can't. But it seems silly not to try.
