Advice needed for balance transfer(s)

[kshew97]

Here are my cards, balances, and limits...

Barclays Rewards $2200/$2500

Discover $750/$1000

Target $424/$500

JCPenney $1300/$3800

Kohl's $250/$300

Sears $450/$1000

Just got my new NFCU card yesterday, $25K limit, zero interest balance transfer for 12 months. Unless I hit the lottery, I will not be paying everything down in the next 12 months, and with the new NFCU card, mu util goes WAY down. Question is, which cards do I "tweak" the balances on in order to maximize the bump to my score?

Before you say it, I know my util is very high prior to getting the NFCU card, but some of these are the wife's, and all of them are now in the sock drawer to stay.

[Anonymous]

Are you wanting a bump in your score for any specific reason?  App-ing for a mortgage?  Car? 

If not, I'd say don't worry about your score and focus on the debt.  Transfter ONLY the high rate balances that you CAN and WILL pay off in the next 12 months.

[crunching_numbers]

Everyone has their own way of doing this. After the promo rate, is the new card rate better than your rate for Discover and Barclays? If it is, then your balance will be more economical to live on the new card. Util% by card is better if $2950/$25000, with 0/$2500 Barclays and 0/1000 Discover. Then I would agressively attack Kohls, Sears and Target during the 0% interest on the transfered balances. Alternately, some people would roll all the balances into the new card at 0% to have no interest expense at all, with only one TL reporting a balance. If you are not looking to get a mortgage or need the FICO's awesome, you need to consider the cost of the credit. Just my opinion though.

[improvingmycredit]

+1
I'd roll all of them into the NFCU card. The APR has got to be better then any of the other cards you hold even if you don't pay it all off in 12 mo. Maybe by the end of the 12 months- you'll get another 0% offer from another lender to roll the remaining balance into. The key is to not charge any more and attack the outstanding balances aggressively. JMHO. Let us know what you decide.

[kshew97]

My rate on the NFCU card would be better than all of the others, just wasn't keen on putting a big balance on one card, especially a new card. Originally I though about transferring Barclays and Discover, and knocking down the others one at a time.The Target and Kohls are easy, the Sears and JCPenney can be done after my tax refund comes in. Didn't know if util would look better spread out, or just one TL with an open balance.

[improvingmycredit]

Utility is utility is utility.   Unless you are looking to make a big purchase in the near future, it really won't matter much. 

I have all my debt on one card at 0% but I will have it paid off by the end of the 0% term.  Making one payment to a 0% card will pay off that debt much faster then multiple minimum payments to many cards with varying APRs.  Worry about the debt for right now and not the utility to get to that FICO you are looking for.  JMO. 

[improvingmycredit]

BTW..... DUH!!  Super Congrats on the New Card and 25K!  Gotta love NFCU! 

[kshew97]

LOL...Thanks!!

[Anonymous]

Is there a BT fee?

[kshew97]

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Wolf3 wrote:

Is there a BT fee?

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Nope, 0 fee, 0 interest