Am I doing this right?

[atarvuzdar]

This looks like a good option. Remember the balances should be under 30%, not exactly at 30%.

[Anonymous]

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@atarvuzdar wrote:

This looks like a good option. Remember the balances should be under 30%, not exactly at 30%.

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Haha....yea, I know. I'm just trying to get them each as close to 30% as possible so it won't take as long to get them under it.  

The citi card has already reported a 5k balance and my score did not go down that much from what I can tell...I don't know why I've become obsessed about another 500.00. I guess since I'm not being obsessed with apping for stuff, I have to be obsessed about something else. *lol*   It's funny how you get all this credit and then don't want to use it. I'm at 10% overall so I am probably ok but I'm still trying to figure all this out.

[TheConductor]

Remember that almost every 0% balance transfer card has a 3% or more balance transfer fee. The FNBO Amex is no exception: 3% at first, growing to 5% later.

Say you move $3000 to that FNBO Amex, that could cost you an additional $90 (or possibly $150) just to move the balance.

Is a higher FICO score in the short term really worth that extra $90?  You are going to get that balance down eventually anyway.  And as long as you are making steady payments to reduce the balance, I doubt you will see any adverse action from Citi.

I would save the $90 and apply it toward getting that balance down instead.

[09Lexie]

I agree with TheConductor. If you are not applying for anything why move around bal on 0% cards? If you are not where you want to be in 6 mos, rethink the transfer.

Unless, you are time restricted on the BT.

[Anonymous]

Great thinking!! I just looked and the fee is 3%. I would much rather put that 90.00 towards the balance. I was thinking earlier that the 5k has already hit my reports so whatever damage has been done. I don't really worry about aa from citi because when I called to inquite about a cli, they offered me another bt.....lol

I appreciate all the advice given here.....I want to know all aspects before making a move.

[oscar_actuary]

so glad Conductor came in

I was racing to the end reading thru, and finally saw this bit of wisdom.

[Anonymous]

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@oscar_actuary wrote:

so glad Conductor came in

I was racing to the end reading thru, and finally saw this bit of wisdom.

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*lol* I love to be able to come here and get suggestions from all different sides! To bad I didn't find this site back when I was 20 and could have saved myself from alot of mistakes and stress! 

[youngandcreditwrthy]

I think you'll be fine.
Do what's easier to manage. I'm about to exchange 4 cc bals for one balance, and it's going to make my finances easier to handle.
Keep the 0% offers around in case you don't pay off that Citi card and need to "rate surf" lol
Ive managed to keep my scores at 700 even with 1-2 maxxed out cards, but overall util around 10-15%.
I have 15 open cards and maybe 5 that get regular use.

[takeshi74]

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@Anonymous wrote:

Does it not make a difference if I have balances on 3 or 4 cards?

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It's not necessarily the existence or lack of balances on any number of cards so much as utilization -- both total and per card as Elcid's first reply indicated.