BT vs PL to eliminate CC debt

[HeavenOhio]

Here's another angle. Your BoA limit is $10,700. The two Navy cards add up to $10,000. That's not a lot of difference.

Figure that you're currently using 52% of your BoA limit. If you proportionally split the entire balance and transfer it over to your Navy cards, they'd be at 55%. Assuming that 48.9% might be an individual card threshold that applies to you, without the interest, you'd actually reach that level quicker than you would be if you were paying interest.

From a scoring standpoint, you'd have the balance on two cards instead of one. With your plethora of cards, one more card reporting a positive balance probably won't make much of a difference, if any at all.

[Creditaddict]

1. I would ask Navy for CLI on both cards and hope at least 1 comes back with an offer.

2. As others mentioned, credit score doesn't have a memory and navy doesn't care if you max them out so if you can do 0% with no fee that is FAR better than any other BT card that you pay 3-4% and it's better than a PL unless you need more than 12 months and we were talking a larger number.

[tcbofade]

Unless I'm mistaken, NFCU is offering 0/0 BT's for 12 months to any account holder through the end of February.

I would do the BT to Navy.

[AverageJoesCredit]

Yes, HeavenOhio. Actually though not much difference, my Navy totals 12.5k. Boa will not give me any more cli due to income but thats ok.

I know some of my other promos on the card will probably be up by Aug or Sept so i had not thought of actually using both Navy cards though i do have like 2 reoccuring charges on my Plat. Were i to bt to both, should i move those reoccuring charges elsewhere until i pay off the bts?

Until i unfreeze Eq , any cli request is mute lol. Per trying back in Dec and numerous phone calls and messages to ynlock Eq, and per recent convo with Csr. Im sendng out the necessary paperwork with pin to unlock Eq tomorrow. Ill know if it gets unfrozen if i see an updwted report on Credit Karma.

Good thing is we have til 28 Feb to Bt at no cost. Navy rocks

[HeavenOhio]

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@AverageJoesCredit wrote:
Yes, HeavenOhio. Actually though not much difference, my Navy totals 12.5k. Boa will not give me any more cli due to income but thats ok.

I know some of my other promos on the card will probably be up by Aug or Sept so i had not thought of actually using both Navy cards though i do have like 2 reoccuring charges on my Plat. Were i to bt to both, should i move those reoccuring charges elsewhere until i pay off the bts?

Until i unfreeze Eq , any cli request is mute lol. Per trying back in Dec and numerous phone calls and messages to ynlock Eq, and per recent convo with Csr. Im sendng out the necessary paperwork with pin to unlock Eq tomorrow. Ill know if it gets unfrozen if i see an updwted report on Credit Karma.

Good thing is we have til 28 Feb to Bt at no cost. Navy rocks

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Shoot, I used the wrong numbers. But the corrected numbers give you $2,500 more in limits than I did, so it works in your favor. You could put $2,190 on the 5k card and $3,285 on the 7.5k card and be at 44% on each of them.

I'd move the recurring payments. If you can't be sure that the change will be immediate, make a manual payment on the card of your choice to make sure that the Navy card isn't charged. Just as an example, my cable company advises a manual payment as a precaution whenever a change is made to my recurring payment.

[marty56]

BT is better than a PL, or opening any new TL for that matter.

I would recommend not using the BT card until the BT is PIF.  I know the laws have changed but that got in trouble in the past.

[DeeBee78]

I would take advantage of Navy's $0 0% APR BT's, no second thought needed.

50% on one or two cards is nothing to fret over. It's 50% on multiple cards that get lenders nervous. I'm at 50% on my BoA card right now (was at 80%), because for scoring purposes it was better than having smaller balances on multiple cards. I need a score boost for an upcoming auto loan, so I BT'd all my little balances to it for a small fee and saw my score go up 70 points when I did.

[Anonymous]

I concur with not taking out a PL to pay off credit card debt.   I rather have the multiple 50% reporting TBO.

[TheBoondocks]

Bro, I'm doing the same thing. I have 0% promo offers too, on ends on June and Sept, I'ma do a balance transfer to the Navy CU, which gives me an extra year to pay it off plus without BT fees. I wanted to mention, this has helped me in the past but I would recommend you to opt in for courtesy pay from your CU, I believe it's up to $500 with a few of like $20+ and you just pay back the next following month. Just to kill that debt fast.