Balance Transfer Help PLEASSEEE!!

[Anonymous]

Hello all,

It's been a long LOOOONG road rebuilding my credit!!!! 

I just got approved for a $15,000 Credit Limit with Navy Federal Credit Union  BUTTTTTTT I have a ton of cards with high balances and high APRs. I have heard of balance transfers but have never done one. Can someone please give me advice???!! I was thinking of doing the balance transfers so my credit utilization could decrease. What would you do????? Listed are my credit cards with the balance first and the limit last.

• Amex Blue Cash Preferred: $1412/$2000 = 71% utilization
• Chase Freedom: $2300/$2500 = 92% utilization
• Discover IT: $1137/$1700 = 67% utilization
• Citibank: $800/$1000 = 80% utilization
• Macy's: $800/$1000 = 80% utilization

My balances are extremely high due to unforeseen financial obligations. I want to get my credit back on track so I need advice. All cards APRs are in the 20s so I want to pay them down as soon as possible. 

[Anonymous]

Call NFCU to ascertain if they have any balance transfer offers for your new accocunt.

Balance transfer all your listed obligations on the other cards to NFCU.

If I am not mistaken, NFCU will not charge a Balance Transfer Fee.

[Omnipotent]

What is Navy's APR and fee on BT?

[resilient]

Also, after you BT, make a conscious effort to not take on anymore debt on the cards you are BT'ing from. 

[Anonymous]

---

@Omnipotent wrote:

What is Navy's APR and fee on BT?

---

I did a balance transfer about six months ago and was informed at that time by the Representative that NFCU does not charge
a balance transfer fee.

Not sure if still the same.

Best to call them for verification

[Creditaddict]

---

@Anonymous wrote:

Hello all,

It's been a long LOOOONG road rebuilding my credit!!!! 

I just got approved for a $15,000 Credit Limit with Navy Federal Credit Union  BUTTTTTTT I have a ton of cards with high balances and high APRs. I have heard of balance transfers but have never done one. Can someone please give me advice???!! I was thinking of doing the balance transfers so my credit utilization could decrease. What would you do????? Listed are my credit cards with the balance first and the limit last.

• Amex Blue Cash Preferred: $1412/$2000 = 71% utilization
• Chase Freedom: $2300/$2500 = 92% utilization
• Discover IT: $1137/$1700 = 67% utilization
• Citibank: $800/$1000 = 80% utilization
• Macy's: $800/$1000 = 80% utilization

My balances are extremely high due to unforeseen financial obligations. I want to get my credit back on track so I need advice. All cards APRs are in the 20s so I want to pay them down as soon as possible. 

---

woo  wooo wooo... Navy Federal Credit Union does not qualify for many of the questions people have posted to OP to call and ask.

What APR did Navy Give you? Should be aound 10-18% most likely.... either way it sounds like no matter what it will be better for you to transfer all you credit card debt not to mention 1 easy payment instead of 5.

just log in to Navy and click on your credit card.. then click balance transfer and 1 by 1 enter all the payment information right off the statement (log in online and pull up a pdf of the statement if you don't have one and if they don't list account number on statement, enter it off your physical credit card.

Navy Federal does not charge any fee to do the balance transfer and it will take 3-10 days depending on lender you are paying and it will be at the purchase rate on your account... they offer 0% about 1 sometimes 2 a year and that ended Sept. 30.

You will see a great jump in your credit when all of these payments update on your credit report to paid off accounts!

Congrats

[FinStar]

---

@resilient wrote:

Also, after you BT, make a conscious effort to not take on anymore debt on the cards you are BT'ing from. 

---

+1000

Emergencies can and will happen and CCs can offer a short term solution, but having cash reserves is much more prudent than having to tap your CCs in the long term.