Balance Transfer Question

[Anonymous]

"What I mean is, I could spend the $1k a month to pay off these cards, but that's hard to do when I'm also closing them, as that's $1k I wouldn't have access to if I needed it. But, if I did a BT to NFCU, I could pay that $1k a month to NFCU, which would leave me with that money available if need be"

I'm not sure what you mean.    So take the card you have othat is maxed out at $1000.   The two choices are:

1) Payoff that card and close it

2) Transfer it to NFCU, pay off the $1000 and close the first card

In either case, just considering those two cards, you are left with a NFCU card with $2k available.   So don't see how that  2) makes more money available than 1).

[Anonymous]

I also do not understand this. If you just use the money to pay off the cards themselves, the $2k on the NFCU card will still be available to you the entire time if you need it. Transferring the balances over to the NFCU and then paying them off right away seems to be a completely pointless step.

**The wording of your post makes it seem like you think doing a BT to NFCU card will increase the credit limit on the NFCU by that much? I don't see any other way to make sense of this idea.

[Anonymous]

I don't really understand your plan. To prevent further damage, just get everything current for now. (You can BT some $ if you don't have the cash to get them all current now.)

You're going to need to get on a budget. It's bad news that you're in this predicament right after buying a house.

Get everything paid off. I would actually keep all of your accounts open and after 6 months of good standing or so, start saturating them with goodwill letters to get the lates removed.