Balance Transfer Questions

[Anonymous]

I currently have balances on 3 high rate cards.  I also have 3 new cards with 0% balance transfers. I have already transfered balances to these cards. I have enough room left to transfer most of the balances left on the high rate cards. However this will basically max out the new cards. Current total utilization is around 29% with half of all cards reporting balances.

Questions: What effect will maxing balances on these new cards have on chances of cli in the next couple of months? Cards are currently less than 1 month old and are Wamu, Hsbc and Cap1.

Also what effect will this have on my ficos. Currently 6 cards show balances and 8 do not. Also have a student loan, installment loan and line of credit with balances.

As an alternative: What would be the chances of a credit union giving me a loan or credit card at a decent rate to combine the balances on the 3 high rate cards and the line of credit. Since Dec. I have opened 11 new accounts, with 9 of those in Jan.

Credit scores are low 600's with some baddies if it helps.

Message Edited by cowpaddi on 02-19-2008 09:31 PM

[Anonymous]

Maxing cards will hurt your FICO-

Are the CL's lower on the cards you are transfering to?

That is a lot of new credit in a short amount of time-

[Anonymous]

The credit lines are lower on the new cards, although one of the higher rate cards is also new. The reason for wanting to do the transfers is to save money. But also,  since most of the amount that I want to transfer came from having the rest of my teeth pulled I want to pay as much as possible before I have to pay for the dentures in about 2 months. I did not know that I was going to need all this dental work at the time I went on my app spree. But then due to an infection I had to do it much earlier than I would have wanted.

I started my app spree on 1-23 got Score Watch on 1-29. To date my EQ fico has gone from 627 to 636 on SW. I do not want my scores to tank. That was why I was asking about the likelyhood of my being able to either get a personal loan or credit card from a credit union despite all the recent accounts opened and inquiries. The Credit Union in questions is one that I used to belong to until I move out of the area. Am back in area now and can rejoin.

I am at present looking to change banks any way. Currently with Wells Fargo. They do not want to give me any love on my cc. Took out a line of credit and cc with Wells Fargo Financial in Dec. While the cc had a $25 fee it was still 3% cheaper than the rate on my Wells Fargo card. That and the 0% bt offers is what caused my app spree and wanting to change banks. Unfortunately I have to now spend about $3000 on dental work with no insurance. I was hoping to have all my cards paid off by the end of the year with the original balance transfers. Now it will likely take a year and a half. I need to get them paid off so I can save for a house.

Sorry for the rambling post. Any advise is appreciated.

[Anonymous]

Bump. Comments anyone?

[Anonymous]

When you say if you transfer the rest of the high APR balances, you're max'd out, do you mean 90%, 95%, 85%? If you must, don't carry the balance past 90%, and make sure you calculate the BT fee and roughly 1 month of interest.

Also, if you just paid the min on the new cards and paid as much as you can allocate to the remaining high APR balance, how long would it take to pay off? Is there a cap on BT fees? Does that throw off your savings?

Maybe put everything in a spreadsheet, or write it out and see how the numbers add up.