Balance Transfer advice

[bugeater95]

That's a thought, Dustink.  But, you can only do one payment plan at a time with the IRS and I will have 2012 taxes due soon, so....?  (Being a grown-up stinks!  haha)

[bugeater95]

Ran some calculations...

Current utilization (I have other cards not listed, but zero balances - mostly store cards and not sure if those count, but I've included the limits) = 42.94%

If I BT all outstanding balances, but no IRS = 19.74%

(would have to pay $666/mo to pay off in 12 months - currently monthly pmts are $295/mo)

BT + 2011 taxes = 35.28%

($1192/mo - currently paying $795/mo)

BT + 2011 + remainder of CL to 2012 taxes = 49.33%

($1666/mo to have ALL paid off in 12 months)

And, need to put away $1000/mo for 2013 taxes!!! (slow but not stupid!)

[youngandcreditwrthy]

Congrats on that limit! I am JEALOUS!

[bugeater95]

Thanks, YandC.  (I've read quite a few of your posts btw...thanks for contributing so much!)

I was really shocked.  Our scores aren't very good, really.  Mid 600's.  Income pretty average too.  And, we have over 10 derog's on our reports and 1 judgment each, but all are from at least 3 yrs ago.  Oh well, not gonna look a "gift horse" in the mouth!  Going to use it wisely to better ourselves and eventually get rid of ALL debt.

[youngandcreditwrthy]

That limit ought to increase your score a whooooole bunch! Esp if you bt all those other balances!

[bugeater95]

Ya, pretty sure I will BT everything and then decide what to do on the taxes.  Maybe file extension on 2012 taxes to buy time (yes, will pay penalty), in the meantime pay off 2011 taxes as much as possible, then wait for scores to go up, apply for more credit, then figure out what to do with what is left owed to the IRS.  House needs to be on hold until we have a handle on all of this.

Really appreciate everyone's responses today!  Helped me think things through better AND gave me great ideas/info!  Love these forums!

[Anonymous]

I am no expert but I concur with Dustlink.
Take those balances on the cards and wrap them all up in one on the nfcu and take then maybe throw all extra money directly at the IRS to get the big one done faster.

[bugeater95]

Thanks, PilotDude.  (btw...my son is a pilot too )

[Dustink]

Filing for an extension is likely the way to go for 2012.

[Anonymous]

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@bugeater95 wrote:

Thanks, PilotDude.  (btw...my son is a pilot too )

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Awesome!!  What does he fly?

I am in a G5 at the moment.  The guy I fly for is constantly back and forth between L.A. and Vegas, Cabo and St. Maarten.