Balance transfer NASA fcu?

[Desmoire]

As you can see in my siggy, my newly approved NASA rewards card is my highest CL. I have balances on 5 other cards, as well as a LOC. Some are almost maxed, others are in between 25-60% utl. Would it benefit my score to balance transfer all of my cards to NASA (they have a promotional balance transfer rate of 7.9%, way lower than any of my cards) and just pay it off over the next few months? Its a total of just under $4500 that I would transfer.

Also, I have never done a balance transfer before. Is the transfer done electronically, or does NASA just send me a check to pay them off?

Thanks!

[Creditaddict]

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@Desmoire wrote:

As you can see in my siggy, my newly approved NASA rewards card is my highest CL. I have balances on 5 other cards, as well as a LOC. Some are almost maxed, others are in between 25-60% utl. Would it benefit my score to balance transfer all of my cards to NASA (they have a promotional balance transfer rate of 7.9%, way lower than any of my cards) and just pay it off over the next few months? Its a total of just under $4500 that I would transfer.

Also, I have never done a balance transfer before. Is the transfer done electronically, or does NASA just send me a check to pay them off?

Thanks!

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it would help your credit A TON to go from 5 balances to 1.

nasa will just pay each creditor the amount you request.

[Desmoire]

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@Creditaddict wrote:

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@Desmoire wrote:

As you can see in my siggy, my newly approved NASA rewards card is my highest CL. I have balances on 5 other cards, as well as a LOC. Some are almost maxed, others are in between 25-60% utl. Would it benefit my score to balance transfer all of my cards to NASA (they have a promotional balance transfer rate of 7.9%, way lower than any of my cards) and just pay it off over the next few months? Its a total of just under $4500 that I would transfer.

Also, I have never done a balance transfer before. Is the transfer done electronically, or does NASA just send me a check to pay them off?

Thanks!

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it would help your credit A TON to go from 5 balances to 1.

nasa will just pay each creditor the amount you request.

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Awesome thank you, also will a balance transfer work for a Line Of Credit with my bank, as well as a store card (Nebraska Furniture Mart)?

[waynes1982]

I can't tell if they charge a balance transfer fee becasue it's considered a cash advance according to online.  

[Slim1Der]

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@Desmoire wrote:

As you can see in my siggy, my newly approved NASA rewards card is my highest CL. I have balances on 5 other cards, as well as a LOC. Some are almost maxed, others are in between 25-60% utl. Would it benefit my score to balance transfer all of my cards to NASA (they have a promotional balance transfer rate of 7.9%, way lower than any of my cards) and just pay it off over the next few months? Its a total of just under $4500 that I would transfer.

Also, I have never done a balance transfer before. Is the transfer done electronically, or does NASA just send me a check to pay them off?

Thanks!

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NASA sent me 3-4 balance transfer checks in the mail to send to any of my current credit accounts. I think I only used 1 because I transferred everything to my NFCU card then wronte one big check with the NASA BT check.

I'd have to agree with CA, 5 reporting balances going to 4 reporting ZERO and one reporting a balance would boost your score.

[Slim1Der]

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@waynes1982 wrote:

I can't tell if they charge a balance transfer fee becasue it's considered a cash advance according to online.  

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No BT fee.

[Creditaddict]

yes you can pay your credit line and store card, you just give account information and address to submit the bt.

and nasa does not charge for bt if i remember reading the bullet points about the credit cards.

most credit unons don't

[waynes1982]

If I write out one of those checks to myself and deposit it into my account does that could as a balance transfer?

[Creditaddict]

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@waynes1982 wrote:

If I write out one of those checks to myself and deposit it into my account does that could as a balance transfer?

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usually but just have to read terms of the check

[waynes1982]

Will do,  I don't want to have to write out a bunch of checks to balance transfer some small balances.