Balance transfer help...

[Hookemhornz]

Hello all, new to this group and wanted to pick your brains. I am trying to figure out the best way to bring my utilization down as well as save on interest over my current credit cards. Current utilization is about 48%. I have been grinding away at paying down all my credit cards for a while now. Utilization was around 94% at the start of this year. My problem is i am paying 18-24% interest on my cards right now. I am looking for a good place to get a 0% balance transfer card for around $10k-$15k. Preferably one that uses FICO 9 scores as those are my best right now. My scores are all between 700-708 using the Fico 9. Any help is much appreciated.

[Anonymous]

Hi and Welcome to MYFICO!

If you could list CC, CL, UTI and the APR I am sure someone here could help ... 

[Hookemhornz]

I'll have to gather that info.

Goid news though, i just applied for a new card with PenFed and was approved for $10,000 SL!!!

This us going to help my utilization tremendously. Only thing i have to consider now is, would it be worth trying to apply for more cards right now since they approved me? To help my utilization go down even further?

[Np1791]

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@Hookemhornz wrote:
I'll have to gather that info.

Goid news though, i just applied for a new card with PenFed and was approved for $10,000 SL!!!

This us going to help my utilization tremendously. Only thing i have to consider now is, would it be worth trying to apply for more cards right now since they approved me? To help my utilization go down even further?

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Congrats on the approval however I do think you should get at least one more card with a high limit. Moving everything to the new card would put you at 100% utilization which will hurt your scores A LOT. 

[Appleman]

Congrats on the improvement. The next likely point of score improvement will be getting utilization below 30%.

So, getting additional credit will help your utilization but the help to your score may be offset by the additional inquries and new accounts when they post. However, your score will benefit.

The other option would be to see if you qualify for a personal loan. You can check and see if any lenders will do a soft pull (SP) to see if you qulaify. You can try places such as Prosper, Lending Club or a variety of other places. The benefit of a personal loan is that for scoring purposes FICO scores personal loan debt in a better light compared to credit card debt.

Good luck

[NRB525]

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@Hookemhornz wrote:
I'll have to gather that info.

Goid news though, i just applied for a new card with PenFed and was approved for $10,000 SL!!!

This us going to help my utilization tremendously. Only thing i have to consider now is, would it be worth trying to apply for more cards right now since they approved me? To help my utilization go down even further?

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Congrats on the new card. Don’t apply for anything else. 

As asked above, list your existing credit cards, limits, and what you owe on each. You should have this readily available, as part of your efforts to pay down balances

It is quite likely that you already have a card that might be useful for balance shuffling. But until you list the cards out, we can’t tell you.