@Anonymous wrote:
Hello, I just got a Navy Federal More Rewards American Express card with $20,000 cl. I currently have a Barclay Apple rewards $2,000 (28.49%) and CapitalOne platinum MasterCard $2,000 (24.4%). I was considering doing a balance transfer as the Amex has a much better rate and credit limit. I’m trying to pay off all my CC debt as I had some family emergencies and had to use more than I had and now the interest is eating me alive and I can’t keep up or get ahead (horrible, I know and I learned my lesson). Is it bad to do two cc balance transfers? Also, I have another CC that has a decent rate but is maxed at $7,500 (15.85%)! Should I transfer all 3 cards to the $20,000 for a total of $11,500? Each month I pay $100 to each card so I can do maximum $450 monthly if I transfer them all to Amex at 14.49%. I’m finally back on my feet and trying to recover and am learning. I know my rates are high and I wish I could qualify for 0% but this is where I’m at and the future holds better. Thanks in advance for all your help and advice!
1. No it's not bad to do 2 balance transfers, except for the balance transfer fees. Would of course be good to get rid of both of those balances on the high interest cards.
2. If you're concerned about your credit scores, only use $5,600 of the $20,000 for balance transfers, so that the new card doesn't go over 28% utilization.
3. Use the other 1600 to get that 7500 card out of maxed out territory.
@Anonymous wrote:
True, i was suggesting that so OP has $0 balance on all cards. But this would work too. Maybe try to get a CLI on the card first so the UTL is less.
The OP would actually have a positive balance on the BT card with the others being at zero.
Reporting balances of zero on each and every card is something that should never be recommended. Rather, it's something you tolerate in the short term. 
I only mention this because of the number of people who come to the scoring forum and are surprised by the 20-ish point ding that comes along with it.
A lot of people on this site are hung up on keeping their score the highest it can be all the time. The fact of the matter is, if you're not planning to apply for anything in the near future, your score is pretty much irrelevant. It doesn't matter if you keep your balance on 1 or 3 cards, your overall utilization will remain the same. So, do what makes financial sense. If you want to pay it off quicker, getting a personal loan would be ideal as the rate will be lower than any of your credit cards. Just use self-restraint to not charge them up again while paying off the loan. That being said, you do have to consider what the banks will do when you pay off your balances. Barclay is the only one that might balance chase you if you pay them off too quickly. They may also cut your limit if you pif from a large balance.
