Bit the Bullet and did another BT

[Anonymous]

So, I  recently went on a little app spree and originally I intended to transfer over a closed credit card balance (that I closed) to a single credit card, but that led to another credit card app since the first one was not enough to transfer over the entire balance of the closed credit card. 

Anyway, I got approved for: Discover 6k SL (for Disney trips), BankAmeriCard 5k SL (card I originally wanted for BT), and Citi Diamond Preferred 6.3K SL (Back up when the BOA card wasnt enough). I processed the transfers, and they are still in the works eagerly awaiting seeing that 6k from my closed credit card finally done with after 7 years.

Then today, and this may hurt me individual util wise, decided to make the most of that sexy 0% for 21 months BT for Citi and transfer over 3600 from a 23.24% BBR card (now at 0). I think I will be happy in the long run with the interest savings (the closed cc was only 10%, but bugged me that it was closed, as I closed it when I was less fluent in how credit works), but not happy in the short run as I anticipate my credit score to go down with the new accounts, inquiries, and utilization.

Also my wife put the rest of a mattress loan that we wanted to PIF before interest on a credit card (we planned to pay biweekly but fell behind). I said that was cool just use Citi Diamond...she used Slate...I guess im not too concerned about 441 bucks, but still that could hav been 0%. ugh oh well.

Here is a before and after if you will:

Before App/BT Spree (Int rates):                                    After App/BT Spree (Int Rates):

Freedom: 0/9500                                                               Freedom: 0/9500                                                

Slate:       0/1000                                                                Slate:        441/1000 (ugh, 19.24%)                  

BOA:        3600/14000(23.24%)                                       BOA BBR: 0/13000 (UW had to lower by 1k to get other card approved)

Syncrony:  0/7500                                                             Syncrony: 0/7500

Kay           4000/8350 (26%?)                                           Kay:           4000/8350 (26%?)                         

Simplicity:   0/4600                                                           Simplicity:  0/4600

Harborstone: 6000/0 (closed cc, 10%)                          Citi Diamond: 5071/6300 (0%)

                                                                                              BankAmeriCard: 4900/5000 (0%,they made me xfer over that much to get approved)

                                                                                              Amex: 1000/4100 (0%, Financed trip to get $200 bonus)

                                                                                              Discover: 700/6000 (amazing what the wife can do in an afternoon)

Though some individual utils are ugly, im planning to focus on these soon with some bonsues i got coming, and my overall util is at 24% and my monthly cc min payments were at $806 2 years ago (i used to have 7k on freedom and simplicity maxed out) and now it will be at roughly $420.

Anyway, overall I'm happy. I finally took advantage of a BT (have never done one before), saved a lot of money and mental health on casting away old debt and expensive debt, and finally lived a little and took advantage of a sign up offer with a trip ive always wanted to do (Denver: Rockies game, Denver Mint, Baseball museum, and Money Museum)

It finally feels like im having the credit cards work FOR ME rather than having them control my life. 

[Meanmchine]

You now have more accounts reporting a balance then zero balances. FICO scoring does not like that.

[Anonymous]

I would continue to make payments like you were before ($806 ) to pay down your debt. If you did that you’ll Ben out of debt faster plus only paying the minimum isn’t a good idea.

[Anonymous]

Thank you for the replies!

I do plan to pay the amount of money i normally have put towards credit card debt every month to the cards so it will pay down faster.

I plan to knock out slate and Amex within the next 45 days, and discover soon after that. I know I will most likely always have a balance on discover so want the other 2 to report 0 soon.

Since all my high util balances are 0% citi and bankamericard, I have made it so that the minimum payment is the balance divided by the promo interest rate. I anticipate a 3k bonus in Feb so as long as I can get it down to that I'm happy. All extra funds I'm going to try to start building up a savings, but then attacking Kay. I plan to do this starting in May after the little ones are done with.

[Anonymous]

I never had enough money on a single card to even do a BT plus I always discarded those kinds of offers... You do seem like your aware of how to play the game.

[Anonymous]

marinersguy22 ... may want to slow any new credit card apps and get your spending greatly reduced (balances paid up). It is a good time for you to take a breather and garden. As your cards reach zero and you are building a savings (emergency fund) your credit scores will get a breather and start to increase nicely. MyFicoer's are aggressive in credit seeking and many are experienced churners but for the faint of heart or those that do not have the income to support such habits, living a credit life style by staying within one's income can do a lot for sleeping at night

[HeavenOhio]

marinersguy22 has been working on these balances for a while and has been making good progress. Once reaching a certain point in a paydown, trying for a BT card or two can become viable, and I'm sure that's what happened here.

He's definitely aware of the scoring implications of new accounts, a couple more cards with positive balances, and higher individual card utilization, so there'll be no surprises there. He's also aware that the points will come back (and then some) as he continues to implement his plan.

[Anonymous]

With the amount of debt you have I would be  very happy with the 0 percent interest offers and not care what it does to my FICO score.  Pay your balances down and everything will take care of itself anyway.  Which will be a lot easier to do with 0 percent interest.   Congrats on getting yourself out of the high interest rates. 

[Anonymous]

I appreciate that HeavenOhio. It is kind of scary getting so many credit cards at once I did it also in 2015 (simplicity, boa, slate) and this time it just kind of...feels different like before I would max them out and keep rationalizing it with the intro apr, but I just put 1k on amex (for that promo 200 bucks) and discover i had a uh stern meeting with my wife that were not doing this again and froze the card. With Citi and Boa i already cut up the cards.

I will be sure to post after all the accounts post to my cb, as well as update of closed cc having 0 bal ame updated balances on all cards.

I don't really anticipate this turning into a way of life or anything, but I for sure want to garden for a long time. I am hoping to get sp cli on both citis and discover too