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