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CC 0% Transfers......

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

CC 0% Transfers......

Happy New Year!

NY Resolution to clean up my credit cards.  I have 3 which a pretty much at max and looking for advise in relation to the best 0% balance transfer cards to switch to?
Can I tfr all 3 balances to one card? 

I plan to use put all of tax rebate on the cards.
Cards are : 

  1. Bank of America (14.99%) 13K
  2. Chase (20.24%) $10k
  3. Capital One (20.15%) $15k

Thanks In Advance!!

Message 1 of 3
2 REPLIES 2
Senior Contributor

Re: CC 0% Transfers......


@sars4619 wrote:

Happy New Year!

NY Resolution to clean up my credit cards.  I have 3 which a pretty much at max and looking for advise in relation to the best 0% balance transfer cards to switch to?
Can I tfr all 3 balances to one card? 

I plan to use put all of tax rebate on the cards.
Cards are : 

  1. Bank of America (14.99%) 13K
  2. Chase (20.24%) $10k
  3. Capital One (20.15%) $15k

Thanks In Advance!!


If your cards are maxed out, you don’t have much hope of getting a BT card. Creditors like to extend credit to you when you don’t need it, it’s less risk. 

 

What I would do is sit down and make a budget - you can use an app like Fudget to just put in your income, expenses, and a needs allowance, then take the rest of that balance and figure out how much money you have to pay down your cards. If you don’t have enough to make 2x minimum on two cards plus at least 3x min on your highest APR (Chase), it may be time to look around for a debt consolidation loan and barring being able to get one large enough, you may want to call a credit counselor and look into a debt management plan before things get out of control. 

https://www.consumer.ftc.gov/articles/0153-choosing-credit-counselor 

 

If you are a member of a credit union, that’s a good place to start asking for options for loans with fixed terms. 


Scores 1/2019:
Scores 7/2019:

Hover over my cards to see my limits!
Goal cards:
Message 2 of 3
Established Contributor

Re: CC 0% Transfers......

I wouldn't say that you have no chance at a BT card at all. However, looking at your balances, I think it would be unlikely that you would get a CL that would cover all of the $38K that you currently carry across all three cards. The conventional wisdom is that when you apply for new cards lenders tend to give you CLs that match what you currently have. So if your cards are maxed, you are unlikely to get a card that's 3x your current limits. The best case scenario you can hope for is perhap a card that will match your existing limits if you are approved at all (that's a substantial if). 

 

There are 2 strategies you can take right now assuming your tax refund and regular payments can cover it (I'm assuming a tax refund/regular payment of at least $12-15K):

 

1. Throw about 5-6K at each card, which would pay them each down to 50-60% level. That may be enough to get you a BT card that will cover the rest of the balances on your two highest interest cards (Chase and C1). Then I would snowball the remaining balances by focusing extra cash on the BoA and when that's gone, pay down the BTed balance before the 0% period is up. 

 

2. Don't apply for a card, start snowballing right away. Concentrate extra cash on your balances starting with the highest interest one and move on down. When you are approximately 50% paid off, get a BT card and restart the snowball from there. 

Message 3 of 3