Help on CC balance transfer!!!!

[tithelady]

Help. 
rebuilding credit

Now at 750-766 across three credit bureaus. Striving for 800-850

Credit 1 Bank CC since 22 cl $1500 balance $200 

Amazon  Chase CC since 23 cl 19k 😀recently increased from 4k cl

balance $350

**** Should I transfer Credit1 balance and close this subprime card?

Will it cause credit inquiry?

[citymunky]

Why even bother with a balance tranfer that low. Just pay it off IMO and close the Credit One a month before the AF hits. 

[Kforce]

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@tithelady wrote:

Help. 
rebuilding credit

Now at 750-766 across three credit bureaus. Striving for 800-850

Credit 1 Bank CC since 22 cl $1500 balance $200 

Amazon  Chase CC since 23 cl 19k 😀recently increased from 4k cl

balance $350

**** Should I transfer Credit 1 balance and close this subprime card?

Will it cause credit inquiry?

---

A few things we don't know, however knowing that most

Credit 1 - cards have ~$100/year AF and ~30% interest rate.

Yes a balance transfer will save you money even with a 4% or 5% BT fee.

With $1,500 balance and 30% APR, your first months

interest is  >$37 keeping it on the Credit 1.  

I would do both, transfer the debt to Chase, and as @citymunky said close credit 1

before the next Fee post.

Even with good payments on the Cr-1 card a

BT will save you money. With $144/mo (Even 11 month payoff #)

Cost of BT would be $60-$75 (4%-5%-Fee) and $264 if kept on

Cr-1 @ 30% with same $144/mo pmts (13 months with this pmt)

Don't know but would bet Chase Apr after BT is probably less

than the Cr-1, even if you can't pay off before BT term

[SouthJamaica]

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@tithelady wrote:

Help. 
rebuilding credit

Now at 750-766 across three credit bureaus. Striving for 800-850

Credit 1 Bank CC since 22 cl $1500 balance $200 

Amazon  Chase CC since 23 cl 19k 😀recently increased from 4k cl

balance $350

**** Should I transfer Credit1 balance and close this subprime card?

Will it cause credit inquiry?

---

Yes you should pay off and then close the Credit One card.

No you should not do a balance transfer; (a) the amount is too small and (b) your Chase card is not a good balance transfer card.

[Jnbmom]

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@SouthJamaica wrote:

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@tithelady wrote:

Help. 
rebuilding credit

Now at 750-766 across three credit bureaus. Striving for 800-850

Credit 1 Bank CC since 22 cl $1500 balance $200 

Amazon  Chase CC since 23 cl 19k 😀recently increased from 4k cl

balance $350

**** Should I transfer Credit1 balance and close this subprime card?

Will it cause credit inquiry?

---

Yes you should pay off and then close the Credit One card.

No you should not do a balance transfer; (a) the amount is too small and (b) your Chase card is not a good balance transfer card.

---

I agree no point to transferring 200.00, just pay it off and close it .

[Kforce]

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@Kforce wrote:

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@tithelady wrote:

Help. 
rebuilding credit

Now at 750-766 across three credit bureaus. Striving for 800-850

Credit 1 Bank CC since 22 cl $1500 balance $200 

Amazon  Chase CC since 23 cl 19k 😀recently increased from 4k cl

balance $350

**** Should I transfer Credit 1 balance and close this subprime card?

Will it cause credit inquiry?

---

A few things we don't know, however knowing that most

Credit 1 - cards have ~$100/year AF and ~30% interest rate.

Yes a balance transfer will save you money even with a 4% or 5% BT fee.

With $1,500 balance and 30% APR, your first months

interest is  >$37 keeping it on the Credit 1.  

I would do both, transfer the debt to Chase, and as @citymunky said close credit 1

before the next Fee post.

Even with good payments on the Cr-1 card a

BT will save you money. With $144/mo (Even 11 month payoff #)

Cost of BT would be $60-$75 (4%-5%-Fee) and $264 if kept on

Cr-1 @ 30% with same $144/mo pmts (13 months with this pmt)

Don't know but would bet Chase Apr after BT is probably less

than the Cr-1, even if you can't pay off before BT term

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Disregard my above math and conclusions !

I read it wrong and thought it was $1,500  on the Cr-1

$200 is not enough.

Everyone else has been correct

[tithelady]

Ty. Paying credit1 off. Putting in drawer or closing. 
not worth annual fee. 

[tithelady]

Ty. I agree. 

[SouthJamaica]

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@tithelady wrote:

Ty. Paying credit1 off. Putting in drawer or closing. 
not worth annual fee. 

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Close it. Do not put it in drawer. Putting it in drawer does not stop the annual fee.