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Need advice re: balance transfers

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Member

Need advice re: balance transfers

Hey all, 

 

So, here's the situation: we have 9k in debt with one card with a significant balance charging interest and 2 more will be soon.  My highest CL is $15k with AMEX. I pay $700 a month toward the debt.  Let's estimate interest at $100+ a month once all cards are charging interest.  Scores are 732 EX, 699 TR and 689 on EQ.  We will be building a house late in 2018.  With all this said, would it be wise to do a balance transfer?

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Valued Contributor

Re: Need advice re: balance transfers

If you have a BT offer then yes.
Message 2 of 4
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Member

Re: Need advice re: balance transfers

Thanks for your reply!

 

I'm really new to this.  I have a couple offers, so does that mean that they're aware of the balance and they'll take the entire balance?  Is it wise to do the full balance?  Do they contact the other lenders or do I?

 

Thanks!

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Community Leader
Super Contributor

Re: Need advice re: balance transfers


@txgal73 wrote:

Thanks for your reply!

 

I'm really new to this.  I have a couple offers, so does that mean that they're aware of the balance and they'll take the entire balance?  Is it wise to do the full balance?  Do they contact the other lenders or do I?

 

Thanks!


Hi OP,

There is no guarantee that you'll be approved for the full amount of the BT you're requesting. You might need $7K and the lender might only approve $5K.



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
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