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Should I transfer my balance?

Established Member

Should I transfer my balance?

I have 4 Cards by the same company and I am able to transfer the balance on them all to one card.  I just paid them all down to 30%.  Is it best to keep them all how they are and just pay the min payment or should I transfer  all to one and pay one large payment? If I do transfer all to one it would pretty much max out that card but on the other hand  the other 3 would be at a $0 balance.  So what do you think? I am still kinda new at this stuff and I am trying to get a score increase as well as just build credit.   Thanks for your help!!!

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Valued Contributor

Re: Should I transfer my balance?

do you already have the other card to bt too? 

depends what the interest on those cards are and the one your bting too. 

 

does the bt fee and the interest out weigh of making 4 other payments? 

 

all things to think about. 

 

its always better to pay it down and not move it around.

 

what do your reports look like? 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 2 of 4
Valued Contributor

Re: Should I transfer my balance?

make the payment to all of them and forget about transfer....they might come with fees and you really dont wanna max out on 1 card unless they had 0% promotion.......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 3 of 4
Senior Contributor

Re: Should I transfer my balance?


bandlp08 wrote:

I have 4 Cards by the same company and I am able to transfer the balance on them all to one card.  I just paid them all down to 30%.  Is it best to keep them all how they are and just pay the min payment or should I transfer  all to one and pay one large payment? If I do transfer all to one it would pretty much max out that card but on the other hand  the other 3 would be at a $0 balance.  So what do you think? I am still kinda new at this stuff and I am trying to get a score increase as well as just build credit.   Thanks for your help!!!


It is best to "do the math" and figure which way gets you out of paying interest as quickly as possible with the least interest expense.   Usually it is the lowest APR, but you have to calculate the BT fess as well.   Also you should try to get one card  in the PIF status so you can make maximum use of the grace period for your normal purchases, while you are paying off your debt.

 

 

IMO, you should not worry about your score until you are not paying interest.

 

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