@chefd2 wrote:This a follow up to my last question, and also another question. See below on what I paid down on each card. My question is Visa number 4 is offering me a balance transfer option of 0% through sept 2017, Would it be better to transfer the balance of as many other cards as I can to VISA 4 to have them show zero. I realize Visa 4 fill be pretty much maxed out. I also can probably pay it down enough to be able to transfer all four of the other cards, leaving me with just visa 4 with a balnce, but it would be maxed out. I Think by sept 2017 I could have 15K 17K paid back.
Please let me know your thoughts.
Thanks you in advance for any advise
@chefd2 wrote:
Good afternoon.
I am looking for some advice on how I should pay my different CC acounts.
I have $45000.00 that I am going to use to pay then down. Here is the cards.
Card Bal. Limit Paid Balance
Amex 10000.00 14000.00 6100.00 4019.70
Visa 1 12500.00 17500.00 7500.00 5181.45
Visa 2 2000.00 5500.00 2000.00 0
Visa 3 11600.00 12000.00 7000.00 4722.49
Mastercard 13000.00 178000.00 8000.00 5408.38
Visa 4 18500.00 25000.00 11000.00 7601.48
discover 3600.00 6500.00 3600.00 0
I am looking to see how best to spend the 45000.00 that would have the greatest impact on my FICO score. Please let me know if you need any further information.
Thanks in advance
Depends on the interest rates for each card to know if the balance transfer would be worth while. What's the fee, 3 or 5%? Which cards are you transfering from with what interest rates? I would worry less about your FICO because your utilization will still be around 30% regardless. I would focus on the least costly way to pay down the debt. I would take the $45k and PIF as many cards as possible and BT the higher interest rate card balances to the Visa 4, if it makes sense.
