So i think i know the answer but I wanted to get some feedback.
I was looking over my current payments each month and how a specific loan I have seems to be going down really slow.
So quick history. Last September I really needed a new bed my old one was like from when I was in high school and well that was like 30 years ago. 
I had not started fixing my credit so was unable to finance the bed (it is actually what started me on this journey). So I opted to go with the okinus (they will finance with no credit check). and they do report to 1 CR so I was like ok I can do this and will will also start to help me rebuild.
Now forward to today. I am 150 points higher then I was then and I realized I am payiing 300 a month to them of which only 128 is going to principal. THAT IS HORRID. So I was thinking. I jsut got a cli from cap one to 2500 which is enough to pay off this loan. I am still in my 0% from capone. I am going to verify how much longer my 0% last before I do this. Anyway if my 0% last long enough which it should I was thinking it would be worth the utilization hit to transfer this full loan amount to my cap one and get that sucker paid off in like 6 months. with a 0% my whole 300 plus my normal CC payment will have it paid off by november (if not sooner). So at the risk of dropping my score for several months I do think this may be viable to save the outrageous interest I am paying. I mean my gosh that is over 1/2 of the payment going to interest.
Anyway what do yall think?
You can get POINTS back you will never get the $$ back you are paying in intrest!!!
*8/10/13
Which Cash Rewards do you have? AF or no AF?
39 AF that I am going to ask to be waived when it gets closer.
Dodfire
that was my thinking too. If all that interest can go directly to the payment that is over double the payment a month.
I did try to make a principal payment only but well ya they won't let me (I got suckered a bit I do think) I can either pay it off in one swoop or make the next months payment, not allowed to pay an extra principal only payment.
@TimeToRecover wrote:So i think i know the answer but I wanted to get some feedback.
I was looking over my current payments each month and how a specific loan I have seems to be going down really slow.
So quick history. Last September I really needed a new bed my old one was like from when I was in high school and well that was like 30 years ago.
Now forward to today. I am 150 points higher then I was then and I realized I am payiing 300 a month to them of which only 128 is going to principal. THAT IS HORRID. So I was thinking. I jsut got a cli from cap one to 2500 which is enough to pay off this loan. I am still in my 0% from capone. I am going to verify how much longer my 0% last before I do this. Anyway if my 0% last long enough which it should I was thinking it would be worth the utilization hit to transfer this full loan amount to my cap one and get that sucker paid off in like 6 months. with a 0% my whole 300 plus my normal CC payment will have it paid off by november (if not sooner). So at the risk of dropping my score for several months I do think this may be viable to save the outrageous interest I am paying. I mean my gosh that is over 1/2 of the payment going to interest.
Anyway what do yall think?
Under the circumstances you describe, this makes sense, with some caveats. IF you can keep your utilisation as low as possible on your Cap1 account, and IF you can pay that off by November if not sooner, then YES this plan will save you interest. IF you are not planning on applying for any additional credit at this point, don't worry about the score hit; it will rebound with the high interest loan showing as paid off when that reports, and as your payments on the Cap1 account show a decreasing balance and therefore a decreasing Util, your score will also rebound. Just don't get hung up on the score thing until it's paid off entirely in November. Then...celebrate!
That's what I did, it's the reason we want 0% APR! Once it's paid off, UT will drop and score will bounce back up.
It was my understanding that the AF card did not have a 0% balance transfer feature. Admittedly, it sounds like that the rate would be better and I assume you would be doing a bt to pay off your existing bed. If you were using it to pay the bill, then that's another story.
Yes I would be paying it with the card
If you do have the 0% on the card I would do the BT.
THEN
Throw every penny you can find at that balance, I mean everything!
If need be, turn off the cable television until you get it paid off and use that money as an extra payment.