I have been in the process of a major residential renovation/remodelling project on my home. I have a Lumber LIquidators/GEMB card with a $3600 CL/$2000 balance; a Lowes card, $6000 CL/$2900 balance and a Home Depot card, $8200 CL/$1900 balance. the LL and HD cards both are using Zero Percent financing if paid within XX number of months. The Lowes card gave me significant discounts up front on appliance purchases, but standard APR for the balance.
All of my other accounts I PIF and carry no balance at present. No lates/no baddies on my report. Scores in my signature.
While I have the cash available to pay off the LL/Lowes/HD balances, since I'm not paying interest on 2 of them, basically floating a loan, my gameplan is to simply divide the balances by the number of months on the zero interest accounts and then pay slightly more per month, assuring that I pay off the balance before the final due date. On the Lowes card, I plan to have that balance paid off shortly after the first of the year. Since I'm not actively looking for additional credit and am in "gardening mode", I can take the slight ding on scores for carrying a balance on 3 cards, while still keeping my total utilization below 20% across 16 active accounts.
Any feedback/obvious flaws in this gameplan? I'm very proud of the 700s scores I've accomplished, having started in the 500s not that long ago. I want to maintain those 700s and ultimate goal being the 800 club. I figure I can get there within the next 6 months, when all of these accounts are PIF, and then charge only up to 9% utilzation on one card per month, with PIF on everything.
Opinons and guidance appreciated!!!!
