Hello Community- my fiancee and I are in the midst of planning -- and paying for -- our upcoming wedding.
One tenet we will definitely live by is to not deplete our savings accounts as the expenses pile up.
We will be paying for expenses by paying with my Chase Sapphire Preferred and Chase Sapphire Reserve to accumulate points.
Initially we will pay the balance off in-full each month, until we get to a point that we will need to make a decision on what to do with the future expenses, which include either:
My current credit situation is that my 3-bureau FICO is in the low 800's, I have one auto loan (1 year old), six credit cards (with approximately 85k of spendable limit and less than 6% utilization), 3 hard inquiries (which will be down to 2 in March), and no mortgage.
Any thoughts on what would be my best approach? Updside to the balance transfer is that there will only be a nominal balance transfer fee, however the downside is that I would almost certainly need to request an increase so as to keep the utilization on the card low (meaning a hard inquiry). Upside to the personal loan is that I would have all debt consolidated onto a single card and basically would have zero credit card debt, downside is that of course, I'm paying interest. That and the new inquiry here, too.
Also feel free to make other suggestions.