@Annabe wrote:
@SouthJamaica wrote:
@SoCalGardener wrote:
@Annabe wrote:Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?
It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.
If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.
UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.
For sure. Yes, I hope to be able to get this paid off as quickly as possible. My credit score, (the last I looked) on credit check total ( about a month ago) was Equifax 653, Experian 659, TransUnion 672. So yeah I'm definitely hoping those do go up. I no longer have a car payment anymore which frees up approximately $350 that I can use as 1 consolidated payment. I did go ahead and did Tally and it is saying that my estimated payment would be like $219. I'm hoping that I did the right thing. I should be able to put more down on the payment since I have my old car payment money freed up.
Yes, you did the right thing.
@Annabe wrote:
@SouthJamaica wrote:
@SoCalGardener wrote:
@Annabe wrote:Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?
It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.
If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.
UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.
For sure. Yes, I hope to be able to get this paid off as quickly as possible. My credit score, (the last I looked) on credit check total ( about a month ago) was Equifax 653, Experian 659, TransUnion 672. So yeah I'm definitely hoping those do go up. I no longer have a car payment anymore which frees up approximately $350 that I can use as 1 consolidated payment. I did go ahead and did Tally and it is saying that my estimated payment would be like $219. I'm hoping that I did the right thing. I should be able to put more down on the payment since I have my old car payment money freed up.
As long as you stick to your plan and pay it all off within a year before next annual fee comes due, I think you'll be fine. 
@OmarGB9 wrote:
@Annabe wrote:
@SouthJamaica wrote:
@SoCalGardener wrote:
@Annabe wrote:Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?
It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.
If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.
UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.
For sure. Yes, I hope to be able to get this paid off as quickly as possible. My credit score, (the last I looked) on credit check total ( about a month ago) was Equifax 653, Experian 659, TransUnion 672. So yeah I'm definitely hoping those do go up. I no longer have a car payment anymore which frees up approximately $350 that I can use as 1 consolidated payment. I did go ahead and did Tally and it is saying that my estimated payment would be like $219. I'm hoping that I did the right thing. I should be able to put more down on the payment since I have my old car payment money freed up.
As long as you stick to your plan and pay it all off within a year before next annual fee comes due, I think you'll be fine.
Thank you 😊
@Annabe wrote:
@SoCalGardener wrote:
@Annabe wrote:Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?
It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.
If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.
UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
If the balance (from Tally) is paid off, then would there still be an annual fee? Tally had been having ads on TV is how I found out about it.
Yes. As I read it, the $300 is automatically deducted from your credit line. In other words, say you're getting a $10,000 line of credit; right off the bat that amount is reduced to $9,700. I didn't look into it further so I don't know if they take a lump sum out right away, or if it's split out into monthly payments, or what, but it definitely comes out of your LOC. They're really playing up the 'no out-of-pocket!' bit, but you're still paying the fee.
