Consolidating Debt to a single CC

[marty56]

I just got a National City CC with 10k limit and an offer to do a BT at 0% for 15 months and no transfer fee.

I have only have 2 CC acounts (Compusa and BofA Gold account for Laser Eye Surgery) with a total balalnce of 5k.  The interest rates are over 20% and the montly finance charge is $90.  The Util on Compusa is 85% and BofA is 40%.  The BT will make 50% util on the National City card.

What effect, if any do you think this will have on my score?

Message Edited by marty56 on 12-31-2007 06:09 AM

[Anonymous]

The affect will be positive.

FICO takes individual and overall UTL into account in your score-

The one at 85% is hurting you-

Not to mention that more $ will be going to principle every month-

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marty56 wrote:

I just got a National City CC with 10k limit and an offer to do a BT at 0% for 15 months and no transfer fee.

I have to CC acounts (Compusa and BofA Gold account for Laser Eye Surgery) with a total balalnce of 5k.  The interest rates are over 20% and the montly finance charge is $90.  The Util on Compusa is 85% and BofA is 40%.  The BT will make 50% util on the National City card.

What effect, if any do you think this will have on my score?

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[Anonymous]

Not only will it be good for your scores, it's going to save you money....And that's the reason we're all here trying to improve our scores anyway....better scores equal lower interest rates equal more money in our pockets. Do the transfer!  

[marty56]

Its funny that you mentioned what the end goal of having a good FICO score is.  I almost forgot that it was to save money.

My particular goal is to become one of those "well qualified buyers" for a new car in the Summer 08 or Fall 08 timeframe.  A sidfe goal is to get a pre-approved offer for BofA CC so I can charge my FICO score watch bill each month to it.  Lets just say its poetic justice.

As a side note, I always thought that a BT required to close the account down but National City didn't require that.  I would not have done that since my CompUSA account is over 10 years old.  The fact that I still have a balance on it shows my poor credit skills from the past.

The nice thing abouy 15 months interest free is that I can pay if off quickly (4 months) or by the summer if something happens.  This will be my graduation test from the  DMP to see if I really learned my lesson.