Credit Tips: How to Know if to Balance Transfer to Another Credit Card

Posted On: May 1, 2006

Author: squeezenickle
Posted: Sat Feb 18, 2006 2:15 am
Post subject: TO BT OR NOT BT

In the past month and a half I have utilized about 120.000 of my cl however 16..000 is at 5.9% and 8.000 is at 7.9% which were utilized to get the cash out with the idea of bt these to a lower rate. I now have the opportunity to trans fer it at 0% for 6 months with0% bt fee however I recently applied for a new card bt for this amount to be bt to it. What happens if i go ahead and do the bt now and wind up with credit balances on two cards im at about 25% TO30% on total credit utilization now and plan to slow down now and manage this deal building cash moreS slowly I also recently closed on a no closing cost nofee HELOC which i havent taken any withdrawls from for 180.000 will this be reported as revolving credit thus lowering my credit utilization rate

Author: mouse
Posted: Sat Feb 18, 2006 8:06 am
Post subject: Re: TO BT OR NOT BT

squeezenickle wrote:
In the past month and a half I have utilized about 120.000 of my cl however 16..000 is at 5.9% and 8.000 is at 7.9% which were utilized to get the cash out with the idea of bt these to a lower rate. I now have the opportunity to trans fer it at 0% for 6 months with0% bt fee however I recently applied for a new card bt for this amount to be bt to it. What happens if i go ahead and do the bt now and wind up with credit balances on two cards im at about 25% TO30% on total credit utilization now and plan to slow down now and manage this deal building cash moreS slowly I also recently closed on a no closing cost nofee HELOC which i havent taken any withdrawls from for 180.000 will this be reported as revolving credit thus lowering my credit utilization rate

0.00% (NO FEE)

HOW CAN YOU LOSE??????????

Unless your buying a house don’t worry about 30%+

And when one card usage % goes up the other account goes down

When the 0.00% offer expires BT it back the the lowest rate card

PAY HIGHEST APR FIRST to save the most money