Balance transfers to consolidate CC balances?

[Goosemaster]

Basically I have a few grand of CC debt (less than 5K) and unfortunately it is on some CCs with high rates and some that are okay. The rates are not due to a bad Credit score....I just made some stupid decisions for family/myself etc. I have a steady job and make payments on time (minus a few idiotic slip ups that wont happen again) My options seem to be outright CC consolidation, balance transfers, or some sort of theft

What do you think of balance transfers, and what do you think of bank a vs bank b?

bank a ) One of my Credit unions offers a 9% var, an 11 percent fixed, with no BT fees. I have regular checking/savings + tuition loan with them

bank b) The other offers a 8% var, an 11 percent fixed, with no BT fees. I have a CC with them.

I've heard bad things about how BT's affect your Credit score. I have something at around 660. Ll I wnat to do is stop paying outrageous Rates (33%!!!:Q) when I have a decent score and some good ccs (8-11%). I would also keep the other cards as well.


Thanks.

 

[RossMAN]

Whichever you're more likely to get approved for.

Pay down the cc's rapidly, change your lifestyle if need be and do not charge them back up after you've paid them off !!!

 

[Goosemaster]

Originally posted by: RossMAN
Whichever you're more likely to get approved for.

Pay down the cc's rapidly, change your lifestyle if need be and do not charge them back up after you've paid them off !!!

thanks for the quick reply

Will a BT affect my Credit Score?


<--hasn't spent more than $40 on a CC in at LEAST 60 days

 

[HomeBrewerDude]

Originally posted by: Goosemaster
Basically I have a few grand of CC debt (less than 5K) and unfortunately it is on some CCs with high rates and some that are okay. The rates are not due to a bad Credit score....I just made some stupid decisions for family/myself etc. I have a steady job and make payments on time (minus a few idiotic slip ups that wont happen again) My options seem to be outright CC consolidation, balance transfers, or some sort of theft

What do you think of balance transfers, and what do you think of bank a vs bank b?

bank a ) One of my Credit unions offers a 9% var, an 11 percent fixed, with no BT fees. I have regular checking/savings + tuition loan with them

bank b) The other offers a 8% var, an 11 percent fixed, with no BT fees. I have a CC with them.

I've heard bad things about how BT's affect your Credit score. I have something at around 660. Ll I wnat to do is stop paying outrageous Rates (33%!!!:Q) when I have a decent score and some good ccs (8-11%). I would also keep the other cards as well.


Thanks.

We did a few BT's a few years ago (until we got a very nice 3.9 fixed) and both my wife and I have high credit ratings

 

[Goosemaster]

Originally posted by: HomeBrewerDude

Originally posted by: Goosemaster
Basically I have a few grand of CC debt (less than 5K) and unfortunately it is on some CCs with high rates and some that are okay. The rates are not due to a bad Credit score....I just made some stupid decisions for family/myself etc. I have a steady job and make payments on time (minus a few idiotic slip ups that wont happen again) My options seem to be outright CC consolidation, balance transfers, or some sort of theft

What do you think of balance transfers, and what do you think of bank a vs bank b?

bank a ) One of my Credit unions offers a 9% var, an 11 percent fixed, with no BT fees. I have regular checking/savings + tuition loan with them

bank b) The other offers a 8% var, an 11 percent fixed, with no BT fees. I have a CC with them.

I've heard bad things about how BT's affect your Credit score. I have something at around 660. Ll I wnat to do is stop paying outrageous Rates (33%!!!:Q) when I have a decent score and some good ccs (8-11%). I would also keep the other cards as well.


Thanks.

We did a few BT's a few years ago (until we got a very nice 3.9 fixed) and both my wife and I have high credit ratings

nice Thanks; 3.9% would be dandy right now

 

[HomeBrewerDude]

Originally posted by: Goosemaster



nice Thanks; 3.9% would be dandy right now

yeah, I just took a loan for a new used car for the wifey and my credit score was 811

 

[Goosemaster]

Originally posted by: HomeBrewerDude

Originally posted by: Goosemaster



nice Thanks; 3.9% would be dandy right now

yeah, I just took a loan for a new used car for the wifey and my credit score was 811

Nice. I used to have like 770....before I had a work dry spell + no school loans: Lost like 110 points

 

[kranky]

A BT will not hurt your score in any meaningful way if you are simply moving a balance from one card to another. It might change by a couple points because your utilization profile will change slightly but it's certainly not worth paying more in interest when you can save by doing a BT.

 

[Kelemvor]

Most CCs I've seen have 0% or very close to it for balance transfers for a year or so. I wouldn't do it unless you can get that low. We just did that a month or so ago and have like 1.99% on the balance transfer compare to the 28% or whatever the original card wanted to charge.

I'd recommend against an actual CC Consolidation as those are really scams and combine all kinds of things into one and you end up paying more in the long run that if you can transfer balances to a normal CC with a low transfer rate.

Also head over to http://www.fatwallet.com/forums/finance/ for some awesome financial advice.

 

[Goosemaster]

Originally posted by: kranky
A BT will not hurt your score in any meaningful way if you are simply moving a balance from one card to another. It might change by a couple points because your utilization profile will change slightly but it's certainly not worth paying more in interest when you can save by doing a BT.

Originally posted by: Kelemvor
Most CCs I've seen have 9% or very close to it for balance transfers for a year or so. I wouldn't do it unless you can get that low. We just did that a month or so ago and have like 1.99% on the balance transfer compare to the 28% or whatever the original card wanted to charge.

I'd recommend against an actual CC Consolidation as those are really scams and combine all kinds of things into one and you end up paying more in the long run that if you can transfer balances to a normal CC with a low transfer rate.

Also head over to http://www.fatwallet.com/forums/finance/ for some awesome financial advice.

Thanks It will be approximately 6%

 

[kranky]

There are a lot of smart folks at FW Finance, but it's really "advanced studies". Not necessarily a good place for finance rookies because what the smart people are doing isn't always a good idea for everyone. Like the guy who did an AOR with large BTs, then wondered why he was having trouble getting a good mortgage rate.

 

[Goosemaster]

Originally posted by: kranky
There are a lot of smart folks at FW Finance, but it's really "advanced studies". Not necessarily a good place for finance rookies because what the smart people are doing isn't always a good idea for everyone. Like the guy who did an AOR with large BTs, then wondered why he was having trouble getting a good mortgage rate.

I was hoping my situation was pretty simple, not requiring any advanced financial knowledge My main goal was not to cripple my already bruised Credit Score. Before getting my current job, I couldn't get a student loan because of too much revolving credit (thanks dad:|)

Hopefully I can get out of this hole and continue my savings, establish an IRA..

Right now the most complex financial aspect of my life is doing my taxes

 

[Kelemvor]

Originally posted by: Goosemaster

Originally posted by: Kelemvor
Most CCs I've seen have 9% or very close to it for balance transfers for a year or so. I wouldn't do it unless you can get that low. We just did that a month or so ago and have like 1.99% on the balance transfer compare to the 28% or whatever the original card wanted to charge.

I'd recommend against an actual CC Consolidation as those are really scams and combine all kinds of things into one and you end up paying more in the long run that if you can transfer balances to a normal CC with a low transfer rate.

Also head over to http://www.fatwallet.com/forums/finance/ for some awesome financial advice.

Thanks It will be approximately 6%

Actually I had a typo. I meant 0% or close to. 6% is very high for a Balance Transfer.

Checked all the CC offer letters you get in the mail or check some online credit card sites. I'm sure you can find a better deal than 6%. If nothing else, call the place you are thinking about going with and let them know you have other cards that offer 0% BT but you like their card better and ask for a lower rate. I bet you can get one.

And check here to: http://www.bettercreditcard.com/

 

[Goosemaster]

Originally posted by: Kelemvor

Originally posted by: Goosemaster

Originally posted by: Kelemvor
Most CCs I've seen have 9% or very close to it for balance transfers for a year or so. I wouldn't do it unless you can get that low. We just did that a month or so ago and have like 1.99% on the balance transfer compare to the 28% or whatever the original card wanted to charge.

I'd recommend against an actual CC Consolidation as those are really scams and combine all kinds of things into one and you end up paying more in the long run that if you can transfer balances to a normal CC with a low transfer rate.

Also head over to http://www.fatwallet.com/forums/finance/ for some awesome financial advice.

Thanks It will be approximately 6%

Actually I had a typo. I meant 0% or close to. 6% is very high for a Balance Transfer.

Checked all the CC offer letters you get in the mail or check some online credit card sites. I'm sure you can find a better deal than 6%. If nothing else, call the place you are thinking about going with and let them know you have other cards that offer 0% BT but you like their card better and ask for a lower rate. I bet you can get one.

I sent you a PM with their offer


edit: my other credit union has 0 fees and 0% extra APR on top of my current rate. (they had it hidden somewhere That would mean 11% apr period