*NEW-- ON topic*

Discussion in 'Credit Talk' started by AnnMarie, Mar 30, 2001.

  1. AnnMarie

    AnnMarie Well-Known Member

    Well, today we got the 10k from Citi for the balance transfer. We haven't gotten the card yet but I'll tell ya, opening an envelope and seeing that was a unique experience.
    I'll be charging up the Cap 1 cards to show limits on the reports and then using the Citi check to pay them off and also pay off several other CC, including v/mc and gas. We'll have one payment a month that is equal to using about 60% of the one card and 29% total ratio (v/mc counted only for CL ratio)
    Can I get some opinions here? This is the absolute best way to reduce my finance charges (Citi has 2.9 till next year other cards range from 18-24.99%)
    Will it kill my score to have 0 balance (or very close) on all cards but 60% on one?
    We'll be putting max efforts into paying this one bad boy down but it will stay high for a while---
    I'd really appreciate any opinions before I actually do this.
  2. breeze

    breeze Well-Known Member

    Transfer it and pay it down. You can spread it out again later. That's what I would do.
  3. AnnMarie

    AnnMarie Well-Known Member

    Thanks Breeze :)
  4. miles

    miles Well-Known Member

    Congrats, AnnMarie!! BTW, I don't think having a zero balance on all your other cards will hurt you. I don't think you need to spread the balance over other cards. Having a balance on only one card may actually help your score. The reason I say this is when I received my Equifax score, one of the reasons that "lower your score" is that a balance is owed on too many accounts. I had 4 cards and owed on at least 3 at any given time.
  5. breeze

    breeze Well-Known Member

    But they have given some people a reason that sounds like "balance is too high on one account."

    I think most of the "reasons" are BS anyway. kind of like "fill-in-the-blank" randon selection, hehe.

    whatever, I think I could live with it to zap a balance in one short time-span, even if it did affect my score. Which, as you say, it may not.


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