should i do another credit card balance trasfer?

Question

i had all my bills thrown into 1 account...thats account is going close to its limit....plus has low intro apr for balance trasfers. im gettign a new card with 0% and a larger limit. would it be a good idea to throw it on then new card? will it look supsicious?

true there is a fee..im pretty sure the fee will be less in the long run...also i already did 3 balance trasfers on one card...and going on another now.

Answer 1

Transferring your balances to a 0% APR credit card is a great move! Yes, you might see a slightly negative impact on your credit score (in the short-term)-- but these issues will resolve with time. If you aren't taking out a mortgage or other BIG loan soon, you really shouldn't worry about it. There's a great list of balance transfer credit cards here:

http://www.asapcreditcard.com/0-apr.html

You're right, paying a 'balance transfer fee' is really small in comparison to the interest you would pay on your debt over time. The amount of money you save makes it worth paying the fee.

Will it look suspicious? NO... savvy consumers transfer balances all the time! You're making the right move... just avoid creating more charges and getting yourself deeper into debt.

Answer 2

1. Stop charging
2. Don't get another balance transfer- closing accts looks bad on your credit and the longer you have a card the better, instead of charging and transfering and getting a new card everytime intro rate is about to end (which is a cycle you will find hard to get out of) just make larger payments the 1 card you have now- once you start getting that paid down it will show your available credit is increasing. which will help your credit score.
3. It doesnt look suspicious- people do it all the time- its just putting you in a bigger hole everytime while the bank is making more and more money off you

Answer 3

People balance transfer (BT) amounts all of the time. No it won't look suspicious, thats what BT's are for.

If you would not be paying a BT fee or paying a low BT fee, it probably would be a good idea to transfer it over to a 0% card.

With having zero interest to pay on the total amount, you will be able to pay the balance off at a faster pace, if you are dedicated in paying it off.

Do the math first though, if you have to pay a BT fee make sure that you would not be paying more to BT than you would be in paying interest with your current account.

Answer 4

who cares if the fee is 10%...transfer it and your fico score will skyrocket. keep track of the temporary interest reduction then when it is almost up transfer it again and your fico score will raise up again.