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Shotgun Approach to Credit Cards

June 4th, 2009 at 10:52 am

I may have mentioned this before, but my BoA credit card is coming to the end of its 0% interest. In fact, this is the last month for it. So it's time to get that $9000 balance transferred out. One of the conclusions that I've come to (a rather obvious one) is that I don't want to have it all on one card, eating up 90% of that card's limit. It would be better for my credit rating if I had it spread out over several cards, so that each card was only partially full. This does have it's drawbacks, the main one being that I doubt I can pay it all off in a year, and I'll be facing having to transfer the balances off 4 cards next year, instead of one. And that I've applied to the "usual suspects" for this go-round: Chase, HSBC, Citi, etc. Next year I'll have to go to a different tier of cards.

I decided to do it all in one day, on the off chance that all of the credit inquiries made that day just get recorded on my credit report as one. I seem to recall that somewhere.

So, the plan is to have the balance transferred off of m BoA card by the end of the month. Here's hoping...

3 Responses to “Shotgun Approach to Credit Cards”

  1. merch Says:

    The only reason why I would be concerned about my FICO score would be if I were refinancing or buying a house. Otherwise, I would just transfer it to one card and try to pay it back as part of your normal debt pay off plan.

    I don't know if the FICO is based of all available credit and total utilization or card by card.

    If you're looking at purchasing or refinancing, I would do that first and then move the balance onto 1 card.

  2. Phenomenal Woman Says:

    I would not try to put this off until the last day of the month... sometimes the process of transfers can take two weeks. It has been years for me so it might be different now days.

  3. gamecock43 Says:

    Keep in mind you must pay a fee every time you transfer a balance. Several hundred dollars fee.

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