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Combining all Debt to One Card?????


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Okay I have four credit cards with A TOTAL of about 2300.00.

I want to put it all on one credit card with a 0% for all balance transfers.

How will this effect my scores. The card I want to transfer to has a 5000.00 limit.

That will leave open a 4000.00 card limit

a 5000.00card limit and two with a 1000.00 limit and one with a 500.00 limit.

Any thoughts on this????

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Well, I would suggest transfering all but about $100 from each of the other 4 cards.

That would have to putting $1,900 on the new card.

1900 divided by 5000 = 38% utilation,

put you in reach of getting the utilation down quickly below 30% -

and you won't have the other 4 cards showing balance transfer, but pay them off normal within a month or so.

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  • 3 months later...

Is that card with the ZERO percent interest just a teaser rate?

There are plenty of teaser rate cards around that will gouge you the minute something very minor happens.

But it is alright to keep a small balance on each card. Small being miniscule. Some cards my simply close down due to inactivity. Zales told me that they will close my card down if I do not have any activity within six months.

Finally, do not close all your cards. Yeah, an annual fee is a big pain but credit history is golden. You close a credit history and it makes your other revolving credit look smaller.

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