donnak Posted October 10, 2003 Report Share Posted October 10, 2003 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 limita 5000.00card limit and two with a 1000.00 limit and one with a 500.00 limit.Any thoughts on this???? Link to comment Share on other sites More sharing options...
kb9tbq Posted October 10, 2003 Report Share Posted October 10, 2003 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. Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted February 4, 2004 Report Share Posted February 4, 2004 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. Link to comment Share on other sites More sharing options...
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