MontegoMack wrote:I was just approved for a $21,500 CL on NFCU's Cash Rewards card at 14.9%
I have a balance of about $7500 on my BofA account (currently closed, but paid as agreed) and about $9000 on my Chase Freedom (paid as agreed, never late).
My other cards don't have a balance and I'd like to bring my utilization down by doing a balance transfer to my new card. Having only one card with a balance may help my FICO score in the long run.
Is that the way this could work for me? I've never done a BT before, but in my head this makes good sense.
Approximately, what would my monthly payment be with $16,500 on a card with a 14.9 APR and a 2% minimum payment? I have no idea how to even begin to figure that out.
Thank you in advance. This is going to really turn things around for me. Phew!!!
First off Congrats!! Thats an awesome SL!! They gave me a 10.1k SL which is huge to me. May I strongly suggest a Personal Loan with a lower interest rate. When doing this you not only get a better interest rate but, you also lower you utl.
Best of Luck to you OP!! and Congrats again!