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!!!
I'd suggest against moving all of this to the cashRewards. Why? Mainly because it would result in 76% util on the cashRewards, which somewhat defeats the purpose.
Since you also have the $15k CLOC, why not also use that? if you put the $7500 on the CLOC, and the $9000 on the CashRewards, your util would be 50% on the CLOC, and 41% on the cashRewards - a scenario which is likely to have a lot more favorable score impact.
(edited to correct my math)