Transferring balances...good or bad?

[tn94z]

Is it a good idea or bad idea to get a 0% credit card and transfer balances off of a higher % credit card when trying pay it off? I haven't done this in the past, but if it would save me money on interest and not hurt my credit, then I would have no problems doing it. I have heard conflicting stories about whether or not it hurts your credit.

[daved150]

Re: Transferring balances...good or bad?

welp...tell ya what....i was a master at this in the day. we'd roll them over and over and take the card with intrest, after the roll and get rid of it. went great for a couple yrs!!! paid off a TON of debt...i'll tell you where we fuked up....we lost our jobs and had a few of the cards we didnt destroy....we started living off those cards. now...not only did we have the rolled over debt, but new debt...on the flip side, we was broke and didnt have a choice.
if you can flip it over and put the other card away, and truly not use it, then i would say, from my experience, it was a GREAT move...we did pay down a TON of fukin debt....the plan we had was to be debt free, with the exception of our house, within 2yrs, and we started with 150k in charge accounts (cars, boats, jet ski's, 4wheelers, credit cards....fuk...we did our part for the economy....your welcome, lol)

[tn94z]

Re: Transferring balances...good or bad?

That is what I was thinking. I definitely wouldn't use it for new purchases. I have to get rid of all my debt before she starts school in May. So far, so good. I have been doing a little reading and not making new purchases on the card seemed to be the biggest caveat to doing this. I got 5 new offers in the mail yesterday ( man they waste a lot of paper). I threw them all away but I am sure I will get another one soon. Thanks

[tn94z]

Re: Transferring balances...good or bad?

My only concern is this...if I transferred the balance, will the new card only give me a limit up to the amount of the transfer, in essence putting the new card in a maxed out status that will hurt my credit?

[daved150]

Re: Transferring balances...good or bad?

it never did mine in the past, but it could i guess!!! usually it would always give me a higher limit...i mean, lets be honest, at 0% intrest they aint making any money...and while i feel your a swell guy, i'm betting they are counting on you to purchase more than just your roll over amount, ya know....so...they NEVER capped mine at the roll over amount. usually the roll over amount reped about 30% of the max, which made the credit score go up!!! thats how my card high credits got up to 50k and shyt, lol....i wish i was a more crooked guy, becouse i would have capped all those fukers out, got about 300 or 400k and bk'd on all their asses!!! they ended up fukin my credit up, which fuked up my chances of getting a biz loan to carry my biz through, which made me close and i'm getting ready to chap 7 now...assholes

[rc10j1]

Re: Transferring balances...good or bad?

Credit score is a misnomer. It should be called a debt score.

[tn94z]

Re: Transferring balances...good or bad?

it never did mine in the past, but it could i guess!!! usually it would always give me a higher limit...i mean, lets be honest, at 0% intrest they aint making any money...and while i feel your a swell guy, i'm betting they are counting on you to purchase more than just your roll over amount, ya know....so...they NEVER capped mine at the roll over amount. usually the roll over amount reped about 30% of the max, which made the credit score go up!!! thats how my card high credits got up to 50k and shyt, lol....i wish i was a more crooked guy, becouse i would have capped all those fukers out, got about 300 or 400k and bk'd on all their asses!!! they ended up fukin my credit up, which fuked up my chances of getting a biz loan to carry my biz through, which made me close and i'm getting ready to chap 7 now...assholes

Sorry to hear that man!! Yeah, I agree that is probably what they are banking on. I was doing some reading and it says that most of those offers will say something like "your payment will go against the lowest interest debt first before any goes toward your higher interest debt." Which means, if you transferred 4000.00 to a card with 0% balance transfers and then bought 500.00 worth of stuff and say 10% interest for new purchases....if you paid 500.00 thinking it would pay off the new purchases, you would be wrong. It would go against the 4000.00. You would now owe 3500 on the transfer at 0% and 500.00 on the new purchases at 10% and it would continue like this until the 4000 was paid off. So, you would be paying 10% on the 500 until you got the 4000 paid off. That's where they are making their money...if I am understanding this correctly.

Anyway, I just found one card that offers 0% for 21 months on balance transfers!! That is awesome as long as there aren't any transfer fees. I'm going to look into that one.

[daved150]

Re: Transferring balances...good or bad?

yep...you got it!!! thats why when we transfered the balance, we would put that card away...if they didnt rip all my high credits down to the balance, it wouldnt have fuked up my score and i would have been able to save my company...after some of them did that, i had to live on the others for a bit....just dont use it afterward unless its an emergancy

[jamescb77]

Re: Transferring balances...good or bad?

which card did you find that has 0% for 21 months. I could use to do this and another card wouldn't look to bad on my credit to be honest.

[tn94z]

Re: Transferring balances...good or bad?

which card did you find that has 0% for 21 months. I could use to do this and another card wouldn't look to bad on my credit to be honest.

http://www.comparecards.com/cards/ne...FUPr7QodWkF0mQ

I haven't read into it or anything, so I don't know if there are any transfer charges or stuff like that. But this is a good comparison site.

[jamescb77]

Re: Transferring balances...good or bad?

nice i will have to look into it does look like a decent one

[BABY1]

Re: Transferring balances...good or bad?

We have done this and it has never affected our credit. I just transfer the balance and do not use the card again.

[rc10j1]

Re: Transferring balances...good or bad?

Just put it all on your American express black card lol

[daved150]

Re: Transferring balances...good or bad?

Just put it all on your American express black card lol

DUDE!!!!! i got a buddy that has one of those and that shyt aint no joke!!! lol...a couple years ago, we went to the resturant that was like, you had to make reservations 4 yrs in advance and shyt, he called the number on the back of the card and we was seated in 10 mins!!!! that cards the mack daddy!!!

[jamescb77]

Re: Transferring balances...good or bad?

http://www.comparecards.com/cards/ne...FUPr7QodWkF0mQ

I haven't read into it or anything, so I don't know if there are any transfer charges or stuff like that. But this is a good comparison site.

well after doing a little reading on that card it looks liek my credit is just not quite good enough to probably be accepted for the card and i really don't wanna be denied. they make it so tough to rebuild credit. messed up 6 years ago pretty bad but haven't even had a late payment since then and i still have mid 600's. Sucks cause i could use another big card reporting on my credit. The report says that one of my down falls is not big enough credit limits, but no one will give me a bigger one.