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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Credit Card Balance Transfer Question
We want to pay off our CC ASAP. However we are also in the process of wanting to buy a home and could use money towards other expenses.
I transfered the 2 to 1 and our original plan was to pay them off by Dec 2008 (before APR kicks in)
However now we thought it might be better to pay less each month and then in Dec 08 transfer the remaining balance to another 0% card to pay off what's left.
Can you do that, since they were already transfered to this card?
I hope that makes sense!
Message edited 12/10/2007 11:32:21 AM.
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Posted 12/10/07 10:44 AM  |
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Long Island Weddings
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Credit Card Balance Transfer Question
Yes
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| Posted 12/10/07 10:46 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Credit Card Balance Transfer Question
You can transfer the balances as often as you like.
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| Posted 12/10/07 10:47 AM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: Credit Card Balance Transfer Question
ok, great to know!
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| Posted 12/10/07 10:47 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Credit Card Balance Transfer Question
You can, but if you're serious about wanting to buy a home, you might want to think long and hard about whether it's better to be out of debt entirely first.
I'd rather wait a few extra months to buy a house and have no CC debt (even if the interest is 0) than buy sooner and have the CC debt hanging over my head...
Just a thought!
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| Posted 12/10/07 10:53 AM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: Credit Card Balance Transfer Question
yes it would be nice to pay off the CC first, however to put off buying a home is not ideal especially with a baby on the way. We would like to be in a home by the spring of next year, and the CC would still be there. We have school loans hanging over our head as it is!
We are not adding further to the CC, it was expenses we accumulated while DH & I were in school and we never had 2 incomes at the same time.
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| Posted 12/10/07 11:04 AM |
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ali120206
2 Boys
Member since 7/06 17790 total posts
Name:
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Re: Credit Card Balance Transfer Question
You can transfer the balance to another 0% card - just make sure you read the fine print on the new card before doing so (like if there are any requirements that you have to meet to keep it at 0% or what the balance transfer fees may be).
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| Posted 12/10/07 11:26 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Credit Card Balance Transfer Question
u can transfer whenever you'd like but i'd avoid opening new cards if you're about to apply for a mortgage.
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| Posted 12/10/07 4:11 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Credit Card Balance Transfer Question
Posted by RandJ0806
u can transfer whenever you'd like but i'd avoid opening new cards if you're about to apply for a mortgage.
Agreed. I'd also wait to apply for the mortgage until the balance on the CC's is below 50% of your limit (if it's not already).
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| Posted 12/10/07 4:15 PM |
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