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James

What are some of the cards you move your balances around? Capital One platinums offer a 3% transfer rate and 0% APR until October 2008.

I have a capital one with 1300 on it and a State Farm (Visa) with around 2300ish on it.

What do I need to look for? 0% transfer, 0% interest (if possible?) till (month)(year)?

I'd like to do some balance transfers each time my entering low interest rate ends.

titan22

don't balance transfer too many times because you will be opening new accounts. Keep your balances low to improve your credit scores. You have a good idea on what to look for, time/rate/transfer cost. I wouldn't transfer balances unless I was going to totally pay them off in that period of time. I want to have fewer accounts open. I don't want to be reliant on credit cards or look like I poorly manage cash. I know the 80's were a huge status symbol to have gold plastic, but now everybody has shiny colors to help you spend.

James

What I'd like to do is transfer both my cards onto one account and use the interest free period to pay down as much as I can. and then move that balance when that int. free period is up.

I believe this is the type of maneuvering that B had suggested previously, but I can't find where he said it.

You're saying this isn't a good move? Does it damage credit or does it just not help credit in the process? I don't really think my credit is going to be going up or down anytime soon unless I start getting late on my cards.

The problem I'm having is I'm only giving myself 10 a week (520 a year) to put into savings.

briansol

I HIGHLY suggest not using capitol one for anything. They don't report your credit history, and thus using them doesn't help your credit score at all.

Nearly ALL cards even with 0% intro APR will charge you 20-30% , or min $39, max $99 depending on balance to move the money. I've YET to see one that is 0 fee and 0 interest.

at the end of the day, you're $3600 in debt... which is nothing in the realm of credit/lenders. it's almost a given that everyone will have a couple grand on their cards.


A good game plan for you... IMO... is to either
A- get another roomate, and use their rent money to pay down the cards, after wards, use it towards savings.
B- get a 2nd job slinging pizzas or something a couple nights a week for the same deal above.

having $10 a week to save is simply cutting it too close.

what if you break your leg and are out of work for 4 months? you're screwed in your line of work... and you might lose the house.
its best to have 9 months at a minimum saved and put away to cover ALL your bills. your mortgage, car payment, insurance, food, water, gas, oil, you name it.
if it costs you 2 grand a month to live, you should have 18k in the bank cash liquid assets easy at hand in case of an emergency.

saving 10 bucks a week, its going to take you 1800 weeks to net that. lol its simply not going to happen.

IMO, you're a little over your head right now in terms of income vs outcome. i'd really look into getting something where you can get 3-400 a month supplemental income.

James

I thought about both options. Another roommate is out of the question until I can get the spare bedrooms' windows replaced.

and I've been tossing the idea of a second job, but I refuse to go back into food preparation. I did that for 4 years+. I'm done making food for other ungratefull asshats. lol

My Net income is a little under 1500 a month, (I have a little extra going towards the Feds off my check) and my net expenses are right around the 900-1000 mark, disincluding gas for the car, groceries, food, going out, etc.

I have been tossing the second job idea around, but I'd like to find a way to consolidate some expenses. July 2010 my car and loan will be paid off, so I have a little over two years left on those.

I've always been over my head though as far as income vs expenses.

Aside from the second job/another roommate is there ANYTHING I can do with these credit balances? I know it's a small debt compared to some, but it's big enough to stay on my mind.

briansol

yeah man, you need to score a 2nd job to bring in a couple hundred more a month. you're cutting it way to close