MrMeanGreen Posted May 6, 2007 Report Share Posted May 6, 2007 I just applied and got a Platinum Mastercard through my old account at Navy Federal Credit Union to keep it open. They approved me for a substancial amount @ 10.9% fixed. I currently have three CC accounts, all said they total about a $2k balance. I'd like to transfer all three balances to the NFCU card due to the low APR and leave them hanging open just for credit reasons (length of revolving credit account BS). Has anyone done this, and if so, what steps did you take? Any tips and/or advice would be appreciated. Thanks Quote Link to comment Share on other sites More sharing options...
AJ Posted May 6, 2007 Report Share Posted May 6, 2007 the only tip i can offer is to transfer my CC balance to your account and let you pay mine off as well. Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted May 6, 2007 Author Report Share Posted May 6, 2007 Sure, donate me that 1st Gen and all applicable 4th Gen powertrain parts and consider it a done deal Quote Link to comment Share on other sites More sharing options...
Mojoe Posted May 6, 2007 Report Share Posted May 6, 2007 That's pretty much the way to do it. Then leave the others alone. If you are going to carry a balance, the lower the % of the limit the better it is for your credit score. If you have a $6500 limit, I would work on paying that thing down asap after the transfer. Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted May 6, 2007 Author Report Share Posted May 6, 2007 $15,000. So, I know for a fact one pf the current CCs won't let me pay anything towards it using another CC account, only my bank account. How do I go about paying them off using the new CC? Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted May 6, 2007 Report Share Posted May 6, 2007 Uhhh, 10.9 fixed is a good rate????!!!! Just get a Credit Card with 0% APR for a fixed amount of time (mine is 2 years), and pay that off. Why pay credit card interest? Trust me, those cards are not hard to come by. Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted May 6, 2007 Author Report Share Posted May 6, 2007 Fixed for the life of the card, so yes, it's good. No annual fee, etc etc. BTW, my cable was a dog problem. Quote Link to comment Share on other sites More sharing options...
Dr. Apex Posted May 6, 2007 Report Share Posted May 6, 2007 What about a transfer fee?? Read the small print as a lot of companies charge a % fee on balance transfers that can negate a lot of the savings you could have. Can't help much more than that as I stay away from credit cards and have only read into doing what you are, and never done it. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted May 6, 2007 Report Share Posted May 6, 2007 The new card will come with checks that can be written to the account. If it doesn't request them. Then just pay with the checks. Or, some CC will let you do it over the phone. Quote Link to comment Share on other sites More sharing options...
SamZman Posted May 6, 2007 Report Share Posted May 6, 2007 I agree with Joe. 10.9 is good, but there are a ton of cards that offer 0% interest on transfer balances for the 1st year or so. That should save you quite a bit of interest from your 10.9%. They will ask you for the other credit card #'s and balances when enrolling. Or alot of times you can do this on their website. Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted May 6, 2007 Author Report Share Posted May 6, 2007 Yep, just looked and no fee for balance transfers. Cool. Thanks everyone Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted May 6, 2007 Report Share Posted May 6, 2007 IMO 10.9% isn't even a good rate. I think mine, after the 0% is over, and still a lower percentage. That said, if I'm still carrying a balance by the time it is up, I'll just get another 0% card and transfer the remainder to that. Why pay interest for no reason?? Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted May 6, 2007 Report Share Posted May 6, 2007 You guys have to keep in mind that not everyone has the same credit as you. I know i would be jumping for JOY if i got a card with 10.9%... Quote Link to comment Share on other sites More sharing options...
Mensan Posted May 6, 2007 Report Share Posted May 6, 2007 I think mine, after the 0% is over, and still a lower percentage. I don't understand what this sentence means. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted May 6, 2007 Report Share Posted May 6, 2007 Personally, I would look into the CC's that offer a LOW TRANSFER Rate (ie, 5/3). The last I looked, they had a fixed transfer rate of 3.9 for 12 months. Get the card and transfer the balance. Use the checks they send w/ the card to pay off the other CC's if they will not let you pay by CC. :thumbup: KillJoy Quote Link to comment Share on other sites More sharing options...
Guest Mekkahfire Posted May 6, 2007 Report Share Posted May 6, 2007 I don't understand what this sentence means. He's saying his card is 0% for a certain amount of time. If he remembers right, even after that time period has ended, the new rate is still lower then 10.9% Quote Link to comment Share on other sites More sharing options...
Earl1647545488 Posted May 6, 2007 Report Share Posted May 6, 2007 Sounds like you already have your answer, but yeah, just to reiterate, I called them up and they simply asked me who to make the check out to, the mailing address of the biller, and my account number with them. They take care of the rest, no fees. NFCU rocks. I have a Platinum Visa at 9.9% APR, and a used vehicle loan at 4.9%. Quote Link to comment Share on other sites More sharing options...
Guest Mekkahfire Posted May 6, 2007 Report Share Posted May 6, 2007 Sounds like you already have your answer, but yeah, just to reiterate, I called them up and they simply asked me who to make the check out to, the mailing address of the biller, and my account number with them. They take care of the rest, no fees. NFCU rocks. I have a Platinum Visa at 9.9% APR, and a used vehicle loan at 4.9%. Whats your age? Quote Link to comment Share on other sites More sharing options...
JZig06 Posted May 6, 2007 Report Share Posted May 6, 2007 Whats your age? It says right under his name.... Anyways i just went through all this last week. Got 0% for a year and then 9.99 fixed after that. I transfered my other balance over to it by just calling them and giving them my other cc number. Some do have transfer fees some don't. It takes a total of 5-10 min. of your time. Quote Link to comment Share on other sites More sharing options...
Guest Mekkahfire Posted May 6, 2007 Report Share Posted May 6, 2007 Can anyone reccomend a good 0% balance transfer option? Weblink, etc.. I pay almost 15% on my cards because of my age. e-rape. Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted May 6, 2007 Author Report Share Posted May 6, 2007 Two years ago, I was shot down for a $200 credit card application and my becon score was in the 570s. Today, after over 50hrs invested on the phone in the last year chasing my past and correcting some fuck-ups (mine and other people's), I'm at what you see above and a becon in the low 700s. So Joe, not everyone is a golden boy like you with perfect credit. I had to work my ass off to get mine where it's at now, so I'm personally pleased. Quote Link to comment Share on other sites More sharing options...
Guest Mekkahfire Posted May 6, 2007 Report Share Posted May 6, 2007 Share the knowledge brother, I have a few unpaid medical bills from when I didnt have health insurance and I had a random epileptic seizure.. And a few late payments from when I didnt have a job long ago. Id like to get those taken off.. How'd you do it? Quote Link to comment Share on other sites More sharing options...
Mojoe Posted May 6, 2007 Report Share Posted May 6, 2007 ^^ someone remind me tomorrow when I'm at my desk. I will post what is needed and looked at for credit.^^ If you are liking NFCU, than you may want to look into USAA too. I don't use CC's, but did the loan with my Suby through them. They offered a great card and are great to work with. They are the only card I have and I've had no issues with them. Quote Link to comment Share on other sites More sharing options...
LPFSTheFett Posted May 6, 2007 Report Share Posted May 6, 2007 I have been tracking my credit and wifes credit for 3 years now. Transfer all the cards onto the NFCU and then pay it all off as soon as possible. My wife and I were doing the same thing, keeping credit card balances, then decided I really didn't care if it helped my score keeping them and we paid them all off. We got a 40 point jump. You can sign up for score watch at http://www.myfico.com or http://www.debthelp.com for like $9.95 a month and it monitors your credit score. Pay the cards off, do score watch for a month and see what it does for you. Now the only cards we use are ones that give us 1%+ back on all purchases. Pay them off monthly to avoid Finance charges. We make a pretty big chunk every month. Jason Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted May 6, 2007 Author Report Share Posted May 6, 2007 Fuck USAA. One speeding ticket and they tripled my insurance rates and dropped me to their "high risk" underwriting. Jason, I'm trying to accomplish what you did for the exact reasons. Although building a "Sam Killer" Formula is against my better judgement :grin2: Quote Link to comment Share on other sites More sharing options...
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