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Dikaia880

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Offered balance transfer, move all debt to one card or keep spread out?
I have a card that offered me 0% interest for about a year and a half. If I move most of my debt over to that card, the utilization ratio will be in the 90% range on that one card and the rest (4 cards) will be around 5% (if any).

Carrying the debt is no problem, but saving interest is nice. However, I'm wondering if carrying 90% utilization on one of 4 cards hurt credit score more than carrying approx. 40% on 4 cards?

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Yes, having one card with 90% utilaztion will defiantly hurt your score more than 40% on 4 cards. but it comes down to each individual's own situation, you have to decide if the benefit of paying down/off your debt sooner without added interest, out weights of droping of your score by 30 points (purely guess on my part)for few months? Keep in mind that your score don't matter much if no one is looking at it, ie, if you aren't looking to buy a car, house or applying for another credit card in next few months? then it shouldn't matter what score you have, but you will be better financially when you able to paid off your credit debt that much sooner.

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Do the transfer..but read the fine print

The fine print with these kind of deals can be tricky...

I've seen a few things that might make you think twice.

1.  You have to use the card 1-2-3 times a month (it really does vary) to maintain the 0% on your transfer.  (I've done this, and rented things at a Red Box, etc.)

2.  Any payment you make goes to the 0% first, thus making your purchases continue to accrue interest.  

Reply by
Dikaia880

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Good thoughts.  This is a card I've previously had to move debt around, I paid a bunch down and they upped my limit and offered another 18 months 0% interest.  It's the card I prefer to use on a regular basis and really don't carry the others.  The cards I don't use all have one auto pay item per month netflix, electric bill, etc. to maintain.  

Not sure of how payments are allocated, but I'm not too worried on accruing some interest on the balance of regular payments...but will look into as it's good to know. 

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