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Question By
wizardrycon

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Want to rebalance my credit cards to take advantage of 0% APR promotions
Hopefully someone can give me some insight on this - I have several credit cards and pay around $250 per month in interest. I have the ability to transfer this balance across 3 cards that are providing me a 0% APR until 10/2016 thus saving me the interest cost. My credit score is pretty good (770) but by moving this debt to those cards it will put them at 100% utilization - dropping my other cards to 0%. Also this is a large amount of debt transfer in the $25,000 range.

Now my question - I know this will drop my score down but how significantly?

Will this drop in score plus the high utilization on those 3 cards (even though my overall utilization will still be 20%) cause panic to my other lenders when they see such a large drop? Will they lower my credit limits thinking there is something wrong?

Has any one tried this?

Thanks for your responses!

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Top Contributor
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Son't think they will lower limits.

What I would do is move that debt onto new credit cards offering 0%. This will benifit you in 2 ways, It will save you interest and it will raise your available credit. With your score you should be able to qualify for any of the best offers out there. I would suggest that you open 2 new cards on the same day transferring 80% of the high interest balances between them. Then pay off the old cards and retire them. Keep the old accounts open in case you need the extra credit in an emergency.

Good luck

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