I hardly use my BoFA card these days and don't use my Citi card much either. The debts on these cards were accrued back when I thought it was "convenient." Perhaps I'm fortunate that I'm not much of an impulse buyer and for the most part am pretty conservative with my spending, so my combined debt isn't astronomical and can be paid off now if I wanted to. The thing is that I'm not too keen on getting a big chunk out of my checking--I like seeing a big balance in my monthly statement. But I suppose the smart thing is to pay off the debt in one swell swoop and be done. I would be saving around $160 monthly in interests that I'm paying to both banks. My plan is to make bigger monthly payments.

This is my first time to transfer a balance, BoFA and City have been sending me junk mail with "blank checks" to transfer money with 0% interest for x months. I think with this Simplicity card I may as well give it a go, but it's something I've put some thought in first. I intend to make this work and save some money. Soon I just want my paycheck to go to rent, bills, student loan (which has a consistent monthly payment), and have more go to my checking/savings.

If you are in a position to get rid of 160.00 a month in interest payments or almost two thousand a year interest. Get rid of it as your retaining a larger balance in your bank account may feel good but is counter productive and costing you. Take the interest free money and toss that into your bank account if it makes you feel good. Accumulate the 160.00 a month interest savings as that is yours if you wish. Right now you are tossing it away.

You could borrow money later if those funds where required then. For the interm period between you are paying yourself the160.00 a month. Remember for the average person income tax also increases the percentage of your income going to that interest payment.

This credit rating thing may be a bit of a scam. I had to finance a one year old car to get it out of a dealership not long ago as they will not do a cash sale.

I did not think I had a credit rating any more of any sort.. There was no issue as wherever they checked came back really solid. Paid the loan out as soon as the paperwork showed up.

Technically you should not feel that good about the money in your bank account anyways. It is money that is already owed by you or at least the portion of it that would cover your debt.

I analyze consumer credit reports at my job. The cards report to the bureau's different codes for an inactive month and a month with a zero balance (0 versus C for what its worth -- inactive/no usage and current respectively they usually report it like so: ccc00c00cccc0ccc etc...) Use the card, pay it off. Carrying a balance to increase your score is a myth and I have noticed no correlation between them either from an experience perspective.

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2016 Monsoon Gray Audi Allroad - 21k
2008 Black Mercedes E350 4Matic Sport - 131k
2014 Jeep Wranger Unlimited Sahara - 62k
2003 Gray Mercedes ML350 - 122k

right but there is a difference between carrying a balance and letting a balance report. Many people think they have to pay interest to get a better FICO score or if they let a balance report. From what I have learned recently the best score comes from letting all cards report a zero balance except one that reports anywhere from 1-9% utilization.

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1984 300SD Orient Red/ Palomino
1989 560SEC
2016 Mazda 6 6 speed manual
1995 Ford F-150 reg cab 4.9 5speed manual

Makes sense as it is an indicator the person is probably financially under control. .Too many people are right on the edge financially. Something unexpected pops up and they can no longer cope financially.

One should try to allow for the unexpected when possible. Even at age seventy as I am there are just so many viariable possibilities that could still change things.

X2!!