Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

I have about $10,000 in credit card debt and was wondering if it would be better for my credit to get a 0% transfer card and transfer my balances or get a personal loan to pay off the cards. I am a recent law school graduate and will be able to pay off the credit card or loan within the next 6 months. Thanks

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

pay a loan with a loan?? not good. better to tansfer balance

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Why pay interest if you do not have to? It doesn%26#039;t hurt your credit, and you will have an interest free loan with 0% interest for 6 months saving you money.

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Well...it depends. Make sure you read the fine print on that Credit Card. It is really is 0 interest for a year, then taht would be better as long as you can pay it off before the eyar is up. Otherwise, try and get a loan....as long as the loan as a lower interest rate than your current card.

If you%26#039;re going to be able to pay it off in 6 months, why not just leave it on the current cc and make small payments until then?

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Transfer. 0% is the best you%26#039;re going to get. You will have to pay interest on the personal loan, so why go that route if you can transfer everything to the 0% card? IF you are sure you can pay it off in 6 months, why hesitate?

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card.

Balance transfer has some good advantages let us look at a few of them.

Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card.

Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period.

The repayment terms will also relax considerably as you transfer your balances.

Credit card companies bundle a lot of exiting features with the balance transfer program, this could be a no annual fee offer and your favorite reward program. Read more from: http://www.credit-card-gallery.com/credi...

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Transfer the balance. You%26#039;ll pay a 3% transfer fee, but that would be better than nothing.

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Clearly, get a new balance transfer deal! The loan is not for you right now; it%26#039;s also a bit challenging to qualify sometimes... you%26#039;ll have to go into a branch, show tax returns, pay stubs, etc, etc. For the credit card BT, it%26#039;s online.

I%26#039;m a real estate investor with 100K in credit card lines available to me not to mention two HELOCs, business lines of credit, and business credit cards.

The best thing to do is this:

1) pay off the 10K on card 1 (with cash you may have or borrow).

2) your credit score will jump as soon as this is reported to the bureaus - may take up to 6 weeks!

3) THEN, apply for a new card (card 2) using your high (fudge?) salary, length at employment, etc. On it, enter the balance transfer to card 1 that you just paid off.

4) if approved, a check will be sent to card 1.

5) call card 1 and ask for a refund check. (the rationale is that the card issuer is more likely to issue the line of credit if they KNOW the line is going to be immediately used, as opposed to be a line that is untapped.)

6) receive 10K refund check from card 1.

7) pay off 10K that you borrowed from step 1.

Sorry if this is complicated!

I%26#039;ve done this OVER and OVER and OVER. Let me give a tip: some card issuers (I have several cards from BoA) will give you a promotional teaser rate to get you in. Then, it goes up. Also, if you%26#039;re late, they will commonly increase your rate. (BTW, if you are late, try to be late less than 30 days! If you%26#039;re late less than 30 days, it will NOT be reported to the bureaus. This way, the WORST thing that happens to you is your credit card rate will sky but you will not sustain a 30 DAY LATE on your credit bureau report/s which can be HUGE.) Anyway, after you%26#039;re in the offer will usually expire within 12 months. I have an ADVANTA card that is set to expire after 15 months at 0% - utterly filthy! But that%26#039;s a business card. So it expires in 12 months. Now, pay that sucker off. Wait a month or wo. All of a sudden, there will be another %26#039;offer%26#039; on your account. For instance, I have one card with BoA that had a 25K limit (more now). I used it at 0% for a year. Then, I paid it off. Didn%26#039;t pay a dime. Then, all of a sudden, there was another offer. Now they were offering me a 8 month 2.99% deal. So I took that. Anything to avoid borrowing hard money to do my deals. Then, I paid it off. So I%26#039;m watcing. Then, get this, my OTHER card now offerd me a 1% for 10 months! Christ, can you imagine borrowing 50K at 1%? Beyond filthy. That%26#039;s just crazy-ness. Anyway, here%26#039;s a huge tip/piece of wisdom: they are able to rearrange your balances! Here%26#039;s what I mean. You have a card that has a standard rate of say 20%. You have another card that has a more premium standard rate of 8.99%. This is real life for me actually :) So, your 20% card has a limite of 10K. Your 8.99% card has a limit of 25K. Now, all of a sudden your 10K card offers you a 1% deal. You say to yourself, darn, if only my 25K card offered me that I could borrow more! But, no fear, they can REARRANGE your lines so that your 25K card now has 5K and your 10K card now has 30K. Now, you can borrow 29.5K on (what was) your 10K card at 1% (or whatebver your rate was). Anyway, this is the situation for me TODAY. I was innocently calling in and the BoA banker offered me this deal. So, I asked him to NOTE MY ACCOUNT and I will %26quot;call in a couple of days to do the deal.%26quot; Don%26#039;t let them force you to do it at that moment. It will stay on your account for a few more days - call when you%26#039;re ready to do the transfer deal.

All this talk of dings on your credit. It%26#039;s peanuts. It won%26#039;t hurt you hardly at all. Yes a point or two, but not of significance. Anyway, to answer your question, do the BT deal! Forget the loan. It will be at 0% for 12 months and now your DTI improves. It improves because you will now have x balance owed on the cumulative credit limits of BOTH cards 1 and 2. So you%26#039;ll owe say 10K out of 20K in credit that you have available to you for a DTI of roughly 50%. That%26#039;s GOOD. It positively impacts your score. Anyway, I love this whole credit thing - there are SO MANY THINGS TO KNOW it%26#039;s just cuckooo. :)