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Credit Card Applications » Questions » User Questions » Excellent/Good Credit » Leo, I currently have $17,600 in credit card debt and my balances are close to my limits. I ...

Leo, I currently have $17,600 in credit card debt and my balances are close to my limits. I pay all of my bills on time and still have good credit. I applied for a consolidation loan yesterday and was told my credit score was 724 on TransUnion but that they declined the loan because of the ratio of balances to credit limits. I have had to use my credit cards and would like to consolidate them and get a lower rate so I can pay them off. Before I let anyone else hit my credit report, I’d like to know if you think it’s possible to get a credit card or cards for 0% balance transfers in my case?

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Leo Zhu

You can apply for a credit card with 0% interest on balance transfers and transfer your balance to this new card. However, the credit limit on a new credit card may not be enough to transfer all of your balance. But if you transfer a part of the $17,600 and avoid interest payments on it during introductory period, that will help you pay down your debt. It will also increase your debt-to-credit ratio since the new card will have its own credit line and that will free up some of the credit being used on at least one of your other cards.

To choose a balance transfer card, you should consider how much you will be charged for the transfer. Usually it is from 3% to 5% of the transaction. For example, the has a 3% balance transfer fee. To estimate how much you can save by transferring your balance to this card – use our balance transfer calculator.

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