intro, and credit card wrangling question

Hello! My name is Vincent Cuenca, and I live in St. Louis, MO. I have a lovely wife of nearly three years, and a 14-month-old daughter who seems to grow every time I blink. We do a pretty good job of managing our expenses, but occasionally we throw over the traces and things get out of

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  1. #1
    bootkiller
    Guest

    Default intro, and credit card wrangling question


    Hello!

    My name is Vincent Cuenca, and I live in St. Louis, MO. I have a lovely wife of
    nearly three years, and a 14-month-old daughter who
    seems to grow every time I blink. We do a pretty good job of managing our
    expenses, but occasionally we throw over the traces and
    things get out of hand. Hopefully, I'll be able to get some ideas for reducing
    costs and keeping ourselves within our limits.

    I do have a question about managing credit card debt. I had this idea of
    continually transferring the debt from one card to another,
    taking advantage of the zero-percent introductiory APR offers. I'd just keep
    throwing money at it and bouncing it around every few
    months until it went away. I'm not sure how this would affect my credit,
    though. Has anyone on the list done this successfully, and
    dowes it have any negative effects on one's credit?

    Thanks in advance,

    Vince


  2. #2
    thebarkingdog2003
    Guest

    Default Re: intro, and credit card wrangling question


    I've been doing this for over 3 years since we had kids and cut our
    income. It's been working out good for me. But you have to be really
    organized and read all the fine print. I'm good a juggling money, and
    i do mean juggling! We've had a balance almost for 4 years and have
    not paid any interest or balance transfer fees. We've even
    used "special rate" deals for building and business puposes where
    more conventioal loans would have cost us at least 4% in interest. It
    helped that we had a really good credit rating to start with. I
    haven't seen any negative effect on our credit rating by all this
    transfering. Our rating is 839 out of 850 currently. It is true that
    if you have lots of open credit you may hurt your chances at a
    conventional loan. But i've been able to avoid having to get a
    convetional loan by using the special rates. I've kept alot of cards
    open and a few months before my 0% runs out i'll go and call my other
    credit cards and negotiate with them for a 0% rate with no transfer
    fee. I always find one that says yes. It's really helped us out when
    we have an emergency like the trans going out on the van $1700 we
    didn't have but were able to pay for with a credit card and have
    money in the bank earning interest that was borrowed off a credit
    card at 0% with no fees. If you have the time and are really
    organized and can keep track of everything it's worth doing.
    Cindy in MI
    --- In Budget101_@yahoogroups.com, "bootkiller" <bootkiller@h...>
    wrote:
    > I do have a question about managing credit card debt. I had this
    idea of continually transferring the debt from one card to another,
    > taking advantage of the zero-percent introductiory APR offers. I'd
    just keep throwing money at it and bouncing it around every few
    > months until it went away


 

 

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