Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)
I did the 0% APR Balance Transfer thing when I had about $6k in CC debt and was getting hit with high minimums.
Unfortunately, I was only able to get approved for $2.5k between two new cards. Did my transfers immediately. What surprised me was that I still had $50 minimums on both cards with them maxed out-- didn't really help that much. Also, clearly having a problem with spending at the time, I ended up making purchases on the card that I was transferring from. So I basically ended up increases my credit line and my monthly minimums. The whole thing backfired, and most of it was my fault obviously, but I wasnt expecting to add $100 in minimum payments with those balance cards either.
If I were in your position of have zero rent, I would just focus on attacking the Discover card and forget about the balance transfer. Obviously, it was a failed experiment for me.
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-Ryan
I know there's a full moon every night. When I dress black it snows white...
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