Hey, Homeboy...

[Cali Coug]

I know you said you keep getting 0% credit cards for balance transfers, and then keep transferring your cash around after the 0% offer expires.

I have been doing the same, but my 0% is about to expire for the first time. Do you cancel the credit card currently holding the cash (which will be transferred to another 0% card) or do you just open a new card and keep the old one too?

Wouldn't it hurt my credit to keep the old card open? Thanks for the tips!

[The_Tick]

Hoya....

I have done this for about 5 years now. I don't really worry about my credit score. Wife and I are in the mid-700's. Wife is higher than mine.

Once I transfer the balance I cancel the card. That simple.

I own 3 cars and have never paid a dime of interest on any of them. Would be stupid to do.

I have a date planner that tells me when my 12-18 months of interest free expires and then I get busy about 6 weeks before hand.

Great if you can do it.

I have a friend who whittles down his house debt this way.

[Cali Coug]

Hoya....

I have done this for about 5 years now. I don't really worry about my credit score. Wife and I are in the mid-700's. Wife is higher than mine.

Once I transfer the balance I cancel the card. That simple.

I own 3 cars and have never paid a dime of interest on any of them. Would be stupid to do.

I have a date planner that tells me when my 12-18 months of interest free expires and then I get busy about 6 weeks before hand.

Great if you can do it.

I have a friend who whittles down his house debt this way.

The house debt is a clever idea too. I had considered moving my car loan onto one of these 0% cards. I guess my credit score is the only thing keeping me from doing it. But it sounds like that really isn't an issue in your experience.

Thanks for the input!

[Mormon Red Death]

The house debt is a clever idea too. I had considered moving my car loan onto one of these 0% cards. I guess my credit score is the only thing keeping me from doing it. But it sounds like that really isn't an issue in your experience.

Thanks for the input!

Are you going to buy a new car/house/boat/property/expensive jewelry anytime soon?

If not your credit score doesn't really matter. When it come to your credit score it based mostly if you pay your crap on time. then your debt to equity ratio. and then how much you owe.

http://moneycentral.msn.com/content/Banking/Yourcreditrating/P136689.asp

[The_Tick]

Are you going to buy a new car/house/boat/property/expensive jewelry anytime soon?

If not your credit score doesn't really matter. When it come to your credit score it based mostly if you pay your crap on time. then your debt to equity ratio. and then how much you owe.

http://moneycentral.msn.com/content/Banking/Yourcreditrating/P136689.asp

I just opened 2 new ones. Last 2 for me though. I plan on buying a new house next year and a few cars. Need the good score!

[SteelBlue]

I just opened 2 new ones. Last 2 for me though. I plan on buying a new house next year and a few cars. Need the good score!

Opening new ones won't hurt you as long as you close the old ones. My understanding is that it is the total amount of credit that you have available to you that affects your score. IOW, if you have 5 cards with $50,000 limits then they know that you have the potential for $250,000 of debt in a hurry. That's what makes them nervous.

As long as you've whittled down to just 2 or 3 cards prior to your loan application you should be fine. You can also request that your credit limits be lowered on those cards prior to applying if you think your score needs to go up. Since you said you are in the mid 700's, you really have nothing to worry about anyway.