Credit Cards, Best Way To Manage Debt?
I had a balance of $4,000 on one credit card that I consolidated over a year ago to make it eiser to keep track of at 14%. Last month I got a Balance transfer offer from another card for 4% untill it's paid off. so I transfered the balance to it. The only thing is that the limit on that card is only $4,200, so it is almost maxed out, but I have 5 more cards and my total credit availabe is around $30,000.
What is the best way to handle my debt, Is it better to have this one card full and the others all paid off, or should I spread it around to the other cards so they all have a smaller ballance? I am intrested in both paying it down as well as improving my credit (It's 660 now). I also have a $14,000 auto loan, and $25,000 student loan. Would I be able to negotiate with the other cards to give me a lower rate if I transfered part of my balance to them? I had gotten into a lot of trouble a couple of years ago wit getting behind, and have a total of 6 30-day-lates.
Never put over 50% on one card, it's a serious strike against your FICO. Spread it out over other cards is the best bet. Also, leave at least one card with nothing on it, that's a good thing, and it's a major PLUS for your credit score.
OK, I have seen some places that it's just the total used-to-avialble. Can I justthem to lower the rate if I transfer to them? the other rates I have go from 14% to 24%.