I have been carrying balances on my credit cards for too long, and am trying to develop a plan to pay them off. I just got approved for a BOA Platinum Visa, 1000 limit, with 0% balance transfer for 15 months, and am hoping someone with more knowledge than me can take a look, to make sure I'm not making any obvious mistakes.
Current active balances are 3100 or so, 25%, on Citibank, with a 3500 limit. Also 4100, 25% on Chase, with a 4800 limit. Bad utilization, I know.
I've been making about 150% of the minimum payments on both cards monthly. No lates on these accounts, but seemingly no progress either.
I have stuffed both cards in a drawer. No new charges allowed! The BOA Card has a 3% BTF.
Does it matter which balance I send to BOA? Once I do the transfer, I am hoping to throw as much money as possible at the Citi and Chase cards, with hopes of paying them down. And pay only minimums towards BOA, for the whole 15 months, since it accumulates no interest? Also, I was kinda hoping for a higher limit on BOA so I could get more zero interest happening. Can I ask? How does that work? I have never made a BT before, and don't want to make a silly mistake.
I know this is dependent on NOT USING THE CARDS! I'm really hoping to trim the budget, and gets these cards paid OFF within the next 2 years.
Any insight you have would be greatly appreciated. Thanks!