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Making progress lowering CC utilization! DCU loan 6months preapproved 10%?

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Posted (edited)

My gut tells me just to keep slamming the debt like I have for the last couple months.  My utilization has gone from 72% to 58%. Any merit to this DCU loan. At first glance 10% is much lower than the rate on most of my cards that still have balances.  


Loan amt preapproved is $2000 6 months, 10%. I'm really waiting hopefully for a bal txr card offer from nfcu or other maybe by early 2021.  I'd throw all of it to the highest rate card. What do y'all think? If the DCU rate was 5% probably be a no brainer. Btw I have no inquiries all 3 last 2 years.

Edited by DebtFreeIn04

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If you lower the APR from, say, 20% to 10% on $2,000, that's going to save you:


((($2,000 * (0.2-0.1))/12)*6) = $100


in interest, and even less if you pay off some portion of the $2,000 in that six months.


Only you can say if that's worthwhile.

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1 hour ago, DebtFreeIn04 said:

Oh shoot it's 12 month term. I should be able to  pay off early. 🤓

That's up to $200 in savings, which is more compelling.


Nice job on your progress so far, and also for plotting a shorter path to the finish line.  :good:  

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