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Updated 8 months ago on . Most recent reply

User Stats

14
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5
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Seth McGathey
5
Votes |
14
Posts

Carrying HELOC on 0% credit card

Seth McGathey
Posted

I recently used a HELOC for a down payment and for some repairs. I will have to hold out for a bit to cash out refinance to make it worth it. So I will need to carry the HELOC balance for about a year. I was considering getting a card with 0% interest and carrying the balance on that.

How will this affect my credit?

Is carrying it on my card worse for credit than carrying it on the HELOC?

I also considered switching it back and forth. (My HELOC allows me to make payments via credit card). So could I just use my HELOC to pay off the card right before they report my balance to the credit bureaus each month? Then pay off my HELOC with the card again once it has been reported.

Is this feasible? Is it that easy to know when they will report the balance? Is there any other things I should be considering? 

Also, if the card route is the way to go, does anyone have a card they recommend? 

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