No. of Recommendations: 2
What AJ said X2.

In general, I would be reluctant to open a new line of credit right now in your position. I'd back up the suggestion of asking any and all of your providers if they can meet or beat the introductory offer. The current balance transfer offers I'm getting are a 3% transaction fee, not 5%, but are typically 15 to 18 months at the 0% rate. And if you aren't 100% sure the balance transfer won't be paid off by the end of the term, the regular interest rate is probably more meaningful than the balance transfer fee.

If you can't get a current card to meet or beat, I'd look carefully at the credit score for me and my spouse. While Dave Ramsey doesn't believe in credit scores, I do and your best chance long term to get more favorable rates is to improve your credit score. There may be a credit score simulator available to you (I know some Chase cards have this) that let you estimate what various activities will do to your credit score. If your credit score is lower than say 720, I'd suggest working to improve it by keeping a consistent history of on time payments, reducing credit utilization by paying things down, and letting your youngest account age (accounts opened within the last 2 years can hurt your score). Watching my own score, it can swing wildly over a few months, and with discipline, you can make it swing in your direction.

Good luck

Danbobtx
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