I got a call from my credit union. They were not able to give us the full amount we were requesting for the credit limit increase, however they were able to to raise the limit to $10,000 and we transferred $2000 of the balance from the Target card, leaving us with $2733.75 on the Target card, and a $9,420 balance on the credit union card. They're also lowering my interest rate to 7.99%, so I lost a percentage point. My credit score was 740, so I am feeling pretty good right now.
We're trying to decide if we try again for a personal loan for the other $2700 so we're not paying anything to Target. If not, we'll just throw the rest of our money at that outstanding balance and get it paid off. Transferring a little more than 42% of the balance will help decrease the amount of interest we're paying on the Target card, so it will give a little extra to go towards principal.
Now, we just need the mortgage company to give us a call back. Fingers crossed.
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