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Member
agala
Posts: 7
Registered: ‎08-10-2009
0

AMEX & BoA util problem

I've got AMEX Blue with $2,000 CL ($1,000 balance) and a BoA Plat. with a $2,500 CL ($2,150 balance). My wife has a CC with $500 free space for a BT, without killing her util. I plan on carrying a balance on both of these cards, with paying them off as aggressively as possible over the next few months. What is the best plan of attack here? On the 18th of next month I should have around $700-$850 extra cash to apply to these balances, along with very small bi-weekly payments on both cards during the coming weeks.

 

I was thinking this: BT $500 now, from my AMEX, to my wifes CC. (leaving a $500 balance) pay min+ $50 before statement closes at months end. Then pay $100 to my BoA before it closes. Then, on the 18th of next month, pay off the AMEX $500 balance, to allow a BT from my BoA.(to allow my utilization on both of these cards to look much better)

 

 

What do you guys think? Thoughts?

Frequent Contributor
Karatz
Posts: 318
Registered: ‎09-25-2008
0

Re: AMEX & BoA util problem


agala wrote:

I've got AMEX Blue with $2,000 CL ($1,000 balance) and a BoA Plat. with a $2,500 CL ($2,150 balance). My wife has a CC with $500 free space for a BT, without killing her util. I plan on carrying a balance on both of these cards, with paying them off as aggressively as possible over the next few months. What is the best plan of attack here? On the 18th of next month I should have around $700-$850 extra cash to apply to these balances, along with very small bi-weekly payments on both cards during the coming weeks.

 

I was thinking this: BT $500 now, from my AMEX, to my wifes CC. (leaving a $500 balance) pay min+ $50 before statement closes at months end. Then pay $100 to my BoA before it closes. Then, on the 18th of next month, pay off the AMEX $500 balance, to allow a BT from my BoA.(to allow my utilization on both of these cards to look much better)

 

 

What do you guys think? Thoughts?


What's your ultimate goal here?

 

-Do you need extra cash right now?

-Are you looking to improve your FICO score for a purchase in the near future?

-Are you looking to save yourself some interest?

 

Each option would have different plan of action...

 

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Member
agala
Posts: 7
Registered: ‎08-10-2009
0

Re: AMEX & BoA util problem

Karatz,

My only goal is actually to avoid getting a CLD from either of these cards. As you can see I just joined here and from what I have read I am very concerned, since I have such high util. on both these cards. The AMEX I just got a month ago, and the BoA I have had for nearly 2 years. I have had approx. $600 balance on the BoA for a few months, paying a little above min monthly on it. wife and I just bought furniture, and now I am worried

 

I want to pay them off asap, it will just take a few months. I need a sound plan, and I know AMEX has been **bleep** about carrying a balance...esp with such high util..and I know they will see my BoA balance/util on my CR since apparantly the check monthly.

 

 

I mean, I dont plan on using them again for at least a year.

Frequent Contributor
Karatz
Posts: 318
Registered: ‎09-25-2008
0

Re: AMEX & BoA util problem


agala wrote:

Karatz,

My only goal is actually to avoid getting a CLD from either of these cards. As you can see I just joined here and from what I have read I am very concerned, since I have such high util. on both these cards. The AMEX I just got a month ago, and the BoA I have had for nearly 2 years. I have had approx. $600 balance on the BoA for a few months, paying a little above min monthly on it. wife and I just bought furniture, and now I am worried

 

I want to pay them off asap, it will just take a few months. I need a sound plan, and I know AMEX has been **bleep** about carrying a balance...esp with such high util..and I know they will see my BoA balance/util on my CR since apparantly the check monthly.

 

 

I mean, I dont plan on using them again for at least a year.


Your original plan sounds good. That's what I would do. Also, if you're gonna spend 20 bucks at the gas pump, pay 20 bucks on the card that day and use the card...Do it anywhere you would otherwise spend cash if you can. They love when you charge, just not when the balance gets too high. Making multiple payments over the course of the month would also help you. Paying more than you spend is important, but also spending on it will help.

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Member
agala
Posts: 7
Registered: ‎08-10-2009
0

Re: AMEX & BoA util problem

There were 2 other plans I had:

 

1) BT $500 from AMEX to my wifes card now, and then pay off AMEX entirely leaving $0 balance on it, on the 18th of next month. that way I can focus on paying super aggressively on BoA. However I would still be concerned that BoA might CLD me since I've had a balance already on the card for a few months, paying a little above min..then I upped the balance signifigantly. Heck, AMEX might still even CLD me when they see my BoA util on my CR on their monthly checks. (even after paying theirs off, lol)

 

2)BT $500 from AMEX to my wifes card now, then pay off AMEX entirely on the 18th of next month AND get BoA balance under $2,000 by that time, and do a FULL BT from BoA to AMEX (prob around $1,800 by then) This is basicaly the reverse of the above plan, leaving AMEX with the high balance, and BoA with $0.

 

Thoughts?

 

Thanks for your input, BTW.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: AMEX & BoA util problem

If you are starting to construct plans that involve round robin BT's and paying the associated fees something is drastically wrong. Just pay down the balances on your cards as quickly as possible and skip the BT's.

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