Balance Transfer Advice. Please Help!

[cmfazio000]

I have a large balance on my CapOne card that I want to transfer to another account. Should I transfer the balance to one account or should I split the balance up into 3 accounts? The 3 accounts pretty much have identical terms and fees for balance transfers. Which way would have a more positive effect on my score or does it not matter? That's my main concern. I want to have as little of an effect on my score as possible. My score already reflects my balance. I just thought that it might be better to split the balance up, but was thinking that it might effect my score because none of those accounts have balances on them, but my total balnce would remain the same. Help?

[Anonymous]

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@cmfazio000 wrote:

I have a large balance on my CapOne card that I want to transfer to another account. Should I transfer the balance to one account or should I split the balance up into 3 accounts? The 3 accounts pretty much have identical terms and fees for balance transfers. Which way would have a more positive effect on my score or does it not matter? That's my main concern. I want to have as little of an effect on my score as possible. My score already reflects my balance. I just thought that it might be better to split the balance up, but was thinking that it might effect my score because none of those accounts have balances on them, but my total balnce would remain the same. Help?

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Your score is based on both total utilization and individual card utilization. So assuming you have 1 card at 90%, and the other 3 at 0% it would look better to spread it out and have, say 30% or less, on each card. However, without knowing more about what cards you have, the terms, APR, credit limits, etc. of your cards I can't say one way or another which is the best. We need more information. 

[creditnocash]

if they are all identical terms, it really doesn't matter. 

cb don't remember balances. if you're not applying for anything it really doesn't have much affect. (besides isn't the balance on one card right now?) 

the only downfall i believe is if a card is showing more than 60%? its counted as maxed? (someone correct me if im wrong?) 

either way, if you're not applying for anything, it doesn't really matter what you do, just try and pay down the balance before the 0% runs out, if you're getting that

[Imperfectfuture]

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@creditnocash wrote:

if they are all identical terms, it really doesn't matter. 

cb don't remember balances. if you're not applying for anything it really doesn't have much affect. (besides isn't the balance on one card right now?) 

the only downfall i believe is if a card is showing more than 60%? its counted as maxed? (someone correct me if im wrong?) 

either way, if you're not applying for anything, it doesn't really matter what you do, just try and pay down the balance before the 0% runs out, if you're getting that

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Think anecdotal evidence is 80% maxed, above 50% not dang good, below 30% okay, and belowe 10% really good.  Around 5% on one card! switching cards each month is optimal.  

But I shan't be playing the optimization for a bit, want to show some luv, get luv back.  

[cmfazio000]

The three cards in my signature are the ones I am talking about (except for the CapOne). The terms for Chase and Amex are the same 0% for 15 months. Citi is 0% for 12 months. I will have the balance paid off way before 12 months. I have 50% utilization on the CapOne card. So I didn't know if spreading the balance out across the cards would help my score or if it wouldn't matter. If it doesn't matter I'll put it on the Citi card because it has the highest balance (I'm going to try and get a CLI on that one anyways).

[cmfazio000]

I'm not in any kind of financial trouble. College expenses can come out of nowhere, though. I just don't want to pay interest on the balance.

[Imperfectfuture]

Then pay off the balances with interest first, I believe that would be cap one, correct?

[cmfazio000]

Yes, the CapOne is the only card that has a balance. I can't pay it off in full, though. That's why I wanted to transfer it. I wanted to avoid paying interest. I figured that while I'm at it, I could see if I can help my score by spreading out the balance instead of putting it on one card.

[creditnocash]

i know this almost two weeks late, but even if you did pay interest, you're paying at minumum usually 3% of the balance up front. just a thought. 

[takeshi74]

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@cmfazio000 wrote:

I have a large balance on my CapOne card that I want to transfer to another account. Should I transfer the balance to one account or should I split the balance up into 3 accounts?

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Do the math to determine individual utilization on the cards before and after.  30% is the suggested max.  Ideal will be 10% or less.  Lower is generally better as long as you're not reporting all zeros.

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@cmfazio000 wrote:
I have 50% utilization on the CapOne card.

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And you can't get it down by $750?  That would get it to 30%.

It doesn't sound worth BT'ing to me.  50% is high but probably not a big deal unless you leave it there for a while.  If you can't pay down that credit card debt then scores should be the least of your concerns IMO.

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@cmfazio000 wrote:
I wanted to avoid paying interest.

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Make sure you calculate it both ways (BT fee versus interest over that timeframe).