Balance Transfer to Existing Credit Card - Affect credit score?

[creditpete]

Hi,

I currently have a CC account at 78% utilization.  If I transfer some of that to an EXISTING credit card with a zero balance, will that ding my credit score?

In summary:

CC1 would go from 78% to 65% utilization,

Existing CC 2 would go from 0% to 43% utilization.

Overall utilization would obviously remain the same. 

Thanks!

[Burned2manybridgesB4]

How many cards in total, and how many have balances?

[creditpete]

14 cards in total

6 with balances

working on getting them all down - just curious about this transfer

[Burned2manybridgesB4]

If you're not applying for anything soon, don't worry about the score.

It will rebound with changes.

The importance is debt paydown at a lower APR.

[creditpete]

what if I AM applying for something soon? 

[Burned2manybridgesB4]

I'd say balance out the transferred amount proportionately to five of your fourteen, so that the overall card usage is under half reported, and the spread will make your individual utilization as low as possible. Kind of a balance between the multiple card hit, and the high util hit.

[creditpete]

thank you - MUCH appreciated!

[Creditaddict]

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@creditpete wrote:

Hi,

I currently have a CC account at 78% utilization.  If I transfer some of that to an EXISTING credit card with a zero balance, will that ding my credit score?

In summary:

CC1 would go from 78% to 65% utilization,

Existing CC 2 would go from 0% to 43% utilization.

Overall utilization would obviously remain the same. 

Thanks!

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score wise for applying I think you are better off having that card at $0 then having 2 cards reporting... I don't think 78% to 65% will get you a different tier of util. for scoring either but 43% will for sure be a negative scoring number.