03-01-2013 06:01 PM
So I splurged a little bit with a trip to Florida with my new found credit cards and CL's. 10yrs. of rebuilding and no credit will make it easy to reward yourself after a long, hard fought battle.
I've about $70K in available credit reporting, with utilization about $7500 in balances among 7 of the 13 CC accounts that I have.
Would it be best to transfer balances to 1 or 2 cards that have a $15K CL and $10K CL or leave them be and just pay them off, which will happen in the next few months.
As far as score is concerned, more accounts reporting $0 balances is better than 2 accounts reporting 25%-30% utilization, or is it?
I ask this because I just would like to see my score go back up as quickly as possible. I went from 745 EQ to 705 in a matter of a month-ish, due to AAoA, new credit, and balances reporting. I, of course, was prepared for the drop in points, but like most of us, I still don't like it. lol.
03-01-2013 06:04 PM
doing a lot of shuffling is opening up potential to make late payments and whatnot. I prefer not to do that. Shuffling cards wont really make your score go up too much I dont think unless you are maxed out on some cards. Your overall util is still the same until you pay them down. Then you will see a score increase.
03-01-2013 06:12 PM - edited 03-01-2013 06:14 PM
I had a 6 pt drop in score a few months ago because a single account reported a $28 balance. That's why I think, and from my experience and what I've researched, that having $0 balances on 85% of my accounts is better than having 50% of my accounts reporting balances, although overall utilization is the same.
Is that not correct thinking, or fact?
No cards over 25% utilization. I have (2) $15k accounts, (2) $10k accounts, (1) $6k account, (1) $5k account etc....the $7500 in account balances are among those accounts.
Also, putting my balances on 2 cards will make it easier to manange than managing 7 or 8 accounts with balances? Not sure how consolidating balances to fewer cards makes paying your bills on time more difficult?
03-01-2013 06:51 PM
Im saying because transfers take a couple of weeks to process. I have had the same ding for one extra balance reporting a $44 balance as well. It just seems like a lot of hassle and juggling for 6 points. The real points makeup is the util. I thought about this when I had three cards with balances. I just decided to pay them off as fast I could. Theres no reason to take extra steps to coax my score up a few points when I wasnt going to apply for more credit anyway. It gave me a goal and a drive to pay it off as fast as I could. While I do not have the credit limits or debts and probably so the income you have, $2200 in 3 months was not too easy for me and now I get to see the fruits of my labor next month when my zero balances report for the first time.
03-01-2013 07:01 PM
03-01-2013 07:03 PM
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