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
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.