Reply
Member
u921333
Posts: 5
Registered: ‎09-24-2012
0

High UTI on one card .... Balance Transfer.

Hello, Have a question if I would see much of a score change by doing a balance transfer.

 

I have a ok score high 600's to mid 700's depending on CRA. Aaoa is around 1.7 years oldest account is over 10 years. Currently My UTI on all cards is at 17-18% and have total listed of 4k of debt on report out of 24k available.

 

Now the question is I help/handle my grandma's accounts and she has one card that im an AU on that is only a 1700 limit and is charged to 1575 from some store card consolidations we did for her making it 93% uti. I know I could just remove me as a AU but I find it easier being listed on her accounts just in case she needs to make purchases I can do it for her. I could balance transfer the 1575 to one of my cards making her card 0% and one of mine 40% would that really have any huge impacts on score?

Super Contributor
enharu
Posts: 6,969
Registered: ‎02-27-2013
0

Re: High UTI on one card .... Balance Transfer.


u921333 wrote:

Hello, Have a question if I would see much of a score change by doing a balance transfer.

 

I have a ok score high 600's to mid 700's depending on CRA. Aaoa is around 1.7 years oldest account is over 10 years. Currently My UTI on all cards is at 17-18% and have total listed of 4k of debt on report out of 24k available.

 

Now the question is I help/handle my grandma's accounts and she has one card that im an AU on that is only a 1700 limit and is charged to 1575 from some store card consolidations we did for her making it 93% uti. I know I could just remove me as a AU but I find it easier being listed on her accounts just in case she needs to make purchases I can do it for her. I could balance transfer the 1575 to one of my cards making her card 0% and one of mine 40% would that really have any huge impacts on score?


Well done for taking care of your grandma! :smileyvery-happy:

If your utilization goes up, your score will drop. 

How much it'll exactly drop by really depends on other factors, such as AAoA, age of oldest account, number of tradelines, inquiries etc etc.

Generally speaking, your scores shouldn't drop too much. I am guessing that the worst case it'll drop your score by is up to 30 points. This is just my guess. It can be a lot more, or a lot less.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
ktl72455
Posts: 831
Registered: ‎12-09-2012
0

Re: High UTI on one card .... Balance Transfer.

I didnt realize that being a AU on someone elses card, that you could transfer thier balance to one of your cards.

 

 I know I could just remove me as a AU but I find it easier being listed on her accounts just in case she needs to make purchases I can do it for her. I could balance transfer the 1575 to one of my cards making her card 0% and one of mine 40%

 

I learn something every time I vist here!

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
Established Contributor
emptypockets
Posts: 989
Registered: ‎02-03-2009
0

Re: High UTI on one card .... Balance Transfer.

[ Edited ]

ktl72455 wrote:

I didnt realize that being a AU on someone elses card, that you could transfer thier balance to one of your cards.

 

  I could balance transfer the 1575 to one of my cards making her card 0% and one of mine 40%

 

I learn something every time I vist here!


I am not sure that they check that it is your account when you do a BT. Most places send checks that can be written to yourself (then depoitied and used to pay the CC you choose), or directly to the credit card you are paying off. I don't think the banks care as long as they get their money. 

 

To the OP, I think that the damage to your score will be relatively small since you are going from 17-18% overall util (4k bal of 24k avail) to approx 23% overall Util (5575 bal on 24k avail), but 40% on that one card. It is difficult to predict Fico scores, but you will likely take a small ding for having another card with a balance, as well as the increase util on that one card. You could try to get a CLI on one of your cards before you do the BT - thus eliminating/reducing  the ding to your utilization.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Nordstrom Visa,US Bank Cash+, Chase (5), Huntington Voice, UMB Visa, Nasa FCU Plat Cash Visa, Barclay's Visa, Citi (4), Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, Macy's AMEX; Several store cards.

Current Scores: EQ (6/14): 800; TU MyFico (6/14): 814; Walmart TU Fico 08 (10/2014): 813; EX (6/14): 775
Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011
0

Re: High UTI on one card .... Balance Transfer.

Having one maxed out card will be a pretty good ding on your score.  I'd wager doing the balance transfer will be an overall net gain in score.  Question is are you planning on applying for anything in the near future and how long will it take to pay the card down?  Doing the BT will most likely incur a 3% fee.  If your not going to be applying for anytime soon the score doesn't matter, save your/your grandma's money.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}