How much should I BT?

Artzdelux · ‎08-06-2008

Hoping for some advice:

Just got approved for a Citi Diamond Preferred MC, 0% BT until August 09, 8.99% Fixed after that, $3000 CL (with a call to the backdoor # thanks to this forum, up from $2100).

The accounts I have (other than student loans, all in good standing, about $17k total) looks like this:

HSBC - $1700/ $6000 - This is the balance I want to transfer - 28.3% Util

Chase - $0/ $2000 - Occasionally use, PIF - 0% Util

WAMU - $500/ $1750 - 28.6% Util

OVerall util not including new account - 22.6%

Utilization with new account - $17.2%

Question: How much of that $1700 on the HSBC card should I transfer to the new card that will least affect my FICO score, and set me up for the best score in the long run? I dont want to have too high a Util on the Citi card, but the HSBC is 14% interest which I want to get out from under of and paid off. What affects FICO scoring more, overall utilization or utilization on a card by card basis?

Thanks.

Anonymous · ‎08-06-2008

IMO- you shouldn't go over 50% UTL on any single account-

I would bt everything I can't pay off in the next 30 days- even if a short term FICO hit and set up a payoff plan 3,6. 12 months and knock that BT balance off in short time.

Anonymous · ‎08-06-2008

FICO counts individual and overall utl-

IMO- overall utl is more important-

Number of accounts with a balance plays a roll in your situation- the high utl on 1 account will be offset by the reduced number of accts with a balance.

Message Edited by Timothy on 08-06-2008 07:10 AM