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Hello...
Please help me...
My Credit file is excellent... no baddies, no lates..... My previous scores one month back equifax fico 705, transunion 708, credit sesame 749.(may 4th) Lst month my utilization is 12000. one recent enquiry.
i have auto loan at dcu 1.99 percent which is in good standing... balance on auto loan is 17000.
Mycards...
DISCOVER 8500 0
BOA VISA SIG 10,000 0
DCU PLATINUM 10,000 UITLIZATION 2600
CITI PLATINUM 6200 0
CITI THANK PREFERRED 4500 0
CAPITAL ONE BESTBY 5000 0
BANK OF AMERICA 12500 UTILIZATION 6999.
In another 10 days... iam getting 2500 ... i will be paying off dcu or i will pay bank of america card.
Right now.. iam thniking of increasing limit on bank of america card by 7500 ....with out hp ... by decreasing limit on bank of visa signature card..which is carrying 10,000 limit.
Is wise thing to do? As utl on bank of america card right now is almost 55%... by increaing its lmiti from 12500 to 20000.... is good idea or not and that too with out sp or hp.
visa siggy is charge card.. is not reporting any balance... it noly reports highest balance...my last hightes blance is 4500 one year back.. 10.000 on that with out reporting balance is no use......
Ur suggestions please.. just want to bring those utl s below 10 percent and want to apply for american express bce or bcp. .
thanks for reply.
Iam not pulling my credit. Iam just chaning limits from one card to another with out hard pull. or soft pull. when i contacted bank of america ....they told i can go for it.
thanks.
Well, Decreasing UTL is always good. Below 5% if possible. Definitely put that 2500 toward the highest interest card and don't look back.
With your scores, I would think an AMEX revolver would be an approval. Unless they think you have too much available credit for your income. You also did not say anything about Inquiry. Too many new accounts will hurt you.
Decrease Utilization and give it a shot if your Inquirys are below 4.
My equiries in last 6 months is one...
in last 12 months 2 Enquiries.. One enquiry is for bank of america credit lmit increase on visa siggy card . another is penfed membership. ( Not credit card.) iam assuming this not hp from penfed.. becuase i just opened membership and did not apply for any of their products.
My income is 92000 per annum.
thanks.
iam transfering bank of visa sigg card.... 10,000 limit to bank of america platinm card. which is carrying balance 6999 out of 12500.. i want to trasfer 7500 from visa signature to platinum.. ..so that my utilization comes down..
As visa sigg is charge card... it won't report credit limit.... only reports higher balance.. so want to trasfer 7500 to platinum.
@SRAGS wrote:Hello...
Please help me...
My Credit file is excellent... no baddies, no lates..... My previous scores one month back equifax fico 705, transunion 708, credit sesame 749.(may 4th) Lst month my utilization is 12000. one recent enquiry.
i have auto loan at dcu 1.99 percent which is in good standing... balance on auto loan is 17000.
Mycards...
DISCOVER 8500 0
BOA VISA SIG 10,000 0
DCU PLATINUM 10,000 UITLIZATION 2600
CITI PLATINUM 6200 0
CITI THANK PREFERRED 4500 0
CAPITAL ONE BESTBY 5000 0
BANK OF AMERICA 12500 UTILIZATION 6999.
In another 10 days... iam getting 2500 ... i will be paying off dcu or i will pay bank of america card.
Right now.. iam thniking of increasing limit on bank of america card by 7500 ....with out hp ... by decreasing limit on bank of visa signature card..which is carrying 10,000 limit.
Is wise thing to do? As utl on bank of america card right now is almost 55%... by increaing its lmiti from 12500 to 20000.... is good idea or not and that too with out sp or hp.
visa siggy is charge card.. is not reporting any balance... it noly reports highest balance...my last hightes blance is 4500 one year back.. 10.000 on that with out reporting balance is no use......
Ur suggestions please.. just want to bring those utl s below 10 percent and want to apply for american express bce or bcp. .
If you are concerned about the utilization on a specific tradeline, why not use the proceeds to pay down the $6999? This should bring the utilization on that BofA CC to roughly 35% - still not optimal, but better than 56%. Shifting your CLs is also another strategy if you were using the proceeds for paying off DCU, however, at the end of the day, your overall utilization will still be the same across all revolving lines (excluding the non-reportable CL for your BofA Sig CC).
If you are doing this to leverage additional credit, then you are not doing yourself a favor. Paying off debt before incurring additional credit is the best strategy. Keep in mind, lenders can see the shift on your CLs/High Credit, even if the BofA Sig CC limit is not visibly seen on your file... it is still coded as a revolving TL/flexible SL, unlike an AMEX charge card.
First I think it would be better to pay down debt than increase CL. Did you check if you BofA cards are reporting CL? Both of my BofA cards do NOT report the CL and only show highest balance ever reported. Last month I did a manual calculation and the result was amazing... the util remained the same leaving out BofA or taking a maxed out CC into consideration. I decided that I will never ask for a CLI on a BofA Siggy because it seams completely useless to me ... got approvals even over the internal limit and util did not get calculated as maxed out. Shifting around would probably only make sense from a Siggy to a Platinum Plus but certainly not the other way around and also not between Siggy cards. Maybe others can look at their BofA cards and see how it works for them.