Reply
Community Leader
Senior Contributor
Posts: 4,346
Registered: ‎11-13-2012
0

Re: Please advice, is it right thing to decrease UTL?


SRAGS wrote:

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.


Like this it would help your util but does BofA allow less than 5K on a Siggy?

Move the mouse over the cards for detailed view!
FICO® EQ 797 (as of today) - TU 773 (03/28) - EX 781 (04/03).. ¦ ..Fako EX 770 (04/03 - CS)
Vantage score 3.0 TU 770 - EQ 793 (CK 04/03).. ¦ ..AAoA 3yrs9mts.. ¦ ..INQ EQ (2) TU (5) EX (2)


Regular Contributor
Posts: 163
Registered: ‎07-30-2009
0

Re: Please advice, is it right thing to decrease UTL?

Thanks alot.  i  explored that option.  confused... whether to pay dcu or bank of america.  i  will pay bank of america becuase of high utilization.  my plan to pay off  both cards by  june 15th.    when iam paying and getting below  3 or 4 percent utilization  ...  fico is showing a score of 740 plus on quifax and trasunion as well...  thanks alot.

Regular Contributor
Posts: 163
Registered: ‎07-30-2009
0

Re: Please advice, is it right thing to decrease UTL?

  i checked both cards several time...   Platinum  card is rpeorting a limit   12500  and visa siggy is only reporting  highest blance   and showing as flexible spending.

Regular Contributor
Posts: 163
Registered: ‎07-30-2009
0

Re: Please advice, is it right thing to decrease UTL?

yes it allowed me...  When i applied first time bank of america card.. my intial limit was 5000 on visa siggy..  At that time i posted  2500 from visa sigg to bank of america platinum.  ( 1 year back) .  Even today when i contacted ... they told YES  .. they told  i can trasfer and 7500 to platinum .  I  asked them ..  need some more time.  and i asked  for emv chip card... they honoured that request as well.  i asked them ...will it be cancelled if i post 7500 to another.....answer is NO.

Established Contributor
Posts: 670
Registered: ‎03-21-2013
0

Re: Please advice, is it right thing to decrease UTL?

I have to admit I found this whole converesation confusing.  Just a note Util is calculated accross all CL not individual card.  I agree with the others Pay the highest rate card down.


Starting Score: 570 ish
Current Score:EX (694) 10/2/2014, EQ (686) 10/2/2014, TU (684) 10/2/2014 (ALL MORTGAGE PULLS)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) Lowes (2.8K) VS Angel Card (1300)
Regular Contributor
Posts: 163
Registered: ‎07-30-2009
0

Re: Please advice, is it right thing to decrease UTL?

yes you are right. Utilization is caluclated on whole.  Not a single card.

 

Here in my scenario... . i have only one card that is carrying high balance. 

 

U r right.. i have to pay is down highest balance card first. thanks.

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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.