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Please advice, is it right thing to decrease UTL?

Senior Contributor

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?

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....Last HP 01 NOV 2016...............
Message 11 of 16
Regular Contributor

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.

Message 12 of 16
Regular Contributor

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.

Message 13 of 16
Regular Contributor

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.

Message 14 of 16
Established Contributor

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.


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Message 15 of 16
Regular Contributor

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.

Message 16 of 16