Update on "Pay off car loan with CC check"

[Anonymous]

3 months ago, I considered transferring a balance from Honda to Chase CC with 2.99% offer. Well, I made a transfer of $14,500 out of 15k CL with $75 fee and was anxious to see what happens to my credit score.

My score as of Aug. 8 was 766 with 7% UTIL, and today I find that my score decreased by only ONE point to 765! My current overall UTIL is 19% (individually, Chase now has 97% of UTIL, and I have WaMu CC with just below 50% UTIL), but the Score Power report says it is a "positive" factor. Thus, I came to think that individual UTIL may not be as important as I thought and that the overall payment including revolving and amortization does matter.

[haulingthescoreup]

We've seen similar posts that one extremely high util card won't get you, as long as the overall util is low.

Don't go buy another car with a CC check, though. At least not right away.