Use of Business Cards to get an immediate FICO boost

[RobertEG]

This is something I recently did, and it helped my FICO score quite a bit.

I opened a Chase Pro Business Card, and transferred other revolving balances to that account.

Chase does NOT report monthly to the CRAs for their business cards.  So, it allowed me to instantly decreased by revolving %util in FICO scoring, for they do not reprot either CL or account balanace to the CRAs.

It only cost the minor 12-month hit for a new inq.  Other than that, as long as in good standing, it makes the transferred CC balance invisible to FICO scoring of %util.

[Anonymous]

I wonder how much it really contribute to your credit score...

[manyquestions]

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@Anonymous wrote:
I wonder how much it really contribute to your credit score...

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Depends on what your utilization was before.  If your utilization was 70% and you can transfer enough away so that your utilization on cards that report is now 5% you will gain a lot of points. Maybe 50 points.  Utilization is like 30% of your FICO score.  So lowering your utilization is one of  the quickest ways to raise your score.  It's instant.  

[Anonymous]

Two cards that are easy to get and do not report to personal reports unless you default are the Juniper BankAtlantic biz card and the Advanta card. Both offer 0% BT for 12 months (15 months for the Juny card). Transfer your personal debt to a biz card and you are good to go.

[manyquestions]

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@Anonymous wrote:
Two cards that are easy to get and do not report to personal reports unless you default are the Juniper BankAtlantic biz card and the Advanta card. Both offer 0% BT for 12 months (15 months for the Juny card). Transfer your personal debt to a biz card and you are good to go.

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Do you have a link to an Advanta BT offer?  I know they used to have them but I have been looking all over and all I see in terms and conditions is that the BT is at the same 16.99% as purchases.  Did Advanta stop offering the 0% BT?

Message Edited by manyquestions on 04-05-2009 01:20 PM

[Anonymous]

Yes, using a business card which does not report on  your personal cr will improve your utilization, balances and number of accounts with balances.

Just be sure to get a reward card so you benefit for the dollars you spend, unless you are carrying balances, then go for low APR.

[Anonymous]

hobojon - thanks for the recommend, I app'ed Juni Biz and just got notice today approved....called in for CL, said $15k.

[Creditaddict]

Advanta use to offer 2.9 BT for LIFE, which I got 2 cards for... I just searched and that offer is not valid anymore but they do have 0 for 15 months.

But watch out Advanta will rate jack your purchase APR all the way to 37% so if you miss a payment or once your BT offer is over, your screwed unless you can move it again or pay it off.

I have since had to close 1 account to lock in the 14.18% on my purchases of half the account and the other half still has the 2.9

the other account is at 2.9 but they have increased the purchase rate to 36.99% so I be sure to pay it VERY early and I never use it for charging. 

[Anonymous]

Juni Biz offering me 0% for 13 months, 5% cashback on certain categories (like a business Freedom Plus at 5%), but I don't know my standard rate yet.

[itsjustmeibe]

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@Anonymous wrote:
hobojon - thanks for the recommend, I app'ed Juni Biz and just got notice today approved....called in for CL, said $15k.

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Do you know which CRA they pulled?