Credit Cards

[csjr31]

I just checked my equifax score and it was 714. I would love to keep it in the 700's but i just transferred $3200 from a card that had a limit of $5000 to a card with no balance that has a limit of $9500. Does anyone know if this transfer will affect my credit score in a positive way, negative way, or no way at all? Just wondering.

[Jamesus81801]

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csjr31 wrote:

I just checked my equifax score and it was 714. I would love to keep it in the 700's but i just transferred $3200 from a card that had a limit of $5000 to a card with no balance that has a limit of $9500. Does anyone know if this transfer will affect my credit score in a positive way, negative way, or no way at all? Just wondering.

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From what I've read it shouldn't make much of a difference if any.  Generally it is your overall utilization that is looked at, but in this case you are not changing the overall.  Even if they look at your individual utilization for each account, you've bettered your situation because the $3200 is going to look smaller in comparison to the $9500CL card than the $5000CL.

[Noah_Bodie]

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csjr31 wrote:

i just transferred $3200 from a card that had a limit of $5000 to a card with no balance that has a limit of $9500. Does anyone know if this transfer will affect my credit score in a positive way, negative way, or no way at all? Just wondering.

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$3,200/$5,000 = 64% util

$3,200/$9,500 = 34% util

Yes, you should see your score bump up once the new balances are reported.

[iLiveCredit]

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Jamesus81801 wrote:

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csjr31 wrote:

I just checked my equifax score and it was 714. I would love to keep it in the 700's but i just transferred $3200 from a card that had a limit of $5000 to a card with no balance that has a limit of $9500. Does anyone know if this transfer will affect my credit score in a positive way, negative way, or no way at all? Just wondering.

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From what I've read it shouldn't make much of a difference if any.  Generally it is your overall utilization that is looked at, but in this case you are not changing the overall.  Even if they look at your individual utilization for each account, you've bettered your situation because the $3200 is going to look smaller in comparison to the $9500CL card than the $5000CL.

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I can see that lenders look at your overall utilization, but I've ALWAYS wondered if they look at ... high balances on an individual account's utilization. Can anyone shed some light on this?