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balance trns. questionn

Regular Contributor

balance trns. questionn

i did 2 bal. trans. on 2 cc but i maxed out the bt card but p/o 2 cards. how is this going to help my scores????
Message 1 of 5
4 REPLIES
Established Contributor

Re: balance trns. questionn

I don't think you'll see a significant change since your utilization is staying the same...

 

I'd wait for a mod to give you a more definite answer though. They're the authority on this sort of thing.

Message 2 of 5
Established Contributor

Re: balance trns. questionn

If you did these BTs onto a new card then your utilization will have improved just by the fact that your new card supplied more available credit but your CC debt remained the same. That can improve your score if you didn't take too big of a score hit by the new card lowering your AAoA plus the few points for an inquiry.

 

Important thing is it saved you money if you used a 0% BT offer! That's better than points! 

Message 3 of 5
Regular Contributor

Re: balance trns. questionn

what does mod mean?? what does aa of a mean?
Message 4 of 5
Highlighted
Moderator Emeritus

Re: balance trns. questionn

Mod = Moderator

AAoA = Average Age of Accounts

 

IMO, maxing out one card is worse than having two w/ balances (at least two w/ less than 30% util).  It depends on what your goals are -- good score or save money, aka, Fico sense vs fiscal sense.  You decide.

 

Smiley Wink

 

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 5 of 5