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I just had to put about $2k of medical expenses on my citi card ($14.5k limit), which will accrue interest at 13.99% if I don't paid it off in the next month. Things are tight right now (wife not working during the summer months), and I won't be able to pay it off immediately. I have a promo offer on my capital one venture card ($3500 limit), to transfer a balance for a 2% fee and keep 0%APR for 12 months. No question I will save money by doing the transfer. Will this skewer my score, though, by having >50% utilization on my capital one card? My overall utilization is about 14%, and everything else is at 0% due to similar promo offers.
@Agent86 wrote:I just had to put about $2k of medical expenses on my citi card ($14.5k limit), which will accrue interest at 13.99% if I don't paid it off in the next month. Things are tight right now (wife not working during the summer months), and I won't be able to pay it off immediately. I have a promo offer on my capital one venture card ($3500 limit), to transfer a balance for a 2% fee and keep 0%APR for 12 months. No question I will save money by doing the transfer. Will this skewer my score, though, by having >50% utilization on my capital one card? My overall utilization is about 14%, and everything else is at 0% due to similar promo offers.
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Might affect your score a few points but nothing to worry about because you're overally utilization is still on lower side.
If you aren't applying for anything for a while I wouldn't stress it. Save some money.
@mauwow0682 wrote:
@Agent86 wrote:I just had to put about $2k of medical expenses on my citi card ($14.5k limit), which will accrue interest at 13.99% if I don't paid it off in the next month. Things are tight right now (wife not working during the summer months), and I won't be able to pay it off immediately. I have a promo offer on my capital one venture card ($3500 limit), to transfer a balance for a 2% fee and keep 0%APR for 12 months. No question I will save money by doing the transfer. Will this skewer my score, though, by having >50% utilization on my capital one card? My overall utilization is about 14%, and everything else is at 0% due to similar promo offers.
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Might affect your score a few points but nothing to worry about because you're overally utilization is still on lower side.
If you aren't applying for anything for a while I wouldn't stress it. Save some money.
+1
The impact should be nominal depending on your overall profile. However, if you are not applying for anything in the short term where utilization would be an issue, then there shouldn't be much to worry about.