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Hi all,
Recently got balance transfer offer from Discover.
If i use whole limit of my disocver card, How does my credit score effected?
Discover card limit 10.000 , Total credit limits 110.000
Balance transfer is from Citi personal loan.
Maxing individual CCs hurts your utilization and score.
Hard to say whether the tradeoff is worth it or not.
New HP + TL will hurt you, but lowering high utilization (per card) will help you.
If you have a maxed account, and relieve the pressure in some way, you may also escape AA issues.
I'm not looking for any credit at least I finish paying debts first.
I had only one installment loan and it's cit personal loan.
How is score calculated individual utilization or total credit account utilization?
I had Discover for years no new account or HP needed ..
@yyyyy wrote:Hi all,
Recently got balance transfer offer from Discover.
If i use whole limit of my disocver card, How does my credit score effected?
Discover card limit 10.000 , Total credit limits 110.000
Balance transfer is from Citi personal loan.
If you're not planning on applying for additional credit, don't worry about utilization.
Adverse action would be a major possibility, if you kept the Discover over 80% more than a month, or two. You will definitely be "under the microscope" with your other lenders during that time. If your lenders have been in your wallet for years, and years, I'd not worry as much as someone with under five years age, and a few midrange cards.
@yyyyy wrote:I'm not looking for any credit at least I finish paying debts first.
I had only one installment loan and it's cit personal loan.
How is score calculated individual utilization or total credit account utilization?
I had Discover for years no new account or HP needed ..
Scoring takes into consideration both overall and individual utilization, and also proportion of accounts with balances.