oh well. I tried to make it to 700 but the banks had other ideas. Since I transferred a cc balance to my new credit union CC, Chase got pissed and dropped my credit line like a stone. I knew I'd take a hit opening a new CC and doing a balance transfer but I think Chase lowered the line for spite (I guess it didn't help I cussed a branch manager out IN PERSON last month for their bad business practices) . Eh **bleep** them. 
Next year....there'll be next year. Always good for a comeback!
Starting Score: TU 610 EQ 655 - 8/2010
Errin1 wrote:
I don't think Chase singled you out for transferring your balance or chewing out one of their employees. My guess is that they did one of their routine reviews (Chase does this to me every year), saw the new account (which might have had a high balance from the BT - just speculating) and their computers said, "New account with high balance right off the bat? This could be trouble." Didn't matter that the balance was originally theirs - all they see is the new account with the balance. Thus, they cut your credit limit to protect themselves against some perceived risk.
I'd like to revise my goal from a credit score of 750 to 800.
I have four credit cards. I am close to paying off 2. A Discover card where I've made the last payment (promotion 0.0%); an American Express, limit $26,500 and balance of $8,300 (15.24%); a Bank of America, limit $24,200 and balance of $15,500 (8.99%); and, a credit union Visa, limit $22,000 balance $18,000 (9.90%). The credit union Visa is my emergency card.
I'd like to do another balance transfer to pay down the BoA account to $8,000 from Discover at 0% for 12 months which will mean the utilization with be lowered on all 3 cards. The fee for this transfer is $450, but the interest I accumulate for the BoA card is $120 per month, I will pay less in interest. I am not charging anything on the first 3 cards and only minimal purchases on the credit union Visa, which is why the utilization is high. I've eliminated more than a few cards this year and believe by June of 2011 the Discover, AM, and the BoA 3 cards will be paid off.
I do have another offer from another credit union where they will only charge me 5% interest for all balance transfers under $10,000; however, if I move an entire balance it will increase my utilization. There is no fee for this transfer. If I move 1/2 of one of the high balances to this particular credit card, it will decrease my score because I haven't used the card in a while and it will increase the number of cards I have in use and with a balance to 5 cards instead of 4.
Any advise for the above scenarios would be appreciated. I'm trying to increase my score faster by any means possible.
Thanks.
No.... Chase did it because I've been fighting with them for a year and I'm making moves to leave their awful bank.
I was a WAMU customer and had no problems until Chase took over and raised my APR for no reason. I have been asking them to decrease my APR for over a year and what did they do....raise the APR again! Everytime I pay down my CC they would lower my credit line. I had enough and opened a credit card with my credit union and transferred my remaining balance with them. ( My utilization was at 18% but everytime they lowered my limit it would raise my utilization and my score would take a hit...it's all a sickening game) I also closed a CC with them (I had 2 CC accounts with WAMU) and closed my savings account. I am in the process of moving my mutual fund somewhere else and by Feb 2011 I will close my checking account with Chase. I loathe them and their business practices.
My new goal in 2011....no credit cards. I'll stick with my Discover and PIF every month....just tired of the games these banks play.
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