Reply
New Member
acr123
Posts: 1
Registered: ‎06-24-2007
0

0% balance transfer strategy

I have good fico score ~700. Interested in opinion. Just opened new CitiBusiness credit card ~$8000 credit line and consolidated $45,00 from second CitiBus card ( left $5,000 on this card). With the $53,000 credit line on the card with the 0% balance transfer promotion (they will send me check), what is the maximum I should take (? up to 90% -) to minimize hit on fico score. I have easily over $250,000 credit line on numerous cards( personal & business) with probably 1/3 the cards no balance( do not use or use and pay off each month) and the other 2/3 with 0 - 1.99% balance transfer promotions where I pay slightly more than the minimum each month and have balance of 75-90% of max. None of the cards have accumulating interest that is not part of a promotional rate. Lastly, does paying 1 day early or more than the minimum due improve the fico score. thanks, Al
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
0

Re: 0% balance transfer strategy

[ Edited ]
To minimize the hit? Less! Their is no way to minimize as debt is the factor that brings down your score. 89% is the limit before you get hit with an additional greater loss due to maxing at 90%.

Message Edited by ilovepizza on 06-24-2007 08:40 AM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}