Hello all,
I need some advice with a $15,000 expense I will be having soon.
Current situation: Total credit limits available: $56,000. Current credit card debt: $0
My current credit limit on BOA rewardscard : $17,000
I currently have an offer from BOA -- APR of 1.9% APR , maximum direct deposit/transaction fees of $200, until March 2016.
I am thinking of using this offer to transfer funds into my checking account and take care of the expenses. The only hesistation I have is that I will have a balance of $15,000 on a $17,000 limit card. The rest of credit cards and limits should be good. Is this that okay? Having high balance on card compared to the others, will that cause any red flags? or is it not advisable to do so?
My current credit limits:
BOA -- 17K
walmart Discover -- 15K
US Bank -- 10K
Discover -- 9.5K
CapOne -- 5K
Thank you for any suggestions.
Starting Score: EQ=665,TU=618 on Oct 9,2010
@lhcole77 wrote:If you transfer 15k on a 17k card you'll be at 88% UTL, which is under the threshold for being considered maxed out. Most people report 90% and above is considered maxed out, which means your score would get dinged.
Have you considered doing a CLI request prior to transfer?
Thats a good point. The card was at $10K and after the CLI got to $17K.
So, it isn't recommended to have such high balance then. What would be considered a safest utilization? I will be paying it off soon, but until then, looking for a low interest solution.
Thank you
Maybe a loan from your local bank or a CU would be a better idea, or one from Lending Tree, Prosper, etc.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
