Is this a good idea??

Hammer1 · ‎02-04-2008

I'm looking to raise my credit score. I've done some significant debt reduction in the past few months, but still have balances in a few places. Question....I currently have a BofA CC with a 30,000 limit and only 3,000 on it; so 10% UTL. I also have a BofA Credit Line with a 18,700 limit but 12,900 on it; so way more than 50% UTL. Would it be wise of move to move some of the credit line balance onto the CC, therefore making my UTL more even and lowering the interest rate on a portion of the balance??

Hammer1 · ‎02-04-2008

Is anyone willing to give me advice?

Anonymous · ‎02-04-2008

Hammer1 wrote:
I'm looking to raise my credit score. I've done some significant debt reduction in the past few months, but still have balances in a few places. Question....I currently have a BofA CC with a 30,000 limit and only 3,000 on it; so 10% UTL. I also have a BofA Credit Line with a 18,700 limit but 12,900 on it; so way more than 50% UTL. Would it be wise of move to move some of the credit line balance onto the CC, therefore making my UTL more even and lowering the interest rate on a portion of the balance??

Your utl is all your credit combined. So you have a limit of 48,700 with a balance of 15,900. Therefore your utl is 33%. Transfering part of one cc balance onto another card won't help raise your score. Try getting your total utl under 30% and then ideally under 10%.

Anonymous · ‎02-04-2008

@Anonymous wrote:

@Hammer1 wrote:
I'm looking to raise my credit score. I've done some significant debt reduction in the past few months, but still have balances in a few places. Question....I currently have a BofA CC with a 30,000 limit and only 3,000 on it; so 10% UTL. I also have a BofA Credit Line with a 18,700 limit but 12,900 on it; so way more than 50% UTL. Would it be wise of move to move some of the credit line balance onto the CC, therefore making my UTL more even and lowering the interest rate on a portion of the balance??
Your utl is all your credit combined. So you have a limit of 48,700 with a balance of 15,900. Therefore your utl is 33%. Transfering part of one cc balance onto another card won't help raise your score. Try getting your total utl under 30% and then ideally under 10%.

I believe that they look at both overall utl and individual. I think there are more things you have to take into consideration though - are you trying to raise your credit score for a particular reason at this time? Does the BofA card have a much lower APR? Are you planning on carrying your balance for a while? IS there a fee for your BT?