06-24-2007 03:02 PM
06-24-2007 03:05 PM
06-24-2007 03:24 PM
06-24-2007 05:57 PM
Not True! I have heard this too. FICO factors both util on each revolving TL and as well as util on all revolving TLs collectively. Any time even one cc shows util that high your scores will drop irregardless if it caused by BTs. CRAs do not make a special notation on your reports regarding BTs. 70-90% util is what they report. A definite good size ding will result.
sankofa wrote:Please tell me if this is true.It's okay to max out 70% to 90% of one's credit limit on one card with balance transfers? I was told this on two different forums.Thanks,SandyK
06-24-2007 06:28 PM
06-24-2007 06:49 PM
sankofa wrote:Thanks All!!I wonder why on earth did the people feel that this was okay? I have gone 80% and received a ding of about 13 points. I have since paid that down to under 50% and a few more bills this month of June and now I'm awaiting an update.I feel it's a no win situation when I have enough available credit to pay off 95% of my bills but can't utilize the full credit limits on two or three cards to achieve this, because it would put me at 90% across all three.SandyK
06-24-2007 07:29 PM - edited 06-24-2007 07:58 PM
06-25-2007 08:49 AM
06-25-2007 09:23 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.