Thoughts?

[Anonymous]

Okay, your thoughts on anything I should worry about? I need to finance a big purchase and carry balances for 12 months. I already did this. Not asking for do it or don't do it's. Asking if I have anything to worry about regarding AA .

My cards, limits and scores are in my siggy. I HAVE SQEAKY CLEAN FILES.

Capital one Venture: $27,750.00 credit line.

Took a $20,000.00 no hassle check @18 months 0% and a 2% fee. ($400)

I don't want 72% reporting on one card...BTW, I do not carry large balances. Just 4% uti before this.

I'm going to spread the 20k out over 3 cards, follow me? I don't want 20k reporting on one card.

This is how I spread it out to keep others watching (lenders) from being spooked.

Cap1 Venture- $9500.00  34% uti  will take my time paying but will be paid by the 18th month maybe even in 12 months.

Penfed Promise- $7000 28% uti 12 months 4.99% will have it paid off by the 12th month.

Penfed Power Cash- $3,500.00 12 months interest free 3%. Will be paid in 6 months.

NO other balances will ever report on any cards other than what I just listed. 

So I will be going from 4% total aggregate uti up to 13%. I am aware my scores will take at least a 30 point hit. FICO gets mad at me whenever I go above 6%.

Should I be concerned with any AA?

And should I apply for the CSP that has a green check mark in my Chase offers before this all hits my reports next month, or will Chase get pissed next month if I apply and get approved with the spike in uti.

I'm listening. Thanks.

[Anonymous]

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@Anonymous wrote:

Okay, your thoughts on anything I should worry about? I need to finance a big purchase and carry balances for 12 months. I already did this. Not asking for do it or don't do it's. Asking if I have anything to worry about regarding AA .

My cards, limits and scores are in my siggy. I HAVE SQEAKY CLEAN FILES.

Capital one Venture: $27,750.00 credit line.

@Took a $20,000.00 no hassle check @Anonymous months 0% and a 2% fee. ($400)

I don't want 72% reporting on one card...BTW, I do not carry large balances. Just 4% uti before this.

I'm going to spread the 20k out over 3 cards, follow me? I don't want 20k reporting on one card.

This is how I spread it out to keep others watching (lenders) from being spooked.

Cap1 Venture- $9500.00  34% uti  will take my time paying but will be paid by the 18th month maybe even in 12 months.

Penfed Promise- $7000 28% uti 12 months 4.99% will have it paid off by the 12th month.

Penfed Power Cash- $3,500.00 12 months interest free 3%. Will be paid in 6 months.

NO other balances will ever report on any cards other than what I just listed. 

So I will be going from 4% total aggregate uti up to 13%. I am aware my scores will take at least a 30 point hit. FICO gets mad at me whenever I go above 6%.

Should I be concerned with any AA?

And should I apply for the CSP that has a green check mark in my Chase offers before this all hits my reports next month, or will Chase get pissed next month if I apply and get approved with the spike in uti.

I'm listening. Thanks.

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I think you're thinking too hard on this one. I wouldn't pay $ to move a balance sitting at 0%, temporary 70% utilization or not. And your scores are good enough that I would worry even less about it.

My scores don't differ all that much whether I'm carrying 30% on a few cards or 70% on one. Just pay it down quickly.

[Anonymous]

You may be right, I may be over thinking. Back 6 months ago I did a $17,800.00 Capital One no hassle check (since paid). I got nailed 30 points when it reported. I was more worried about AA with with 20k suddenly reporting on one card. I know Cap1 could care less, they know how i am. Its the other lenders i was worried about spooking.

[Anonymous]

Assuming a solid credit file, which it seems you have, AA doesn't happen simply from high utilization on one account.  In fact, it rarely happens from high utilization on ALL accounts.  Credit limts are there for a reason and expected to be used.  The only time high utilization becomes an issue is when a piece of negative information is introduced into the equation, such as a single 30 day late payment.  Once that happens, all bets are off and creditors can and will take AA.  This could be just the one that you are late with, the one you have high utilization with, or literally ALL of them. 

I know someone that had 8 out of 9 of their cards maxed out for 6+ months.  No AA at all, even with credit scores dropping from 700 to 590-600.  They just recently did have their first late payment though a few weeks back, so I fully expect AA to start happening across the majority of those 8 accounts. 

IMO, you're just fine and don't need to worry about anything.

[AverageJoesCredit]

Look at it this way Donny, if you just keep it to the Cap One card, and you know each month the balance will go down, you can find out who your " friends" are lol. Your scores and profile are strong and its times like these you should be able to utilize that. My profile is not as strong im currently at 0 on all my cards with exception of my Boa BBR which, knock on wood those pesky bt offers, is currently going to report a 63% . I had just got this down below 50% but needed to use some money so i figured just keep using that one card. Hopefully i can get this to zero by the time all the 0% promo periods end . But point being, sure its not ideal, but in the end im using the card for its intended purpose and anybody wants to AA me for that , well they can go fly Delta

[Anonymous]

AJC, you are making very good sense. As well as you Brutal. Seems like I may have overacted and got overly paranoid by spreading it out. Well, it is what it is and at least the cards are getting some use and the three of them made a little something from me. While I use all my others but pay before statement cuts. Thanks for the knowledge folks.

[AverageJoesCredit]

No problems Donny. Your method is fine as well. Its also a great way to put your other cards to use so they see some luvin. These are the things we ponder residing here in Ficoland

[Anonymous]

Indeed we do ponder. Thanks pal.