I recently moved balances from AmEx, Discover, Macy's, MasterCard to my 3 Visa Cards (2 with Chase (formerly at 0 balances) and 1 with Wells Fargo) as they were offering 4.99% fixed until the balance is paid in full. I had assumed that moving from only 2 cards with $0.00 balances to 4 would increase my score; the net amount owed to available credit remained constant. Unfortunatly, after the transfers were complete, I received a Scorewatch notice with a 63 point drop -- no alert and the drop sited revolving balances were too high?!?!
Does anyone think that concentrating all balances to VISA could be the problem; in that relative to VISA, my balance to available credit has increased significantly (Even though AmEx, Discover, Macy's and Master Card now have 0 balances). Otherwise I am at a loss for ideas.
Any thoughts?