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My current Utilization is 66%. I applied for two credit cards and got a limit of 4000 and 8000.
Current Score: 660 myFico
Bank of America: 10000/10500 balance.
HSBC: 1900/2605 balance
Discover : 2100/2500 Balance
Now i'd like to bring all the cards under 50% Utiliztion by combining the two credit cards into one 4000+8000= 12000
Then, Balance transfer 10500/2 + (2605/2 - 1900) + (2500/2 - 2100) into the 12000 credit card.
Would it hurt or improve my Fico score with the above scenrio.
Thanks in advance
Any time you gain more available credit, you are helping your score. So adding that $12,000 in available credit dropped your utilization. Just try not to max out a card above 80% utilization in an effort to do a transfer as that can also impact your score.