11-07-2012 09:26 AM
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
11-07-2012 11:04 AM
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.