New user on a mission...

[Anonymous]

Hello all,



I have been reading this site for a few weeks and decided to get active. I know utilization plays a big part in my overall credit score, and would like to see what I can do to improve. So, if I use my available funds from multiple cards to bring 1 card down to $0, is that better or make any change at all?


As an example...here's my real-life scenario:


Balance Limit % of Avail $$ Avail

BOA 1,383.00 $2,000.00 69% $617


Wamu 1,282.15 $1,455.00 88% $173

Cap One 3,221.21 $3,800.00 85% $579

WF Fin Bank 4,857.00 $5,000.00 97% $143

WF Finan 6,095.00 $7,000.00 87% $905


Should I pay off BOA with the other cards? thanks, DBLtrouble

[MattH]

I believe what matters most are (1) total amount owed on all revolving accounts, and (2) percentage utilization or total balance divided by total of limits. So moving balances among accounts does not do very much for the score, you must either pay down the balances and/or get the limit(s) increased.

[Anonymous]

ok, that's what I was afraid of...

[Anonymous]

Do you have the kind of cash flow necessary to pay at least double the minimum payments on those? If your interest rates are very high on those cards you may want to look into debt consolidation.

[Anonymous]

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@Anonymous wrote:
Hello all,



I have been reading this site for a few weeks and decided to get active. I know utilization plays a big part in my overall credit score, and would like to see what I can do to improve. So, if I use my available funds from multiple cards to bring 1 card down to $0, is that better or make any change at all?


As an example...here's my real-life scenario:


Balance Limit % of Avail $$ Avail

BOA 1,383.00 $2,000.00 69% $617


Wamu 1,282.15 $1,455.00 88% $173

Cap One 3,221.21 $3,800.00 85% $579

WF Fin Bank 4,857.00 $5,000.00 97% $143

WF Finan 6,095.00 $7,000.00 87% $905


Should I pay off BOA with the other cards? thanks, DBLtrouble

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Yes, maybe for some... I may consolidate though if I can get a better rate. DBL