This is my situation:
I have a HELOC at $30k utilizing $29k.
I have 3 credit cards with a balance:
Amex $6,600 vs $7,000 (since they keep reducing my limit) fixed interest rate 3.99% for life
Chase $23,500 vs $44k limit (Balance transfer rates for life of 2.99% & 3.99%)
BOA $2900 vs $7000 limit (0% until Dec 2009)
My utilization on AMEX is close to 100%. I guess by balance chasing, AMEX is trying to encourage me to pay it off.
My overall utilization on my revolving accounts is 30% ($33k vs $115k limits). I have various other cards with no balances and limits from $3k to $9k. Equifax does not count my HELOC in revolving debt, but if counted that would be an additional $29k vs $30k ($62k vs $145k or 43%)
I had read somewhere that 1 account near the limit isn't as harmful as more than 1 account near the limit. I am trying to gauge how many points I might gain by paying the AMEX off vs paying the same $6,600 down on the Chase. I am fully aware if I pay AMEX, they will cut my limit drastically, which is fine, I don't need the card.
Or is the HELOC already counting as high util and I would still have 2 accounts reporting high? (Chase & HELOC)
I also have a personal loan check in hand that I am considering using to pay AMEX, at a personal loan rate no doubt of 9.99% but it would be an installment.
My current FICO scores are 720 - 723 but I was as high as 760 before AMEX cut my limit from $15k.
Any suggestions on best course of action?
