03-07-2008 10:04 AM
03-07-2008 10:09 AM
03-07-2008 10:11 AM - edited 03-07-2008 10:11 AM
Is this is wise Idea and will this help my score...So my chevron CL is 1000, my bal is 550...I just got a new Discover with a 5k limit...should I transfer the Chevron bal to the discover thus boosting my score since my utilization would look better since the Discover card has a higher CL?What do you al think?
03-07-2008 10:19 AM
03-07-2008 10:22 AM
03-07-2008 01:53 PM
03-07-2008 02:01 PM
Yes, not only does it look better, but FICO will not ding you nearly as much for it, either.
Well I bit the bullet and paid off every card....so now I will have zero revolving debt and 97% utilizaiton on 2 installment accounts...Having such a high utilizaiton on installment accounts looks better then high on revolving accounts right?
03-07-2008 02:05 PM
Your FICO score weighs the balances of your non-mortgage installment loans (such as auto loan or student loans) against the original loan amounts. In general, when you first obtain an installment loan your balance is high, and as you pay this loan down, the balance decreases.
I guess that is saying my installment loan balances are too high....and this is dinging my score...I wonder how much?
What do you think?
03-07-2008 02:08 PM
Andy77 wrote:Well I bit the bullet and paid off every card....so now I will have zero revolving debt and 97% utilizaiton on 2 installment accounts...Having such a high utilizaiton on installment accounts looks better then high on revolving accounts right?
03-07-2008 04:03 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.