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
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