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Is your FICO score concentrating more on your utilization on accts. I went from 2 citi cards to one and moved 10264 to the other card, combined they now have a 28100 limit. 48% util. The other citi card is closed. Before this transition the other card was at 90% and the 2nd citi card was at 21%...was this a good move?... should I concentrate on paying off the cards with higher utilizations? My highest is $7280 on a 12k limit BOA 60% Thanks
Trying to get in the 700s. In the mid 650's now. Have lots of inq this year on EX.
I'm just a little confused. Is this the same Citi card you mentioned in this thread?
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=128623
The credit line on this Citi card was raised from $28,100 to $31,400.
The response to your utilization question depends upon this card's credit limit.
Dude, you're over $21,000 in credit card debt. That's insane.
You shouldn't be worried about your credit scores at this point, you need to focus on paying off that debt.
This is what I can deduce from your word problem:
Card1 Card2 Resulting Card
Credit Line 11404 9923 28100
Balance 10264 2084 13488
% Utilization 90% 21% 48%
It appears that your new combined card has a higher credit limit than Card1 + Card2 to the tune of about $6700.
This increase in "available credit" will help your score, because your effective utilization (the sum of all balances / the sum of all credit lines) is lower. Your old utilization was 57.8%. Your new utilization is 48%. Therefore you should see a small increase in your score. But 48% is still way too high. You need to get that down to below 10%.
And don't you ever post a word problem like that again. Are you trying to torture us?
Peace
leggo, you're KILLING me! Excellent reply.