Will this move increase my score?

[itsjustmeibe]

I currently have 720 scores across the board. I have 3 cards with balances:

AMEX $6,638/$7,000 (was $15k limit, but they have CLD me 2x)

Chase 23k/44k 2.9% & 3.9% fixed for life

BOA 3k/7k - 0% until 12-2009

I also have a HELOC reporting 22k/30k.

I have available credit of $115k + $30k if you count the HELOC. I am using $32,638.

I know the AMEX is technically maxed out and I get dinged for that. The other 2 cards are 53% and 43%.

If I balance transfer the AMEX to another card which has $12k available limit, will I see any increase in my score? That would make this new card report at 55%.

I know AMEX will probably close my account and that's fine. I am also paying off the HELOC very soon with a refinance.

The rate on the AMEX balance is 3.9% fixed for life, and I can get 3.9% until 12/2010 on a balance transfer to my new and favorite credit union PSECU, with no fees.

Thanks for reading.

[marty56]

Your total util will remain the same so the going from 95% util to 55% util  on a different card would probably get you some points.

What is your end game here.  If you are trying to raise your score to get a better rate on the mortage refi or car , you would have to gain enough points to get into the next tier so you need to post what score you are trying to get to.  Even if you get to the score you want, a MR on your credit would still show the same amount of CC debt.

[itsjustmeibe]

---

@marty56 wrote:

Your total util will remain the same so the going from 95% util to 55% util  on a different card would probably get you some points.

What is your end game here.  If you are trying to raise your score to get a better rate on the mortage refi or car , you would have to gain enough points to get into the next tier so you need to post what score you are trying to get to.  Even if you get to the score you want, a MR on your credit would still show the same amount of CC debt.

---

Hi Marty-

I really don't have a score I'm trying to get to for anything. I had scores in the 750's prior to me opening new accounts (when AMEX starting decreasing my limits). I just want my old scores back. I guess I'll have one more new account with the mortgage refinance so I'll re-evaluate after that. I thought I had read that you could have 1 account close to max without a real negative hit to score, but when you have more than 1 (as I have with the HELOC and the AMEX), it is reflected more negatively.

The AMEX bill belongs to my lil sister so I'm not really trying to pay it off for her. But who knows, I may.

[marty56]

Installment loan balances dont affect FICO score.  A maxed out revolving balance from a CC or other type will hurt your score a lot.

If you are going for a re-fi or any mortgage, it is not a good idea to open any other new accounts.  Check in the mortgage section for better advice than I could give.

A final point is that if you need to do something needed with credit like a re-fi or autoloan to replace a dying car, we should not be FICO score poor.  It is okay to take a score hit do do something needed with credit.