New Contributor
Posts: 54
Registered: ‎11-07-2012
Credit Line Consolidation Impact on Fico Score

My current Utilization is 66%. I applied for two credit cards and got a limit of 4000 and 8000.

Current Score: 660 myFico


Bank of America: 10000/10500  balance.

HSBC:  1900/2605  balance

Discover : 2100/2500 Balance


Now i'd like to bring all the cards under 50% Utiliztion by combining the two credit cards into one 4000+8000= 12000

Then, Balance transfer 10500/2 + (2605/2 - 1900) + (2500/2 - 2100)  into the 12000 credit card.


Would it hurt or improve my Fico score with the above scenrio.


Thanks in advance

As Of 03/24/2016

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
Re: Credit Line Consolidation Impact on Fico Score

Any time you gain more available credit, you are helping your score. So adding that $12,000 in available credit dropped your utilization. Just try not to max out a card above 80% utilization in an effort to do a transfer as that can also impact your score.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    

     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%