topic Re: BT to lower utilization and improve score in Credit Cards

BT to lower utilization and improve score

rrscott426 — Wed, 05 May 2021 03:47:10 GMT

Card A has a $3800 limit, 0 balance and statement closes on 5/6. Card B has a $5000 limit, $1600 balance, statement closes on 5/16. If I did a balance transfer from card B to A on the 9/10th would that be enough time for card B to post with a $0 balance and thus lower my utilization? I'd pay card A in full in June.

Re: BT to lower utilization and improve score

tcbofade — Wed, 05 May 2021 04:12:32 GMT

Sadly, that answer depends entirely on which lenders are involved and how quickly they move with balance transfers.

If it were me, I would start the balance transfer the moment that Card A cuts its statement. That gives you ten calendar days for them to approve it, process it, pay it to Card B AND Card B has to receive it, process it, and post it before THAT statement cuts.

It's going to be tight, and I'm not sure that you'll make it.

Good luck!

Re: BT to lower utilization and improve score

Anonymous — Wed, 05 May 2021 04:13:41 GMT

Which lenders are the backers of the two cards?

Re: BT to lower utilization and improve score

rrscott426 — Wed, 05 May 2021 04:19:31 GMT

Disco and Cap 1. BT to Disco.

Re: BT to lower utilization and improve score

rrscott426 — Wed, 05 May 2021 04:20:42 GMT

@tcbofade wrote:
Sadly, that answer depends entirely on which lenders are involved and how quickly they move with balance transfers.

If it were me, I would start the balance transfer the moment that Card A cuts its statement. That gives you ten calendar days for them to approve it, process it, pay it to Card B AND Card B has to receive it, process it, and post it before THAT statement cuts.

It's going to be tight, and I'm not sure that you'll make it.

Good luck!

Cool, thanks for the info!

Re: BT to lower utilization and improve score

Jnbmom — Wed, 05 May 2021 04:56:06 GMT

@rrscott426 wrote:
Card A has a $3800 limit, 0 balance and statement closes on 5/6. Card B has a $5000 limit, $1600 balance, statement closes on 5/16. If I did a balance transfer from card B to A on the 9/10th would that be enough time for card B to post with a $0 balance and thus lower my utilization? I'd pay card A in full in June.

If you are going to end up paying off card A then why not pay off your balance now on card B. Am I missing something?

Re: BT to lower utilization and improve score

rrscott426 — Thu, 06 May 2021 02:59:25 GMT

I've paid the balance for 2 other cards following a trip to Hawaii (large balances). With that, and other monthly commitments...I'm looking for a way to hold off paying the balance on the Cap 1 card at the moment.

@Jnbmom wrote:
@rrscott426 wrote:
Card A has a $3800 limit, 0 balance and statement closes on 5/6. Card B has a $5000 limit, $1600 balance, statement closes on 5/16. If I did a balance transfer from card B to A on the 9/10th would that be enough time for card B to post with a $0 balance and thus lower my utilization? I'd pay card A in full in June.
If you are going to end up paying off card A then why not pay off your balance now on card B. Am I missing something?

Re: BT to lower utilization and improve score

Jnbmom — Wed, 05 May 2021 05:45:02 GMT

@rrscott426

Ok got it