topic Re: Balance Transfer to Existing Credit Card - Affect credit score? in Credit Cards

Balance Transfer to Existing Credit Card - Affect credit score?

Anonymous — Thu, 26 Sep 2013 15:48:26 GMT

Hi,

I currently have a CC account at 78% utilization. If I transfer some of that to an EXISTING credit card with a zero balance, will that ding my credit score?

In summary:

CC1 would go from 78% to 65% utilization,

Existing CC 2 would go from 0% to 43% utilization.

Overall utilization would obviously remain the same.

Thanks!

Re: Balance Transfer to Existing Credit Card - Affect credit score?

Burned2manybridgesB4 — Thu, 26 Sep 2013 17:08:15 GMT

How many cards in total, and how many have balances?

Re: Balance Transfer to Existing Credit Card - Affect credit score?

Anonymous — Thu, 26 Sep 2013 17:13:19 GMT

14 cards in total

6 with balances

working on getting them all down - just curious about this transfer

Re: Balance Transfer to Existing Credit Card - Affect credit score?

Burned2manybridgesB4 — Thu, 26 Sep 2013 17:18:41 GMT

If you're not applying for anything soon, don't worry about the score.

It will rebound with changes.

The importance is debt paydown at a lower APR.

Re: Balance Transfer to Existing Credit Card - Affect credit score?

Anonymous — Thu, 26 Sep 2013 17:22:23 GMT

what if I AM applying for something soon?

Re: Balance Transfer to Existing Credit Card - Affect credit score?

Burned2manybridgesB4 — Thu, 26 Sep 2013 17:25:36 GMT

I'd say balance out the transferred amount proportionately to five of your fourteen, so that the overall card usage is under half reported, and the spread will make your individual utilization as low as possible. Kind of a balance between the multiple card hit, and the high util hit.

Re: Balance Transfer to Existing Credit Card - Affect credit score?

Anonymous — Thu, 26 Sep 2013 17:41:04 GMT

thank you - MUCH appreciated!

Re: Balance Transfer to Existing Credit Card - Affect credit score?

Creditaddict — Thu, 26 Sep 2013 19:54:13 GMT

@Anonymous wrote:
Hi,

I currently have a CC account at 78% utilization. If I transfer some of that to an EXISTING credit card with a zero balance, will that ding my credit score?

In summary:

CC1 would go from 78% to 65% utilization,
Existing CC 2 would go from 0% to 43% utilization.

Overall utilization would obviously remain the same.

Thanks!

score wise for applying I think you are better off having that card at $0 then having 2 cards reporting... I don't think 78% to 65% will get you a different tier of util. for scoring either but 43% will for sure be a negative scoring number.