topic Re: Balance transfer to move debt? in Understanding FICO® Scoring

Balance transfer to move debt?

Bleety17 — Sat, 15 Aug 2020 13:15:29 GMT

Looking for some advice on if I should do a balance transfer.

Here are my current cards with balances.

Amex $12,000/$13000

Chase $1643/$2000

USAA $4852/$8000

Best Buy $1932/$5500

NFCU $3121/$25000

NFCU $5302/$24000

I'm looking to apply for a mortgage soon and am curious if moving my lower balances to one of my NFCU cards would help my score?

Any advice would be appreciated.

Re: Balance transfer to move debt?

SouthJamaica — Sat, 15 Aug 2020 16:38:15 GMT

@Bleety17 wrote:
Looking for some advice on if I should do a balance transfer.

Here are my current cards with balances.

Amex $12,000/$13000
Chase $1643/$2000
USAA $4852/$8000
Best Buy $1932/$5500
NFCU $3121/$25000
NFCU $5302/$24000

I'm looking to apply for a mortgage soon and am curious if moving my lower balances to one of my NFCU cards would help my score?

Any advice would be appreciated.

It's best to have no account > 28% of the limit. So definitely rearranging things is called for here.

Re: Balance transfer to move debt?

Anonymous — Sat, 15 Aug 2020 19:38:33 GMT

That's only in relation to scoring though isn't it? Because debt is debt regardles of where it's at, and apparently doesn't seem to affect eligibility.

As I've seen several people with what I consider high debt qualify for a Mortgage, it essentially boils down to being able to afford the monthly payments.

Re: Balance transfer to move debt?

SouthJamaica — Sun, 16 Aug 2020 00:57:23 GMT

@Anonymous wrote:
That's only in relation to scoring though isn't it? Because debt is debt regardles of where it's at, and apparently doesn't seem to affect eligibility.
As I've seen several people with what I consider high debt qualify for a Mortgage, it essentially boils down to being able to afford the monthly payments.

The scores matter.

Other things matter too.