Credit Line Consolidation Impact on Fico Score

shorttough — Wed, 07 Nov 2012 17:26:08 GMT

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

Re: Credit Line Consolidation Impact on Fico Score

Anonymous — Wed, 07 Nov 2012 19:04:59 GMT

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.

topic Credit Line Consolidation Impact on Fico Score in Understanding FICO® Scoring

Credit Line Consolidation Impact on Fico Score

Re: Credit Line Consolidation Impact on Fico Score