topic Re: Want to increase to 80% UTL. Risks... in General Credit Topics

Want to increase to 80% UTL. Risks...

Anonymous — Tue, 07 Oct 2008 19:19:20 GMT

Scores are very good currently. I can save lots of money by using these 0% aprs and applying then short term to business debt for a few months to save money and then PIF them when the apr promo runs out. Is it worth it? I'm worred about AA and F/R and CLDs, ect, for carrying 80% UTL for a while.

How do you think my lenders would react to this. I've done it lots of times over the past years up through 2007 and lenders left me alone. Times are different for 2008.. You opinions please.

Message Edited by ilovepizza on 10-07-2008 03:19 PM

Re: Want to increase to 80% UTL. Risks...

wmarat — Tue, 07 Oct 2008 19:54:46 GMT

@Anonymous wrote:
Scores are very good currently. I can save lots of money by using these 0% aprs and applying then short term to business debt for a few months to save money and then PIF them when the apr promo runs out. Is it worth it? I'm worred about AA and F/R and CLDs, ect, for carrying 80% UTL for a while.

How do you think my lenders would react to this. I've done it lots of times over the past years up through 2007 and lenders left me alone. Times are different for 2008.. You opinions please.
Message Edited by ilovepizza on 10-07-2008 03:19 PM

You know the drill.

Re: Want to increase to 80% UTL. Risks...

Anonymous — Tue, 07 Oct 2008 23:23:19 GMT

i'll let you know shortly. i'm over 90 on one, 80 on two, and near 50 percent uti on some revolving accounts now.

so far, so good. eq fico has dropped from 674 to 645, once the pt job checks start rolling in i'll breath easier though.

Re: Want to increase to 80% UTL. Risks...

laz98 — Wed, 08 Oct 2008 06:22:23 GMT

i don't have business debt, but all of my CCs have been carrying between 50 & 75 % on them all year. so far, it hasn't affected me. we'll see what happens over the next couple of months.

Re: Want to increase to 80% UTL. Risks...

Anonymous — Wed, 08 Oct 2008 13:13:52 GMT

I think your taking a big risk in this credit climate.

I disagree with commingling business debt with personal debt-

Re: Want to increase to 80% UTL. Risks...

smallfry — Wed, 08 Oct 2008 23:32:54 GMT

Anything can happen. Life is never boring is it pizza?

Re: Want to increase to 80% UTL. Risks...

Anonymous — Thu, 09 Oct 2008 19:29:02 GMT

I'm holding off for min another 30 days to think about how to safely rack up debt. For now doing nothing keeping low UTL then. Thank you for your opinions.

Re: Want to increase to 80% UTL. Risks...

marty56 — Thu, 09 Oct 2008 22:42:54 GMT

I also think it would depend on what CCCs you have. I would be carefull if you have an AE or BofA account (UD).

EX doesnt like util and TU likes only 1 or 2 CCCs reporting a balance.

Re: Want to increase to 80% UTL. Risks...

RobertEG — Fri, 10 Oct 2008 05:46:57 GMT

IMHO, it kinda boils down to relatively short term balancing of financial benefits vs. potential FICO impacts. If I was not planning to app for new credit in the next year or so, I would not place too much concern on my current FICO impact, since FICO is only important when you need to app for new credit.