topic # of cards with a balance in General Credit Topics

# of cards with a balance

Anonymous — Sat, 02 May 2020 16:21:05 GMT

I am applying for around four cards at one time soon. I am paying down utilzation first. How big a differnce is three cards with a balance vs two cards with a balance? I not concerned so much about my score as I am companies that will deny or lower limit for three cards with a balance vs two cards with a balance. Are there any companies that tend to deny for three cards with a balance regardless of overall utilization,score,income,etc?

My overall utilization will be the same in either case;around 14%(but say 88% on each of the cards with a balance). I assume my score will be around 780.But my three card scenario has longer 0% left as opposed to the two card scenario would have 0% expiring soon. I don't want to pay the three off yet if it can be avoided. Two cards would be one at 33k and another at 14 or three cards at 14,19, and 13.

Thank you to everyone who contributes to this board. I have been reading the boards for a couple years and you guys have really helped me a lot. I appreciate it.

Re: # of cards with a balance

Anonymous — Sat, 02 May 2020 16:50:17 GMT

@Anonymous wrote:
... My overall utilization will be the same in either case;around 14%(but say 88% on each of the cards with a balance). I assume my score will be around 780 ...

I'm no expert but it seems nigh impossible to me to have a Fico 780 with two cards maxed out, or perilously close.

To answer your question: I'd spread the debt over three cards to (substantially) lower the individual utilization. Good luck.

Re: # of cards with a balance

Brian_Earl_Spilner — Sat, 02 May 2020 16:37:17 GMT

If aggregate utilization will remain the same, you should lower individual utilization by spreading it out. It also looks better, imo, during the current economic climate.

Re: # of cards with a balance

Anonymous — Sat, 02 May 2020 17:16:25 GMT

@Anonymous @Brian_Earl_Spilner I do it every year (no apps or new accts except once a year with 15% utilization with a couple near max at the time of "spree") with 753 being the lowest in recent years.(777 last year).I will be 4/24 at the time of apps The indvidual utilzation with be the same regardless of 2 vs 3 (88% each). My question is more of 3 vs 2 accounts with a balance. I am not worried about indv utilization.

Thank you.

Re: # of cards with a balance

Remedios — Sat, 02 May 2020 16:57:06 GMT

@Anonymous I'm going to move your question to general credit questions for better exposure as this is not really application question or scoring question

Re: # of cards with a balance

Shooting-For-800 — Sat, 02 May 2020 17:00:32 GMT

OP - You have $47k balance and that is 14% utilization?

So you have $336k TCL and are applying for 4 cards at once soon.

Is that correct?

Re: # of cards with a balance

Anonymous — Sat, 02 May 2020 17:15:43 GMT

@Shooting-For-800 yes, it will be around 14% when I apply.29% now

Re: # of cards with a balance

Brian_Earl_Spilner — Sat, 02 May 2020 17:49:09 GMT

@Anonymous wrote:
@Anonymous @Brian_Earl_Spilner I do it every year (no apps or new accts except once a year with 15% utilization with a couple near max at the time of "spree") with 753 being the lowest in recent years.(777 last year).I will be 4/24 at the time of apps The indvidual utilzation with be the same regardless of 2 vs 3 (88% each). My question is more of 3 vs 2 accounts with a balance. I am not worried about indv utilization.

Thank you.

Depends on who you ask. There are supposed to be score changes based on percentage of accounts utilized. The number is a third or quarter depending on bureau, but I don't thing there's anything concrete.