|Total CL: $314.7k||UTL: 2%||AAoA: 6.8yrs||Baddies: 0||Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping|
Finally, I got an increase on my card. My initial limit was $1000 and I requested $25000 and got $10,000. My biggest credit line to date.
I have a question, I want to do a balance transfer to improve my utilization ratios. All my credit limits are small and have balances on them. Since this is my biggest credit line, does it make sense to transfer those balances to this card and have those cards report zero. I have about $8000 on my other cards that I will paying off next month. Thanks.
i think you're on the right path, are you saying you want to put 8k balance on a 10k card .what i've learned is if you other limits are low(er) and the one large one you have you pretty much max out, you'll find getting other high limit cards a bit tougher. your utilization ratios is not "card #1 percenatge + card #2 percentage = X/2 = result", but "total balances/total available credit limits". individually the ratio may seem high with a low balance, but they all roll into each other for the final result. some will disagree, and i encourage their ideas, but this is what i've seen for me.
as well, if you're planning on paying of 8k next month, not sure what the BT will do for you. by the time all of those things get transferred then reported, the cards in question would show zero percent anyway. since you're paying it off next month, you might as well just pay it directly to each one -- your sceanrio lands at the same result.
side note - Congrats on the monster CLI! NFCU will take good care of you if you take care of them.