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Nfcu go rewards cli approved

A1987
Contributor

Nfcu go rewards cli approved

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.
Message 1 of 9
8 REPLIES 8
baller4life
Super Contributor

Re: Nfcu go rewards cli approved

Congratulations! First question is there a bt offer on your Gorewards?

Message 2 of 9
RonM21
Valued Contributor

Re: Nfcu go rewards cli approved

Nice increase! Congrats
                

Total CL: $314.7kUTL: 2%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | DISC-40.6k | PENFED-38.4k | AMEX-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 3 of 9
45LOC
Member

Re: Nfcu go rewards cli approved

Congrats! 

Barclay Ring - $10K Walmart - $6K Milstar - $3K
Barclay Arrival - $1.8K ToysRUS - $3.5K PenFed Sig $10K (closed)
Discover IT - $3.5K NFCU CR Visa - $25K Citi DP $4K Lowes - $17K Amazon Store Card - $6K Nordstrom - $6K Ashley Home Store - 3K
Citi Double Cash Back $4K Delta Skymiles AMEX - $4K BOA 123 $600 (LOL)
Amex Hhonors - 9.5K
Message 4 of 9
A1987
Contributor

Re: Nfcu go rewards cli approved

No, but my rate is 16% whereas the other cards all have rates of $25 to 30%.
Message 5 of 9
baller4life
Super Contributor

Re: Nfcu go rewards cli approved

Well in that case yes! Especially since no bt fee. Just try to throw as much cash as you can at it cause that card will be at 80% util when you bt everything.
Message 6 of 9
Yes-Its-Me
Super Contributor

Re: Nfcu go rewards cli approved

Good job!!  Enjoy it.

Message 7 of 9
alextercero
Super Contributor

Re: Nfcu go rewards cli approved

Congrats

Current Credit Cards


Currently rebuilding as of (May 2021)
Starting Fico 8 Scores:

Current Fico 8 Scores:

Credit Age:

Inquiries:


Message 8 of 9
credit_is_crack
Valued Contributor

Re: Nfcu go rewards cli approved


@A1987 wrote:
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. 

Message 9 of 9
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