43% utilization on one card OR 21% utilization on two cards?

[Anonymous]

Dilemma:  DH has to put 2100 on a card.  **I love my attorney, I love my attorney, I love my attorney** (I do).

Is it best to put it on Alliant and bring utilization on one card to 43% OR put it on Kroger and have one card (Alliant) at 23% and one card (Kroger) at 21%?  Overall utilization is at 6%, will be at 12%.  Hoping to have the least possible damage ;(.  (This is absolutely killing me - argh!)

Currently has:

Alliant  $2,300 on $10,000 (23%)

Bank of America $0 on $400 (0%)

Cabelas $0 on $5,000 (0%)

CareCredit $0 on $11,500 (0%)

Kroger $0 on $10,000 (0%)

Macy's $0 on $1,200 (0%)

Orchard $0 on $700 (0%)

I was thinking Kroger, so no one card would have high utilization. 

However, Hauling's post on another thread today stated: "I've never gotten hurt for one high util card. If you have several, or if your total util is high, that definitely hurts."

So, now I'm wondering if we should put it on Alliant.  We are working hard to get our scores up, and I don't want to do more damage than I have to.  (I'm not too worried about interest rates - we'll pay this off within 2-3 months - I'm more worried about score damage).

[plasticman]

Based on my experience it would be better to split the balance between the two cards, to keep util. below 30% on both, provided you will not have more that half of all tradelines showing a balance.

However, I am not a FICO expert and am just relaying my experience with my FICO scores.

Message Edited by plasticman on 07-29-2009 03:13 PM

[ocheosa]

+1

I would place the charge on the Kroger card. But make sure these are the only two cards that report balances. You should not see any change in scores, if anything you might see a small bump due to utilizing avail credit.

Good luck!

[Anonymous]

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@ocheosa wrote:

+1

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Ocheosa,  What's +1????  I guess I'm still a very newbie .  Mmmm...like one more vote for the above???

[score_building]

split it but try to get under 20% on both immediately since your so close anyway and it may help get you to the next uti decrease score bump.

[plasticman]

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@Anonymous wrote:

Dilemma:  DH has to put 2100 on a card.  **I love my attorney, I love my attorney, I love my attorney** (I do).

Is it best to put it on Alliant and bring utilization on one card to 43% OR put it on Kroger and have one card (Alliant) at 23% and one card (Kroger) at 21%?  Overall utilization is at 6%, will be at 12%.  Hoping to have the least possible damage ;(.  (This is absolutely killing me - argh!)

Currently has:

Alliant  $2,300 on $10,000 (23%)

Bank of America $0 on $400 (0%)

Cabelas $0 on $5,000 (0%)

CareCredit $0 on $11,500 (0%)

Kroger $0 on $10,000 (0%)

Macy's $0 on $1,200 (0%)

Orchard $0 on $700 (0%)

I was thinking Kroger, so no one card would have high utilization. 

However, Hauling's post on another thread today stated: "I've never gotten hurt for one high util card. If you have several, or if your total util is high, that definitely hurts."

So, now I'm wondering if we should put it on Alliant.  We are working hard to get our scores up, and I don't want to do more damage than I have to.  (I'm not too worried about interest rates - we'll pay this off within 2-3 months - I'm more worried about score damage).

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Too funny! I have fond experiences with my attorney and credit card charges as well.

I wish you well.

Message Edited by plasticman on 07-29-2009 04:21 PM

Message Edited by plasticman on 07-29-2009 04:27 PM

[YoungEntrepeneur]

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@Anonymous wrote:

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@ocheosa wrote:

+1

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Ocheosa,  What's +1????  I guess I'm still a very newbie .  Mmmm...like one more vote for the above???

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It's a way of agreeing to something. So if I agreed to the same statement, I would reply +2.

[plasticman]

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@score_building wrote:

split it but try to get under 20% on both immediately since your so close anyway and it may help get you to the next uti decrease score bump.

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+1

Great point!

[ocheosa]

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@YoungEntrepeneur wrote:

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@Anonymous wrote:

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@ocheosa wrote:

+1

---

Ocheosa,  What's +1????  I guess I'm still a very newbie .  Mmmm...like one more vote for the above???

---

It's a way of agreeing to something. So if I agreed to the same statement, I would reply +2.

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Thanks YE

[haulingthescoreup]

I think you'd be fine either way, unless you have a bunch of open installment loans reporting, like student loans that haven't been consolidated.

You want no more than half of all accounts, revolving, installment, and mortgage, reporting a balance. This is why some of us have lots of CC's --we have (or had) multiple open installment accounts reporting, and we got extra CC's to outnumber them.

But you seem to have plenty of CC's, so you're probably OK there.

I wouldn't worry about trying to get both cards under 20%, if you did that. I just wouldn't want to have two or more cards at say 70% or higher, even if my total util remained at 8 or 9%.