Amex - Transfer credit line?

[Uncle_Money]

Hey guys,

So I just found out I can transfer some of my available credit from my personal Amex BCP card to my business SimplyCash revolver. I have $18K available on my personal BCP card and hardly use it but I also don't want a ding in my FICO score. For whatever reason, my starting limit on the SimplyCash is really low at $2K but it would be nice to carry a balance at the 0% for a few months if I want. I'd like to transfer $8K then both cards will have $10K limits but I will lose that $8K of availabe credit on my personal credit profile.

Can anyone weigh in if this is a smart move or not? Current FICO score is in the high 700s and utilization is around 11%. Credit profile is also squeaky clean.

Thanks,

UM

[takeshi74]

It's all about impact to revolving utilization with your question.  Do the math to compare what it would be before and after the transfer you're considering.  Is it a significant increase or a small change?  Can you not reduce the reported balance on the personal card?  Revolving utilization isn't just about limits.  It's balance(s) / limit(s).

Why are you concerned about your score?  Are you applying for new credit in the near future?  If you're carrying then you'll want to get rid of the revolving debt you're carrying before tacking on new credit.  Additionally, if that 786 is a FICO 8 then you have plenty of wiggle room anyway as best terms are generally offered in the 740-760 range with FICO 8.  However, keep in mind that you don't have just one score.  For most models you have a score with each of the 3 major CRA's.  Make sure you're keeping up with all 3 and not just one of them.

You jsut have to sort out what your biggest priority is and go with it realizing that you'll have to compromise other things.  You can't max out everything.  If you need to carry the balance on the business card then you'll need to take the hits to do so.