@Anonymous wrote:I have managed to get in a scenerio where I cannot get my util down on my Discover card. It will take ahwile and I do NOT want that high util on my CR if at all possible. I am holding at 49% on an $8.5k CL. Now, is there a way I can use my BofA Visa Signature to help me? The BofA does NOT report a CL but I have a $5k CL.
Is it a wise option to BT to the BofA and wipe my Discover balance off? I know 49% looks better on $8.5k than what 84% would on $5k. What am I looking at if I BT $4200 from Discover to BofA? Will the BofA be factored into util, will it add a CL to my card since it shows $0 now, have I maxed the BofA card out? I was thinking Signature cards were not included in FICO util, but I am not so sure. Just how does a $0 CL reporting Signature card work? Thanks for any and all help!!
Are you paying interest in this Discover debt??
If you card does not report a limit, it doesn't factor into util. It is like having a hidden tradeline where you can carry a balance with no effect on your FICO score. 84% is a pretty high actual utilization though, as appearing to BoA. Don't miss any payments and make sure all of your tradelines are in good order so that you don't trigger a financial review.
How about a Personal Loan, you get the debt out of your uti and start making montly payments to it.
Amex PRG NPSL, Amex Delta 2k (AU) Discover iT 5k, BOFA Siggy $5k, BOFA AlaskaAir Siggy 5k, BBVA Compass $5k! Macy's $4.5k, C1 $2.5, SFCU $2.5k, SFCU LOC $2k, Paypal SmartC $4k, Sam's 5.5k Victoria Secret $2k, Kay's $1.7k.,76/Citi $1.5k Amazon $5k, Walmart Disco $3k JC Penny $4k, C1 $2.5, BBRZ 700.
@Anonymous wrote:No, there is 0% interest on the Discover card. I have a BT offer of 0% for the BofA card as well. It is just killing my knowing that I am stuck with 42% util on that one card. I had hoped the BofA Signature would be obsolete in FICO util scoring, but I do not know how signature cards work with a balance reporting when the CL reports $0.
If I BT $4200 I know then my High Balance would be $4200 on the BofA. That just seems terrible on card where no limit is reported. To me that would make a Signature card not very good to use because you'd always be "maxed" out if a balance ever reported? Thanks.
Is there a reason you need your util low at this point in time? Does BoA charge a BT fee? Unless you are buying a house or applying for new prime cards, then I would just leave the balance on your 0% Discover and pay it off before the promotion ends.
@Anonymous wrote:Perfect! I will surely consider doing the BT to BofA. Would you recommend calling BofA and telling them what I plan to do to maybe "ease" the big $4200 BT to only a 5K CL?
It can't hurt to call and ask about it first.