BT to lower utilization and improve score

[rrscott426]

Card A has a $3800 limit, 0 balance and statement closes on 5/6. Card B has a $5000 limit, $1600 balance, statement closes on 5/16. If I did a balance transfer from card B to A on the 9/10th would that be enough time for card B to post with a $0 balance and thus lower my utilization? I'd pay card A in full in June. 

[tcbofade]

Sadly, that answer depends entirely on which lenders are involved and how quickly they move with balance transfers.

If it were me, I would start the balance transfer the moment that Card A cuts its statement.    That gives you ten calendar days for them to approve it, process it, pay it to Card B AND Card B has to receive it, process it, and post it before THAT statement cuts.

It's going to be tight, and I'm not sure that you'll make it.

Good luck!

[Anonymous]

Which lenders are the backers of the two cards?

[rrscott426]

Disco and Cap 1. BT to Disco. 

[rrscott426]

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@tcbofade wrote:

Sadly, that answer depends entirely on which lenders are involved and how quickly they move with balance transfers.

If it were me, I would start the balance transfer the moment that Card A cuts its statement.    That gives you ten calendar days for them to approve it, process it, pay it to Card B AND Card B has to receive it, process it, and post it before THAT statement cuts.

It's going to be tight, and I'm not sure that you'll make it.

Good luck!

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Cool, thanks for the info!

[Jnbmom]

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@rrscott426 wrote:

Card A has a $3800 limit, 0 balance and statement closes on 5/6. Card B has a $5000 limit, $1600 balance, statement closes on 5/16. If I did a balance transfer from card B to A on the 9/10th would that be enough time for card B to post with a $0 balance and thus lower my utilization? I'd pay card A in full in June. 

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If you are going to end up paying off card A then why not pay off your balance now on card B. Am I missing something?

[rrscott426]

I've paid the balance for 2 other cards following a trip to Hawaii (large balances). With that, and other monthly commitments...I'm looking for a way to hold off paying the balance on the Cap 1 card at the moment. 

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@Jnbmom wrote:

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@rrscott426 wrote:

Card A has a $3800 limit, 0 balance and statement closes on 5/6. Card B has a $5000 limit, $1600 balance, statement closes on 5/16. If I did a balance transfer from card B to A on the 9/10th would that be enough time for card B to post with a $0 balance and thus lower my utilization? I'd pay card A in full in June. 

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If you are going to end up paying off card A then why not pay off your balance now on card B. Am I missing something?

[Jnbmom]

@rrscott426 

Ok got it