Balance Transfer Questions

[ArCpa]

I have about 5600.00 of cc debt spread out between 5 cards. As of today its 6 % of of total available credit. 94 % free and available. In the last wk i have added 2 accounts, OCCU for 20 k and City Ty for 10.5 K . When they report I know it will help my ult, but next month I will be applying for a commercial loan. Would it look better to transfer the 5600.00 to the OCCU, and have only one card showing a balance instead of 5. 

[myjourney]

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@ArCpa wrote:

I have about 5600.00 of cc debt spread out between 5 cards. As of today its 6 % of of total available credit. 94 % free and available. In the last wk i have added 2 accounts, OCCU for 20 k and City Ty for 10.5 K . When they report I know it will help my ult, but next month I will be applying for a commercial loan. Would it look better to transfer the 5600.00 to the OCCU, and have only one card showing a balance instead of 5. 

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It would look best certainly on one card with a high limit and all others $0

[ArCpa]

@ myjourney, Thank you.  If i do the transfer do you think it will help my scores. Trying to get the best interest rate on this upcoming loan.

[myjourney]

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@ArCpa wrote:

@ myjourney, Thank you.  If i do the transfer do you think it will help my scores. Trying to get the best interest rate on this upcoming loan.

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Yes carrying a balance on 1 card is always better than 5 cards in fico scoring and until you pay it off let that card report a balance each month and all others report $0

This process will give you max scoring