@bobkmn wrote:Hi—me again. I think I have one more question. BTW I am going to apply for Chase Slate per your recommendation. Ok, here is the question—I am going to have two cc that I am going to use for bt. Is it best to split the balance between the two cards or, assuming there is room, put it all on one of the cards and lock it away? Any thoughts you may have would be appreciated. Oh, the two cards will be USAA and Chase Slate.
It might be better to split over two because otherwise one would have a super high utilization. Unless it would be your only card with a balance (see "AZEO" approach) in which case why would you even have the second one for BT if you're not going to use it.
Not sure I understand all that you are saying, and I am here to learn. There is something wrong with using a card for balance transfer to save money, but not using it to charge things? Well, maybe charge some small things every so often.
Thanks for your comment.
OP, which card currently has the balance you want to transfer?
The Discover card at $12k should have BT offers, both 3% fee for a year, or no fee with 4.99% for up to 18 months?
Discover is the balance I want to transfer. I plan to transfer some of that to my USAA and have been advised on here to apply for the Chase Slate and transfer the rest to there. Better option?
Is cc utilization considered on a card by card basis or is it overall utilization?
Thank you.
@bobkmn wrote:Is cc utilization considered on a card by card basis or is it overall utilization?
Thank you.
Both. If you're at 8% utilization overall that's good BUT if that 8% is a single card that's maxed out (over 88% utilization) that's considered very bad.
Thanks. I think I understand that. :-)
If you want to minimize score impact from utilization, most people follow the < 8.89% total utilization, with no single card over 28.89%. Hope this helps.
Yes, thank you!