Better to have one card high util or many smaller ones

[Anonymous]

I have a discover I had charged up to 6500(7200 limit). I paid it off and have since charged it back up to 3600. Been paying 150+ /mo. Got increased to 8600 then 9100. They sent me a balance transfer check for no transfer fee/4.99% for 18 months. I used one to transfer and pay off my 3750 chase card that was at 80%. So now I have a discover balance of about 7200/9100 but 0 on the chase. Was this a good move for my score? I know it was a good move interest rate wise and now I can pay discover 3-400/month. What do you all think?

[SouthJamaica]

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@Anonymous wrote:
I have a discover I had charged up to 6500(7200 limit). I paid it off and have since charged it back up to 3600. Been paying 150+ /mo. Got increased to 8600 then 9100. They sent me a balance transfer check for no transfer fee/4.99% for 18 months. I used one to transfer and pay off my 3750 chase card that was at 80%. So now I have a discover balance of about 7200/9100 but 0 on the chase. Was this a good move for my score? I know it was a good move interest rate wise and now I can pay discover 3-400/month. What do you all think?

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I don't really know if you would have been better off at 40/40, instead of 80/0, but at this point you should be careful to keep the Chase reporting at zero, and to pay the Discover down to less than 30% as fast as possible.

[Anonymous]

I defnately will keep chase PIF each month.  I actually went from 40% util on discover to 80% and from 80% on chase to 0%  

[austinguy907]

Saving interest is always good if you have to carry a balance.  

Since this seems to be a bit of a theme though I would STOP using CHASE while you pay down Discover.

 It doesn't make sense to keep charging things up while only making payments of $150/mo on a $8K balance.  

Once you get things under control then set them up to PIF each month if which keeps you in the mindset of being in a budget.

[Anonymous]

Yes. Chase is in the drawer and I plan on paying 400/mo to discover to pay that off as soon as I can. I also have several other cards I use and PIF each month. I got in over my head and can finally see the finish line. I expect to be fully out of CC debt within 24-30 months

[austinguy907]

It's a lesson we learn through trial and error.  It's good to hear you're on track to get everything under control again.  Maybe building this BT experience with Discover will give them reason to move a little faster on increasing your limit with them to allow more BT's from your other cards as you pay them down.  Just keep your head down and focus on the finish line.  

[Anonymous]

how is it going to take 30 months if you are paying 400/mo? 

List all accounts, limits, balances, and interest rates.  Any other cards offering BT offers?

I think you did an alright thing by doing the no BT fee 4.99% option.  Remember discover has a great calculator tool that will tell you what is the best option, but you have to plan ahead on what to pay to get it paid off.

What are your 3 scores, where are they from?

You did a debt shuffle, which is better than opening a new account.  Your scores may suffer temporarily from high utilization.  Unfortunately with chase an increase is impossible without opening another account.

I would be asking for increases on all your other cards, as well as APR reductions, so that your util is not so high.

You also should be able to take advantage of the quarterly cash back bonus with your discover but  I would tack on whatever that purchase amount is on to your 400/mo payment.  Anything over the minimum payment would be applied to higher interest charges first.  There has been some ambiguity that with some cards while in a balance transfer, that making a purchase causes you to lose your grace period. So its important to find out the terms of your cards so this does not happen. Discover does not do this.  But I think capital one might?  It never happened to us with capital one.  Then again there are folks here that did balance transfers on capital one (0 fee, but at whatever regular account interest) and the BTs still had a grace period.

Make a budget, coupon whenever possible, use cashback portals, and try to buy discounted gift cards for places that you frequent and cant live without.

[Anonymous]

Thanks for the post. There's a lot to reply to . I said 24-30 months because I was guessing how long it would take. If I get done in 18 that'd be great!

I have quite a few cards:

Amazon 2k 0 balance
BP Visa 1k just use for gas and PIF monthly
Walmart MC 1200 limit 0 balance
FNB Omaha 4K 0 balance
Chase Freedom 4500 0 balance
Chase slate 1000 0 balance
Capital one QS 1250 0 balance
Capital one preferred 500 0 balance
Discover 9100 7200 balance
BoA Travel rewards 500 200 balance 0 interest for one year


TU shows 709 on BoA free FICO
Experian shows 659 on FNB free FICO
Equifax show 654 on my free report pull in June

What is the quarterly rewards from discover? I only get rewards when I purchase and I've already done what you said and put that back into paying the balance

Thanks again!

[Anonymous]

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@Anonymous wrote:
Thanks for the post. There's a lot to reply to . I said 24-30 months because I was guessing how long it would take. If I get done in 18 that'd be great!

I have quite a few cards:

Amazon 2k 0 balance
BP Visa 1k just use for gas and PIF monthly What rewards do you get with this?  I would be placing all your fuel spend on the quicksilver in hopes if a higher increase.  Cap1 does offer BT offers post promo.
Walmart MC 1200 limit 0 balance
FNB Omaha 4K 0 balance Can other members chime in here on this card, what their increase process is, if its HP/SP, APR reductions, and do they offer recurrent BT offers??  What is the APR on this card? What is the BT fee?
Chase Freedom 4500 0 balance 
Chase slate 1000 0 balance
Capital one QS 1250 0 balance (ask for increases every 6 months and APR reductions)
Capital one preferred 500 0 balance (what card is this?  ask for increase, and combine into the quicksilver above)
Discover 9100 7200 balance (ask for increases every 60-90 days and APR reductions)
BoA Travel rewards 500 200 balance 0 interest for one year (this a new card?  when its 3-4 months old and you see request an increase, do it, it will be a HP, aim high, they will counter) Baby this card.  This will grow.  I would not let more than 30% of the limit report on this, its so small just max it out and PIF.  BOA is known for recurrent bt offers of 17-19 months easily post promo.


TU shows 709 on BoA free FICO
Experian shows 659 on FNB free FICO
Equifax show 654 on my free report pull in June

What is the quarterly rewards from discover? I only get rewards when I purchase and I've already done what you said and put that back into paying the balance. Thought maybe you had the discover IT that has 5% rotating categories.

Thanks again!

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Any derog items in your file? Something must be holding down your experian and equifax aside from util.....Make sure you are paying all the other cards to 0 before statement cut date, not the due date.  

You do have 5500 in credit with chase.  Is the amazon the store card or a chase amazon?  I have seen bt offers on the chase amazon visa with a bt fee of only 2%. You can easily move limits around with chase. You could apply for the freedom unlimited and get 0% for 15 months and move most of your limits to that card, but only if you have opened less than 5 cards in 2 years.

Realistically the last thing you would want to do is open another card and risk it coming with a low limit.  Best advice is to budget, pay the discover down to 30-40% as quickly as possible.  And if there is anything left at 18 months, shuffle it to the capital one, and then back to the discover. But be aware and careful. Debt shuffles can be equally dangerous as they are advantageous.

[Anonymous]

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@Anonymous wrote:
I have a discover I had charged up to 6500(7200 limit). I paid it off and have since charged it back up to 3600. Been paying 150+ /mo. Got increased to 8600 then 9100. They sent me a balance transfer check for no transfer fee/4.99% for 18 months. I used one to transfer and pay off my 3750 chase card that was at 80%. So now I have a discover balance of about 7200/9100 but 0 on the chase.

Was this a good move for my score? I know it was a good move interest rate wise and now I can pay discover 3-400/month. What do you all think?

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Forget about 'a good move for your SCORE'.....this comes down to discipline.

No offense but WHY....all of a sudden the CONCERN over 'your score'.....not trying to be a wise as but when you were using the cards and getting CLIs

and transferring debt...you were doing what you were doing....no judgements

So why FRET over the temporary results of your already made actions...it's a WASTE of time and energy, you have over $7000 bucks to PAY DOWN, period...end of discussion.

Why does 'your score' matter much at THIS MOMENT anyway....

Are you planning on using MORE credit....grabbing new cards.....

The point I'm getting at is 'ok' you have one account at 80% vs spreading the debt around....who gives a flying flip....you've got 7g's to pay off, who are you trying to IMPRESS creditwise RIGHT NOW?

Your goal and concern HAS TO BE FOCUSED on retiring that DEBT.....

it doesn't freaking matter if it's a spoon or a fork just CLEAN your plate!!!

Too often we, humans, get all twisted up in the nonsense DETAILS and waste energy on B.S. (again nothing personal)

but honestly does it REALLY make much difference...if your 'score' is a few points higher or lower...DURING your PAY DOWN

'if' the all OUT focus is on debt KILLING?

And, if so where was THAT 'over-concern' when the debt was being built...we do this ALL or NOTHING B.S. as a way of life and wonder

why ppl off themselves, get divorces and have heartattacks....I tell ppl pick a team...either you are 'wooried' about this ish or not...it can't be both.

Yeah, yeah I know some will say 'but you don't understand...this had happened to ME'.....dude/chick 'this happened to everybody' you are that unique

the story is the same either you're gonna man/woman up and decide cwhich squad you want to live on half-fulls or half-empties...truth is

Most ppl 'worry' about AFTER the fact and that's NOT a problem, just own it and stop playing the 'oh my goodness' after you ate the darn pie...I get it pie is good

but let's not freak out over the pounds you gain eating on the way up the scale that bridge has been crossed you got fat...no big deal (no pun)

But obsessing over over HOW to lose the weight Jenny Craig, Weight Watcher, Jogging whatever doesn't matter 2 months from now on your way down either choice you still have EXTRA pounds no matter what...untill you get back down to your 'ideal' weight you're a chubby 'welcome' to the team....and SAVE your story about HOW the love-handles got there, their there now, who cares....you're only talking to little blue men when you 'think' somehow your salad eating ways got you here....no m/fer you ate some ish just like the rest of us....just get your big s on the treadmill and stop WORRYING

about which outfit is gonna 'fool' somebody....your as is wide, period....don't worry about your score/wide as just go to WORK on it.....you ain't looking for a 'new date' right now anyway, right....b/c that means new eating that you know your big as can't afford chill out and work out you'll get your sexy back..if you're disciplined!

Good Luck!