i need some advice I just got the NFCU With it I have option of doing a BT for 8.99% for life of the transfer. I have several other cards that are carrying balances at a much higher rate 23% avg.
i was thinking of using the BT offer to pay off as much of these other cards as possible, with this all my other Crads would be at 10% utilization max. However my NFCU card would end up at 95% utilization.I think having only 1 card with high utilization would be better than several cards at above 30% utilization and much higher interest.
Only issue I’m hesitant is because I would like to also keep my NFCU with a low Utilization so I could get CLI in the future.Since this card gave me my highest Starting credit limit I figure their credit limit increases would also be high.
So I’m stuck should I keep this card with low utilization for future higher credit limit increases or use this card to payoff much higher interest cards and sacrafice future CLI.
P.S I’m not planning to get any new cards for a while as I have recently been approved for 4 cards in a few months.
Saving money is always greater than FICO scores IMO.. As FICO has no memory if you can save 1000's I say heck with Scores and save the cash as FICO as mentioned has no memory as @FinStar eluded to, but cash certainly does
Alot of people worry about AA, I worry about cash as credit is just a tool if used correctly can save people alot of money which is why i wouldnt think twice if i had go to 95 util... so i lose a few lenders big deal, but could save alot of money which is a big deal. FICO has no memory, if a few lenders get their feelings hurt so be it. Before I knew of this forum i would go over the CL all the time and guess what, nothing happened other then when I got into other financial issues. Just my humble opinion