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Should I move my CL to help with util?

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Valued Contributor

Should I move my CL to help with util?

I've got 4 chase cards:

 

Amazon (0/2k)

Freedom (3.4k/6k)

CSP (5k)

Slate (7.2k/10k).

 

The CSP I pif monthly and Amazon has a zero bal. Freedom and Slate have balances (both have 0% apr) that I'm working on paying down in the next year. I'm thinking about moving some of the CL (1k) from the Amazon to the Freedom to help with the util so that I don't have two cards with above 50% util. I'm in the garden now until Oct/Nov but I like fiddling around with my fico score I suppose. Also, if I do move around the Amazon, will it hurt my score to have a CC with such a low CL compared to the rest of my cards?


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
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Frequent Contributor

Re: Should I move my CL to help with util?

There is a little-known trick that will immediately reduce your credit utilization to zero:

Transfer your balances to a 'business' credit card. You do not need to actually have a business to get a business credit card - you just identify yourself as a sole proprietor on the application and enter your SSN, instead of TIN.
 
Business cards do not report on your personal credit report.

There is more information regarding this on another blog:

http://www.dansdeals.com/archives/25391

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Valued Contributor

Re: Should I move my CL to help with util?

I've thought about that but I don't really feel comfortable applying for a business card as I don't have one. I suppose I could do the "I'm thinking about selling stuff on eBay" and no judgment on people that do that but not for me. Also, I think most business cards don't typically have long 0% apr promos and right now I'm trying to avoid interests and fees at all costs like the plague! 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
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