Finances over FICO.
Saving money 💰 on interest.
Zero out your high interest APR % cards.
Fico score boost by reducing 50% of cards reporting a balance
Another score boost for reducing individual utilization, one was near maxed out 82%
Tempory score penalty for 3900/6000, 65% discover utilization.
There would actually be score gain, not penalty. Merrick card is at 82% and essentially maxed out for scoring purposes.
If you see yourself carrying those balance for a while (more than a few months), yeah, transfer them.
A) Dollars are more important than Fico scores.
B) As already mentioned, you'll probably see a Fico BOOST after all of your cards update.
Do the balance transfers.
I’ve whittled Merrick down to 1400, roughly 66% UTI, but the BT will save me around another $100 a month in interest, just wanted to make sure there wouldn’t be a offset by carrying a high balance than I’ve ever had. Currently reducing revolving debt around $400/month so progress is being made!
Thanks for all your insights!
$400/mo w/ 0% being added monthly makes a lot of sense considering your current cards are obviously charging north of 20% or even 25%. first month savings makes up for the BT fee.
Then we have to talk about the transition after things get paid down.....
Credit one 300/1500 and 800/1500, Merrick 1800/2200,
Cap 1 QS 1000/1500
So, you need to kill those 3 cards when the BT goes through. When the BT pays them off but before Disco reports a balance... you'll have a small window to pick up 1 more CC ro replace the 3 you're cutting. Your scores probably won't be updating in this window though either since there's a lag between payoff and reporting.
Disco will give you 0% on purchases/BT's for XX months but, the goal is to just payoff things on 0% w/o adding to it.
Picking up a spend card that's PIF only each month would be the goal here to balance things out and generate growth down the line having 4 cards to be able to rotate through to max your potential points w/o killing your UTIL and other factors like # of cards w/ balance. Since you mentioned EX in your OP I would probably take a look at Amex as you're right on the cusp of an awesome approval scorewise but, not in too mjuch danger of a denial.
https://www.americanexpress.com/us/credit-cards/?category=all Check here incognito mode and see what looks appealing.... I would probably aim for BCE/ED cards w/ $0 AF attached to them