Utilization question.

[Anonymous]

I transferred most of my stuff to my business card but I have things that still have balances. Obviously paying on one card would be easier than several cards but if I transfer the remaining balances I would put my high balance card over 50% while the others would be 0%. Any suggestions?

Plus the Hooters card has a high balance transfer.

Hoots $5000

Wells $2500
Kay $6000 (Can't use to transfer balances)
Orchard $1730
Providian/WAMU $2000
Juniper $1000 (Which I still haven't received yet, been a while)

See my problem? My high card is the Hooters card and if I take balances from the others I'd push the Hooters card to $3500 or so. Which is 70% utilization.

[Anonymous]

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EddieX wrote:
I transferred most of my stuff to my business card but I have things that still have balances. Obviously paying on one card would be easier than several cards but if I transfer the remaining balances I would put my high balance card over 50% while the others would be 0%. Any suggestions?

Plus the Hooters card has a high balance transfer.

Hoots $5000

Wells $2500
Kay $6000 (Can't use to transfer balances)
Orchard $1730
Providian/WAMU $2000
Juniper $1000 (Which I still haven't received yet, been a while)

See my problem? My high card is the Hooters card and if I take balances from the others I'd push the Hooters card to $3500 or so. Which is 70% utilization.

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Okay sometimes you have to go over the reccommended dosage.  I just BTd a card to near 90% on a 1.99 life of balance xfr.  That being said about 25% will be paid off before the next reporting date leaving it still at 65.  BUT first ask yourself if the BT would serve a purpose other than moving balances around.  Fico supposedly looks at your overall limits and uti.  That being said are they good BT offers, what are the fees involved?  When do they expire? Would you be abl to pay them off before the expiration?

[Anonymous]

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@Anonymous wrote:

Okay sometimes you have to go over the reccommended dosage. I just BTd a card to near 90% on a 1.99 life of balance xfr. That being said about 25% will be paid off before the next reporting date leaving it still at 65. BUT first ask yourself if the BT would serve a purpose other than moving balances around. Fico supposedly looks at your overall limits and uti. That being said are they good BT offers, what are the fees involved? When do they expire? Would you be abl to pay them off before the expiration?

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Well my thought process was this would be a way to start using the Hooters card and build a history with it.

There is no offer on the BT. It's more of a consolidate and conquer thing. Hoping in 6 months to get these APRs and everything lower but right now I still have things on my reports.

So trying to get the score up and build history is the main thing here.

Message Edited by EddieX on 09-20-2007 06:07 PM

Message Edited by EddieX on 09-20-2007 06:07 PM

[Anonymous]

Didn't realize that hooters reports the card within a week. Good thing I didn't transfer everything yet.

The debate rages on...to transfer or not to transfer, that is the question.