Balance Transfer resulted in 30 point drop????

[Anonymous]

I recently opened an Amex Blue account with a 3.9% BT rate for the life of the transfer.  I consolidated four different cards with smaller balances (about $13K total).  The credit limit for the Amex was $14,500.  I also have a card with about a $10K balance ($16K limit) that is a fixed rate at 6.99%.  I'm a full time student, and work full time so I didn't qualify for student loans.  I've basically been forced to get through school by using credit cards.  I pulled my fico score before applying for the Amex and it was 750.  A few months after opening the Amex, I re-pulled score and it dropped to 719!  I thought I was doing the right thing by consolidating the higher rate cards, and actually save $100's a month in interest.  I have about 10 other revolving accounts with zero balances and about $90K in credit limits.  My recent report shows that the high utilization is a negative factor impacting my score.  Did I make a mistake by consolidating the smaller cards to save interest?  I know I have high utilizations on the two accounts, but am I not given credit for the zero balance accounts?  I am refinancing my mortgage in about 3 months, and am concerned that my score may keep me from getting the best product.  What, if anything should I do?

[Tuscani]

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chensaya wrote:

I recently opened an Amex Blue account with a 3.9% BT rate for the life of the transfer.  I consolidated four different cards with smaller balances (about $13K total).  The credit limit for the Amex was $14,500.  I also have a card with about a $10K balance ($16K limit) that is a fixed rate at 6.99%.  I'm a full time student, and work full time so I didn't qualify for student loans.  I've basically been forced to get through school by using credit cards.  I pulled my fico score before applying for the Amex and it was 750.  A few months after opening the Amex, I re-pulled score and it dropped to 719!  I thought I was doing the right thing by consolidating the higher rate cards, and actually save $100's a month in interest.  I have about 10 other revolving accounts with zero balances and about $90K in credit limits.  My recent report shows that the high utilization is a negative factor impacting my score.  Did I make a mistake by consolidating the smaller cards to save interest?  I know I have high utilizations on the two accounts, but am I not given credit for the zero balance accounts?  I am refinancing my mortgage in about 3 months, and am concerned that my score may keep me from getting the best product.  What, if anything should I do?

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You did the right thing.. Saving money is more important than your scores. Perhaps the balances have not updated yet? And your score will take a short term hit for opening new accounts.

[Anonymous]

Yeah I paid down the balance on 10 cc the middle of april and depending on what cr you look at it still ranges from 2-5 of the updates still have not posted to the credit report. It is not instantaneous. Inquiries post faster do you have many? Has the new account posted already?

[Anonymous]

The recent bureau shows the new account with the new balance, and shows the consolidated accounts at a zero balance.  The inquiry for the Amex was the first I've had in approx. two years, other than for cell phone and insurance.  Maybe I should charge $10 on each of my accounts with a zero balance?  It would seem that doing that would likely improve my utilization?

[Anonymous]

Sorry for bumping this old thread. My score dropped 17 points today because I BT to Juniper and the util on that account is at 90% now. I understand Juniper may have reported earlier than the CCC I BTd from but does anyone know when will the scores go up? and will it go back to the scores prior to the drop?

[llecs]

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Solarjuju wrote:
Sorry for bumping this old thread. My score dropped 17 points today because I BT to Juniper and the util on that account is at 90% now. I understand Juniper may have reported earlier than the CCC I BTd from but does anyone know when will the scores go up? and will it go back to the scores prior to the drop?

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Your score should go back to where it was before once the balance on the other CC reports, typically sometime when your statement cuts next. Your score could go higher if the balance on the other CC exceeded and reported above the CL.

[Anonymous]

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@llecs wrote:

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@Anonymous wrote:
Sorry for bumping this old thread. My score dropped 17 points today because I BT to Juniper and the util on that account is at 90% now. I understand Juniper may have reported earlier than the CCC I BTd from but does anyone know when will the scores go up? and will it go back to the scores prior to the drop?

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Your score should go back to where it was before once the balance on the other CC reports, typically sometime when your statement cuts next. Your score could go higher if the balance on the other CC exceeded and reported above the CL.

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*** Update:

Received an alert that my scores went up 16 points on 07/27/08.

So I am back to square one.

[llecs]

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@Anonymous wrote:

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@llecs wrote:

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@Anonymous wrote:
Sorry for bumping this old thread. My score dropped 17 points today because I BT to Juniper and the util on that account is at 90% now. I understand Juniper may have reported earlier than the CCC I BTd from but does anyone know when will the scores go up? and will it go back to the scores prior to the drop?

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Your score should go back to where it was before once the balance on the other CC reports, typically sometime when your statement cuts next. Your score could go higher if the balance on the other CC exceeded and reported above the CL.

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*** Update:

Received an alert that my scores went up 16 points on 07/27/08.

So I am back to square one.

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Congrats!!