I could use your advice...

[Anonymous]

Okay, I could use some advice. I've heard that it's better to spread your balances out over a number of cards instead of having one full card. I've got three LOCs:

1. WaMu CC, 19% APR, generally kept at 0-2% util

2. CapOne CC, 17% APR, generally kept at 0-2% util

3. DentalCareYes LOC, 0% APR, currently at 60% util

I've been considering moving the DCY balance around to make each of the 3 util roughly 20% -- but I'm wondering if I should take advantage of the temporary 0% APR of the LOC instead? I'd appreciate any advice.

[fishbjc]

stick with the ZERO PERCENT.

[Anonymous]

Okay, I just wasn't sure if it was better to keep it all at he 0% or if the high UTIL on one account might be hurting me somehow. I guess if and when an APR kicks in, I'll transfer the balance to the lowest APR account until it's paid off.

Thanks!!! <3

[Lel]

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@Anonymous wrote:

Okay, I just wasn't sure if it was better to keep it all at he 0% or if the high UTIL on one account might be hurting me somehow. I guess if and when an APR kicks in, I'll transfer the balance to the lowest APR account until it's paid off.

Thanks!!! 3

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If you're not applying for credit anytime soon (e.g. getting a mortgage or buying a car), then don't worry about your credit score too much at this time. Your current scores are already respectable.

Word of warning about that DentalCareYes account: for some of these deferred payment plans, if you still have a balance after the 0% interest period is up, you might be hit with accrued interest charges from that period. That is, the credit company is keeping track of what your interest charges would have been, and if you still have a balance after the 0% term, then you get nailed with all the accumulated interest charges to date.

[Anonymous]

Oooh, wow, thanks for mentioning that. I'll call the company and ask them for some details and figure out from there what I want to do.

[athensguy]

Actually, with only three lines, you would only want one of them to show a balance on your CR.

Generally speaking you want half or fewer of all your TLs to show a balance (including installment, mortgage, and other/open) and fewer than half of your revolving accounts showing a balance.

[haulingthescoreup]

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@athensguy wrote:
Actually, with only three lines, you would only want one of them to show a balance on your CR.

Generally speaking you want half or fewer of all your TLs to show a balance (including installment, mortgage, and other/open) and fewer than half of your revolving accounts showing a balance.

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--agreed: let the two actual cards report $0, and attack the Credit Care account to get it under 50% ASAP, and then keep on going.

Not so much out of concern for your scores, but to keep your other creditors from getting their knickers in a knot at having one account with relatively high util.

Just get in the mindset of moving briskly forward on reducing debt.