@Expansion wrote:This might be a super basic question, but I keep getting a nudge to ask.
So I'm in the process of paying down my cards using the 87/67/47/27/7% utilization framework.
All of my NON-zero APR cards are now paid down to either 47 or 27% utilization (YAY)!!!!
I still have one 0% BT card that I have transfered balances to at 67%, back when 67% utilization was the goal I was trying to pay everything else down to.
And I also have two 0% BT cards that have a 47% utilization, from when 47% utilization was the goal I was trying to pay everything else down to.
Over time, these utilization on these cards will inch down faster than the non-0% cards, since there's no interest being added each month.
Also, it feels like I should be using as much as the 0% BT as I can, without doing anything crazy like a 80-90% utilization or something.
But I also get the feeling that that one 67% utilization card might be preventing my score from going up as quickly as it would otherwise...right?
Correct. The FICO algorithms don't give us points for taking advantage of promotional interest rates.
However, as long as I can keep getting new 0% BT cards when I need them (which seems to be happening consistently, and only improving with time), it seems like a non-issue.
Is this just a case of personal preference, or "finances before FICO," to prioritize paying things down faster through using more of the 0% BT utilization, as opposed to doing a zillion balance transfers with increasingly smaller utilization as everything gets paid down?
I don't believe in the mantra "finances before FICO". Your FICO scores are an important factor in your financial picture. When I do balance transfers I take into account how they will impact my scores.
It's all a question of personal priorities. If you don't care about the effect on your scores, good for you.
I look forward to your thoughts!
tagging @tcbofade @K-in-Boston @FinStar @SouthJamaica
Well I guess this thread helped you out with the $25,000 approval. Congrats in both threads!
Absolutely, @FireMedic1 ! I just posted about it on the business credit forum to keep things organized 
@tcbofade wrote:One more thought... gardening helps.
I spent all of 2020 in the garden preparing to refinance a mortgage early 2021.
Many cards in the 27-47 range (utilization) with roughly ten percent overall utilization.... no new accounts and no inquiries for a year led me to 800 Fico scores... bumped 801 and 806 on EX and TU.
Once the refinance was complete, I left the garden and picked up all kinds of zero percent deals.
Now my scores sit in the mid 700s (see signature) and we're not paying interest on credit card debt.
I'm with ya there @tcbofade I went from 700 to 808-820 all 3 scores after paying off and gardening over last year on personal (I get my fix on SP business apps lol). All this awaiting my new construction house to close next month.
I'm just starting my after close battle plan for best app order on 0% cards, nice to know your scores didn't fall too far doing the same.
As for @Expansion Serious congrats man on sticking to this. It's extremely ominous looking at a mountain of near maxed debt like you started at, I've been there too, it sucks beyond words, the mental stress is seriously damaging.
However, you have dug in your heels with very helpful advice from many of best contributors on myfico. This alone will not help, it requires your going 'all in' on strategy, which you are doing
More importantly than all of that though, the residual learning of how credit works will pay off for you well beyond when you finally get to that last payment to zero, which I think you will reach based on your progress to date.
I thank you very much for you starting and maintaining your thread as you have. As over time I am certain it will open the eyes of other debt maxed readers. That THIER debt issues CAN be fixed, with proper planning and Income of course, it's not impossible, but it does take commitment.
Kudos bro, keep it up!
*One more thing. If you still have some over say 5% debt, you may want to also try the Truist credit card pre-qualify tool (SP). I think it's the Future card that offers 15mos 0%, Typical SL seems to be 4500 to 15k, YMMV but it is a SP to find out.