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Seeking advice on how to improve credit when utilization is high

Valued Contributor

Re: Discover credit line increase/balance transfer strategy

@Expansion wrote:

Thank you @Jordan23ww , that's good to know!  And it's nice to "meet" you here Smiley Happy

@Expansion you're welcome! Nice to meet you too! 


Message 161 of 163
Super Contributor

Re: Seeking advice on building credit when utilization is high

@Expansion wrote:

@SouthJamaica wrote:

@Expansion wrote:

Question about Discover CLI/BT strategy:


My discover card is currently under 50%.  The balance transfer intro rate is expiring soon.  


Two weeks before it expires, I'm planning to transfer the Discover balance over to another card which has 0 BT fees.


And then use the *new* discover BT offer to transfer from the other card back to Discover.


(I did this before and it worked great.)


1.  The current "new" Discover offer is not great - only 10 months, probably the shortest they've ever offered. 


Every other time I've let it expire, they've offered me a new one immediately. 


But this time, when I'm actually planning to use it (so I can get 0% without opening a new card), it's only 10 months instead of 12 or 15.


My sense is to just take the 10 months, instead of letting it expire and then maybe not getting a new offer and having to scramble to move the balance elsewhere.   On track?


2.  It occured to me that I could ask for a CLI from Discover and then have more space to use to transfer other balances to this card also.


Should I ask for the CLI increase *while* the Discover card has a balance?


or after I transfer the Discover card balance and it has 0% utilization?


As always I look forward to your wisdom and insight here Smiley Happy


Also celebrating that these are much more fun questions than when I started this thread!!!!

@tcbofade @K-in-Boston @FinStar @SouthJamaica @bizcredit11 @M_Smart007 



I'm ok with your doing a no-fee balance transfer to pay off the Discover balance, since the jig is up in 2 weeks anyway, but I don't think you should then take out a new Discover CLI -- and pay a new balance transfer fee -- to move it back.

Hello @SouthJamaica, I'm always glad to hear your thoughts!


Just to clarify, I have to move the balance either way.   I can temporarily move it from Discover, to the card with no BT fees, but I don't have any cards that have no BT fees *and* a 0% BT offer.  So the balance will be going back to Discover either way.  


Just a question of if it's better to request the CLI from Discover before or after moving the balance temporarily off (which I have to do either way).  


Also I figure since Discover keeps giving me 0% BT offers, I should be using them as much as I can, since it's a way to get 0% without having to apply for new cards, and has a $13.5k line, so room to actually get stuff done and stay under 47% utilization.


Thank you for watching out for me!

You've done well, Padawan.  Smiley Wink


I'm so proud!  ****sniff****

06/01/24 Fico 8: EX 763, EQ 808, TU 783.
Fico 9: EX 768 05/13/24, EQ 787 05/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 162 of 163
Regular Contributor

Re: Seeking advice on building credit when utilization is high

@tcbofade  awww thank you!  I am laughing out loud.  I'm glad that you're proud!  You've taught me well Smiley Happy

Message 163 of 163
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