balance transfer

[CLANCY910]

so my new discover card did not report to the bureaus yet and are offering really good deals for balance tranfers, i have few cards with a couple hundred dollars on each which i would like to convert to the discover because of the low interest rate do you think this is wise? and will it help my credit score at all.

[dodfire]

Need more information....

What cards do you have a balance on?

What are the limits and balances of each card?

In general, yes this will help your score because it is better to carry a larger balance on one card than to carrry a balance on several cards.....However you do not want to max out your discover card.

[CLANCY910]

captial one balance $280 Limit 500, credit one balance 284 balance limit 450, orchard bank 200- limit 320 thats it.

[dodfire]

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@CLANCY910 wrote:

captial one balance $280 Limit 500, credit one balance 284 balance limit 450, orchard bank 200- limit 320 thats it.

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You will be much better off to transfer all of the balances to your discover.... and leave those cards at a $0 balance.

[CLANCY910]

so do you think my score will jump once the new balance report to the credit bureaus being that they will all be zero?

[dodfire]

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@CLANCY910 wrote:

so do you think my score will jump once the new balance report to the credit bureaus being that they will all be zero?

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YES

You will get a better score because you will be carrying a balance on just one card instead of multiple cards.

also

Because your utilization will drop with the added line of credit.

and

Carrying a the balances you have on your existing cards are very high in comparison to the credit limits for each. = HIGH utilization per card.

[CLANCY910]

last question. now when the discover cards reports the new balance from the transfer will my score drop or stay the same?

[dodfire]

Its hard to say what will exactly happen to your score during the transition because of reporting dates...it is not all going to happen at the same time.

IF all of your cards reported the same day $0 balance you might even see a drop in your score....

You are really going to have to wait a full cycle to see what your score is going to do and level off at.

[thom02099]

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@CLANCY910 wrote:

captial one balance $280 Limit 500, credit one balance 284 balance limit 450, orchard bank 200- limit 320 thats it.

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In another thread, you indicated that your CL on the Discover IT was $1200.  By combining these balances ($764) under your IT card, your util is going to be approx 63%  on the Discover card.  I realise that you'll be zero'd out on the others.   That's a bit on the high side for a new account, and I think it will adversely affect your score more than you realise.  If you have the funds to do so, why not just pay off one of those 3 balances to zero and transfer the rest, thereby keeping your util under 50%?

[youngandcreditwrthy]

It's still better FICO wise to have one  highly utilized card than three or four highly utilized cards....