I recently moved balances from AmEx, Discover, Macy's, MasterCard to my 3 Visa Cards (2 with Chase (formerly at 0 balances) and 1 with Wells Fargo) as they were offering 4.99% fixed until the balance is paid in full. I had assumed that moving from only 2 cards with $0.00 balances to 4 would increase my score; the net amount owed to available credit remained constant. Unfortunatly, after the transfers were complete, I received a Scorewatch notice with a 63 point drop -- no alert and the drop sited revolving balances were too high?!?!
Does anyone think that concentrating all balances to VISA could be the problem; in that relative to VISA, my balance to available credit has increased significantly (Even though AmEx, Discover, Macy's and Master Card now have 0 balances). Otherwise I am at a loss for ideas.
Hi, It will take a little time but after the zeroed out ones kick in ..it'll go up..Leave the ones you transferred from open, don't close.. You need to maintain as much open credit as you can... Stop using those until you pay off those b.t's...This will help to ensure your ratio of debt:available credit improves..