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Balance Transfer Sink Hole!!!

New Member

Balance Transfer Sink Hole!!!

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.
Any thoughts?
Message 1 of 4
New Visitor

Credit drop

Give it another month.  Some of the card companies may not have reported your new $0 balances. In other words, it may look like you just doubled your debt in a month.  Good luck!
Message 2 of 4
Moderator Emeritus

It also depends on if your BT caused the balance on the o...

It also depends on if your BT caused the balance on the one card to exceed 90%.  That's a maxed out ding that should be corrected as soon as you bring the balance on that card under control
Message 3 of 4
New Member

Balance transfers

Hi, It will take a little time but after the zeroed out ones kick in'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..
Message 4 of 4