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Currently looking at a house for 170k tomorrow and it's 10k above my prequal amount.
Currently carrying balances on a few cards and if I transfer the balances, it would get me to the threshold to raise my prequal.
Discover offered me a 15mo 0% balance transfer upon hitting my one year with them. Overall I'm at 6% utilization. My overall wont change, but if I did the balance transfer to discover, it would put me at 50% utilization on the single card, while dropping 3 to 0%.
Can't find a score simulator to help with the consequences of doing so. Anyone know how bad it would hurt overall?
i would keep it under the 48% or so mark when you BT
i would think the hit would be much less than bumping over 50%
Your mortgage lender should have a decent simulation tool. Most of them do. Better than MyFICO simulator I'm sure. Lol
@Anonymous wrote:Currently looking at a house for 170k tomorrow and it's 10k above my prequal amount.
Currently carrying balances on a few cards and if I transfer the balances, it would get me to the threshold to raise my prequal.
Discover offered me a 15mo 0% balance transfer upon hitting my one year with them. Overall I'm at 6% utilization. My overall wont change, but if I did the balance transfer to discover, it would put me at 50% utilization on the single card, while dropping 3 to 0%.
Can't find a score simulator to help with the consequences of doing so. Anyone know how bad it would hurt overall?
50% appears to be a significant penalty-inducing threshold, so you'd be better off keeping it at 48% or so, so that you'd only be invoking the 30% threshold penalty.