Balance transfer

[Anonymous]

You Guys have been soo much help to me..... Thank you~~ A question....If i were to transfer the outstanding balances of 8 of my 10 cards to a card that just got a large CLI would it help my Score... If i do transfer the balances of those 8 cards..I would be at about 50% UTI. But i would not have but 2 cards holding balances/// I dont know which would be best ....more cards with balances or only 2 cards with higher balances???

[Junejer]

What would the uti be on the one card carrying the balance? This is going to be a tough call if the uti is maxed on that card.

[Anonymous]

ok at this point the 8 cards that carry balances that i want to transfer...carry about 20% uti on each of them....

When i transfer their balances...to the higher 0% intrest card it will 0 them all and put the transfered to card at about 50%

I will save the intrest charges.........but doint know if it will help my scores?

[Junejer]

IMO, if you can get the "transferred to" card at 49% uti or less, then you should experience a score increase. Reason being, right now you have too many accounts with balances AND FICO scores you on both individual and overall uti, so you will have many cards with 0% uti. I am not astute enough to venture a guess at your score increase. There are some who are very good and relatively accurate at it though. They will hopefully be along shortly.

[Anonymous]

If you are not planning on applying for credit anytime soon I would transfer the balance.  Saving money on interest will help you pay off the debt faster and in the long run help your score faster.

[RobertEG]

I agree with both Byrd and mel.  If  you are not going to be applying for additional credit within the near future, your FICO is not very meaningful...Saving interest IS ALWAYS meaningful.  What will happen to your FICO score is an uncertainty, since no one know from sure the relative weighting in the FICO agorithm for weighing the higher util bump on one card against dropping balances on others.  It will be part up and part down.  Only the shadow knows.  FICO strategy is not always the best credit strategy.

[marty56]

Doing a BT helped my scores and saved me interest.

The real issue here is that are you able to PIF before the interest free period end.  It requires discipline, something I lacked in the past but now I have.

CCCs count on the fact that you wont pay it off in the aloted time and my quess is that most people dont since BTs are very common.

[tonsers]

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@Anonymous wrote:
You Guys have been soo much help to me..... Thank you~~ A question....If i were to transfer the outstanding balances of 8 of my 10 cards to a card that just got a large CLI would it help my Score... If i do transfer the balances of those 8 cards..I would be at about 50% UTI. But i would not have but 2 cards holding balances/// I dont know which would be best ....more cards with balances or only 2 cards with higher balances???

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On a side note, be sure that you understand the associated fees/terms before you do the BT. Do you have to pay a fee on each of the 8 transactions? If that is the case, maybe you should transfer a few of the higher balances to sit for a while - in the meantime you could aggressively pay down the smaller cards.