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Credit Line Consolidation Impact on Fico Score

New Contributor

Credit Line Consolidation Impact on Fico Score

My current Utilization is 66%. I applied for two credit cards and got a limit of 4000 and 8000.

Current Score: 660 myFico


Bank of America: 10000/10500  balance.

HSBC:  1900/2605  balance

Discover : 2100/2500 Balance


Now i'd like to bring all the cards under 50% Utiliztion by combining the two credit cards into one 4000+8000= 12000

Then, Balance transfer 10500/2 + (2605/2 - 1900) + (2500/2 - 2100)  into the 12000 credit card.


Would it hurt or improve my Fico score with the above scenrio.


Thanks in advance

As Of 11/11/2016

Message 1 of 2
Valued Contributor

Re: Credit Line Consolidation Impact on Fico Score

Any time you gain more available credit, you are helping your score. So adding that $12,000 in available credit dropped your utilization. Just try not to max out a card above 80% utilization in an effort to do a transfer as that can also impact your score.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    

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Message 2 of 2