What Should the Expected Score Change Be?

[Anonymous]

I know its impossible to predict exactly, but I was wondering if you guys can help me figure out after I have made several credit moves in the past week. My stats right now (all balances are reported balances from statements):

0/1000 Slate

0/9500 Freedom

0/7500 Syncrony

0/4600 Citi

3995/14000 BOA

262/6000 Discover

3900/8250 Kay

2300/2500 PLOC

**5991 Balance on Closed credit union cc (I closed it, not the lender)

Now, here are my actions since then:

*Approved 5k BOA card

*Approved 6300 Citi card

*Approved 4100 AMEX

None of these are reporting yet.

Here is what I plan to do:

*BT 4900 over to new BOA card from closed credit union credit card (thats what had to happen to get card approved according to underwriter).

*BT remaining amount of closed credit card to new Citi card.

*Amex will pretty much be a sock drawer card.

Im hoping I will see a boost due to the new limits, and transferring over a closed cc, but not too sure.

[Anonymous]

Tough to tell, as you've got a lot going on.  Without a calculator in hand and just eyeballing the numbers, it looks like you're dropping from somewhere around 33% aggregate utilization to maybe 24% aggregate utilization.  Crossing the 28.9% threshold here should be good for some points... could be 20-25 maybe, but that's just a guess.  The closed account that you have with a balance gets looked at as maxed out 100% utilization, so that's going to hold your scores back. 

When was the last time you opened an account prior to these 3 new ones?  It's pretty standard for scores to drop from inquiries and new accounts, as your AoYA (and likely AAoA as well) will drop.  The drop associated with these new accounts could also land in the 20-25 point range, meaning that overall it could more or less be a wash and your scores may end up similar post-spree than they were pre-spree. 

Paying down those maxed out or near maxed out accounts or any of your revolving debt really (starting with the closed account with a balance) is what's really going to help here.  The additional new credit limits will help your utilization percentages a little, but that's just a band-aid where the real solution to heal the wound is to eliminate that revolving debt.

[Anonymous]

Thank you for the reply!

So my plan is to get rid of the closed credit card balance by transferring it over to the new cards (4900 to BOA and the remaining 1100-ish to the new Citi Diamond card).

Prior to these three new accts my last revolver was Discover in Feb 2018....but prior to that it was Nov 2015.

Oh, and i forgot to give you my scores currently: 710 EX (taking into accounts the inqs from new cards)/698 EQ and TU (not taking into account Discover or Inqs)

[rmduhon]

You'll take a bit of a score hit on the BOA BT since you'll be maxing that card, so you might not see much of a score improvement. Especially if it reports before the account you're transferring from reports as paid off.