Which is better for score? Or does it matter...

Anonymous · ‎09-11-2015

Hi there everyone. I'm trying to maximize my score as much as possible. I currently have 2 cards out of 8 with balances
1400/2700 on 0% interest Discover
2150/5000 on 0% Freedom

My overall utilization is 11%. I am paying both off at $150 a month currently. My question is, is it better for scoring purposes to have these two cards reporting with these balances or would it be better for me to transfer the Discover balance to the Freedom and have only 1 card reporting a balance? I know it would significantly raise the utilization on the Freedom so I don't want to work against myself by doing this but I've also read that it's better to only have one card reporting a balance. Any advice on which scenario is best?

Thomas_Thumb · ‎09-11-2015

Since you only have two cards, don't worry about it at this time. Just get them both paid down before your grace period expires.Then get a 3rd card. After that, re-visit score optimization strategies.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950

Revelate · ‎09-11-2015

@Anonymous wrote:
Hi there everyone. I'm trying to maximize my score as much as possible. I currently have 2 cards out of 8 with balances
1400/2700 on 0% interest Discover
2150/5000 on 0% Freedom

My overall utilization is 11%. I am paying both off at $150 a month currently. My question is, is it better for scoring purposes to have these two cards reporting with these balances or would it be better for me to transfer the Discover balance to the Freedom and have only 1 card reporting a balance? I know it would significantly raise the utilization on the Freedom so I don't want to work against myself by doing this but I've also read that it's better to only have one card reporting a balance. Any advice on which scenario is best?

2 of 8 is pretty close to optimal.

2/9 I know with my file I didn't see a drop.

What TT suggests (other than the misread on your only having 2 cards heh) is right, just pay them off prior to the grace period... financial strategy takes precedence over FICO strategy. I certainly wouldn't go the balance transfer and consolidate route.

Anonymous · ‎09-11-2015

Thanks guys I appreciate your feedback!