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Will BT improve FICO?

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Established Contributor

Re: Will BT improve FICO?

Thanks for everyone's feedback.  

 

I think the conclusion is there is no guarantee of a score bump if I consolidate the same amount of debt from several cards to one.  I don't need to BT to avoid interest charges, since I PIF, it's more an issue of cashflow and depleteing cash reserves.  

 

Since there is a 2% BT fee, I'm not interested in spending $200 for what is more than likely, no benefit.

Message 11 of 12
Valued Contributor

Re: Will BT improve FICO?


@JSS3 wrote:

 

Ideally, You want all but one card reporting 0. One card reporting less than 9%

 

Do with this information what you may. Smiley Wink

 

 


I thought the ideal is one card reporting less than 10%?

 

As for your score increase, could that have been after the cards that were paid off reported $0.00 balances and before the other card reported the balance with all of the transfers on it? Not trying to rain on your parade, just wondering.

 

 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
Message 12 of 12
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