RayvonTCO Posted April 5, 2007 Report Share Posted April 5, 2007 At what percent does the credit limit balance ratio become harmful to your score? I have a 7500 bal on a 12k card and a 0 balance on a 9k card. Should I transfer an amount to the 0 balance card if so how much? Link to comment Share on other sites More sharing options...
TheRoadBack Posted April 5, 2007 Report Share Posted April 5, 2007 At what percent does the credit limit balance ratio become harmful to your score? I have a 7500 bal on a 12k card and a 0 balance on a 9k card. Should I transfer an amount to the 0 balance card if so how much? Utilization is a big factor in credit scoring. Under 35% utilization is good but obviously the lower the better. I don't know what the int rate is on your 9k card but if it was me I would transfer 3 - 3.5k to the other card. This is just my opinion though. What does the rest of your cr look like? Link to comment Share on other sites More sharing options...
RayvonTCO Posted April 5, 2007 Author Report Share Posted April 5, 2007 I am rebuilding it. My tu is my highest score at about 700-710The others hover around the mid to high 600's. Your suggestion was just what I was thinking and that exact amount, too. Link to comment Share on other sites More sharing options...
TheRoadBack Posted April 5, 2007 Report Share Posted April 5, 2007 rayvon, what do the rest of your cr look like? Maybe we can help your scores even more if we had more info. Link to comment Share on other sites More sharing options...
RayvonTCO Posted April 5, 2007 Author Report Share Posted April 5, 2007 What info do you need? I only have some small things. I have one Cap One late back in jan2003 on all three. I got a paid judgement on just my TU. I have a small unpaid med bill on my eq. I need to get that percentage down soon though. Link to comment Share on other sites More sharing options...
lyle7289 Posted April 5, 2007 Report Share Posted April 5, 2007 Utilization is a big factor in credit scoring. Under 35% utilization is good but obviously the lower the better. I don't know what the int rate is on your 9k card but if it was me I would transfer 3 - 3.5k to the other card. This is just my opinion though. What does the rest of your cr look like?I agree, Utilization below 35% is best. IMHO, I would rather have two cards at 30% than one at 60%. Link to comment Share on other sites More sharing options...
RayvonTCO Posted April 5, 2007 Author Report Share Posted April 5, 2007 How does it effect your credit score if you ask for a credit line increase and get denied? Should I ask for a credit line increase and still take the balance over to another card? Thanks Lyle and Roadback Link to comment Share on other sites More sharing options...
howardi Posted April 5, 2007 Report Share Posted April 5, 2007 I find that ONE of the best way to improve ur FICO scores is to open lines of credit(2,recommended).And preferably, AMEX BLUE. Recently opened an AMEX BLUE x2months ago at 3000;it increased to 10,000, then finally to 20,000 in less than 3months.My EQuack went fr 686 to 711 s of 4/5/07... Utilization was the key...and paying on time also..Plus, I have several balances on other cards I opened recently.BOA x2(10,000 & 6500)Discover(4000)Advanta(3000)PS: Always pay on time..No exceptions.TU: 760EQ: 711EXP: 758(2bads)5/6 yrs. Link to comment Share on other sites More sharing options...
RayvonTCO Posted April 5, 2007 Author Report Share Posted April 5, 2007 Are you saying that it depends on the type of card, like whether amex, discover,cap one, that each may boost your score in different ways? How hard is it to get a amex card? Link to comment Share on other sites More sharing options...
Ahntara Posted April 6, 2007 Report Share Posted April 6, 2007 "...improve ur FICO...open lines of credit..."Actually, opening new accounts causes deductions to your score since they contain no historical data. History calculates (up to) 35% of the total #. These deductions taper off as the accounts age and historical data accumulates (hopefully as you pay on time). But the process takes time.The information we have suggests limiting revolving accounts to between 2 - 4, for maximum score. Lenders see excessive accounts as an opportunity to get in over your head and frown on them. It's also important to have a good mix of accounts (both installment and revolving) and, as mentioned, for those accounts to 'age'. FICO-based scoring models deduct for any accounts under 60 mos.Utilization is the next category, calculating (up to) 30% of the total #. Properly managing those 2 to 4 revolving accounts can really pay off. Getting a CLI may help your Utilization numbers. You also need to limit inquiries and stay away from sub-prime lenders, especially finance companies. Link to comment Share on other sites More sharing options...
RayvonTCO Posted April 6, 2007 Author Report Share Posted April 6, 2007 Yeah thats the ticket but give more about requesting CLI's. Suppose it gets denied. Will That hurt my score? Link to comment Share on other sites More sharing options...
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