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acres90

Credit score boost...?

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Ok, I have a credit card with a $3000 limit and a $2800 balance. I also have a credit card with a $10,000 limit and a $0 balance. Question is would it be a good idea to transfer the balance to the $10k  card?

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Don't.  It won't do anything for your credit scores.  The "utilization" factor is based on total available credit, not individual accounts.  You'd be better off to simply as much more than the minimum payment as you can.

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On 3/17/2016 at 8:54 AM, willingtocope said:

Don't.  It won't do anything for your credit scores.  The "utilization" factor is based on total available credit, not individual accounts.  You'd be better off to simply as much more than the minimum payment as you can.

This is a question I have asked many other places while working on repair/mortgage readiness (long way away) - If I have 3 open lines, I only really need to keep one with a balance to keep a utilization amount/percent reporting if I'm reading this correct?  For instance - I have $250/300/300 unsecured lines.... I should zero two (store cards) and only keep one in play (Visa)?  I'm at 65% utilization currently because I don't want to buy meaningless junk on the store cards and someone told me to keep a less than 30% balance on all 3 lines, so I've been paying them down slowly to show open activity - I can just pay the buggers off! Thanks!

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The "credit score" game is a sucker's bet.  The score we're allowed to see is closest to the FICO bank card score...the score that credit card companies use to determine who that will make money on.   That's why it has a "utilization" component...you use their cards and they make money charging the seller for accepting their card and charging you for interest and fees.  if you want more credit cards, play their game.  If you want a mortgage, keep 1 high limit card open and paid off.

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