Please need your help!!!

Discussion in 'Credit Talk' started by getready, Feb 22, 2015.

  1. getready

    getready New Member

    Hi I need help in doing the right move. I have an AmX balance of 4300 and need to transfer the balance before the 0 apr term is up. Question is how should I position myself to keep my score in tack or improve it. Here's my situation: Discover Card ~ total cl 9,000-bal owed 3500.00. Citi cl 4300.00 - 0 balance ~ just received Cap 1 3000 cl. I need to know what is the best scenario to place balances. Both Citi and Cap1 will allow me to carry bal for 12 months with apr. Need your help fast. my score right now has went down to 640 and I can't get approve for any other cards (I've tried). Thanks
     
  2. Dancer

    Dancer Well-Known Member

    One of the things you want to do is keep any of your cards from ending up with too high of a percentage of its credit limit, so split the balance between the three cards.
    If you can put it on all three, do it like this.
    Discover gets $800, so its balance becomes $4300 which is 48% of the limit. Pay it fast so it never breaks 50%.
    Citi gets $2050, so its percentage becomes 48%.
    CAP 1 gets $1450, so its percentage becomes 48% too.

    Don't let them break 50% and pay them by the reporting date, not the due date. This should keep you out of trouble.

    If it looks like you're going to break 50%, just leave some on the AMEX, unless that'll cost you a fortune.
     
  3. getready

    getready New Member



    Thanks Dancer.
    That sounds like a great plan keeping under 48% ~ I was thinking of 50% but I see why you say that. ..how can I find the reporting date?
     
  4. mindcrime

    mindcrime Well-Known Member

    Reporting date is usually a few days -- up to a week after your statement closes.

    Easiest way is to just review your reports for Date Updated/DOLA.
     
  5. Dancer

    Dancer Well-Known Member

    You'd be better off with them at 30-35% because it's very easy for them to break 50%, which is the point some of the credit bureaus start getting antsy.
     
  6. mindcrime

    mindcrime Well-Known Member

    Credit bureau's won't get antsy, it's your other creditors.

    However in OP's case I don't see that happening.

    OP is not increasing their debt to credit ratio, but rather juggling money around.

    Although we cannot say for certain with confirmation from OP, it's presumed that this $4300 has been running at 0% on AMEX for up to 15 months; if eyebrows were to be raised, I'm sure an AR would have triggered AA already.
     
  7. Dancer

    Dancer Well-Known Member

    What I meant by "antsy" was that, at balance greater than 50%, you run the risk of being labeled as 'utilizing too high a percentage of your available credit". That would tend to lower your credit score with the credit bureaus. I'm not sure where that tipping point actually is but, at values below 50%, I don't think there is any chance of that happening.

    Sorry if I didn't explain my thoughts clearly.
     
  8. mindcrime

    mindcrime Well-Known Member

    I understand what you are saying; there are many variables, however.

    And with a 640 FICO, the OP has bigger fish to fry than worrying about utilization.

    Not paying interest would score higher for me, in this situation.
     

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