Will this effect a fico score seriously? I have numerous open accounts. I will list them below. AMEX Blue 6000 0 balance AMEX Plat. 8000 0 balance BofA 10300 3950 balance Target visa 3000 0 balance Providian 1000 0 balance Cap1 1400 500 balance (will be pd off in 30 days) Nat'l City visa 4000 0 balance Nordstrom visa 700 0 balance Univeral ATT visa 4800 4600 balance According to PG, the Univeral ATT card is in the HIGH catagory impacting my score. Do I need to balance transfer half of the amont owed to another card with a zero balance? Also, should I cancel the useless Providian and Cap1? Would it hurt my score? I have cards that are older than those two. Thanks for any input.
I have the same questions about prov and cap1 but cap1 is my oldest card. My experience on revolving is this.....I had a card report as revolving that was supposed to be more like an installment loan and it was reported as 100% on exp (dropped me 27 points) and 90% on eq which dropped me like 10. I personally am transferring so no one card is maxed out. My bro gets the message "too many cards with a balance" (over 2 I guess) but I don't think it was a huge fico drop. Not as bad as having a maxed out card. However, their are vets here that pretty much max out on bt offers and i guess they just accept the temporary fico drop.
Thank for the reply. I'm going to transfer 1200 to AMEX Blue and 1200 to National City and that will take my ATT Universal down to 2100 dollars, less than 50% of the CL. I'll see if this has any effect on my FICO.
actually, i'll tell you what i had a balance on citibank, pretty high with marriage and all. i broke it down to many 0% cars, which are near maxxed out. Citibank got pissed and now considers me a "high risk" person, no "R" allowed. So in the case of citibank, they don't care if you have a reasonably high balance as long as they are getting all the dough. i kid you not.
What's "R"? I'm actually going to transfer the AMEX back to my Citibank Platinum card in a few months. I couldn't transfer the Universal ATT to the Citibank Platinum b/c they are both Citibank.
Re: Re: High balance on just one card.... If your not getting ready to buy a house why worry about a couple points up or down leave the balance and relax. If your getting ready to buy a house and need all the points you can get go for it.
Re: Re: Re: High balance on just one card.... But doesn't FICO state that you can raise your score over time by keeping low balance-to-limit ratios? If you max out a card, doesn't this hurt your score and cause you to have to begin repairing this specific area all over again? However, your point is taken: all of this doesn't matter if you're not going to buy a house, don't mind the FICO hit, or just want to save on finanace charges. But for those concerned with FICO over the long haul, it may be prudent to just spread out the balance and not even have to worry about this... I, too, have had to juggle some balances around to protect my FICO score. I am carrying a large balance with a low interest rate on one of my cards. But I've had to pay down $500 and transfer out part of it to a Cap One card to register a higher balance (LOC). I guess in my case, I've worked too hard to repair my FICO since my BK to see it drop for any reason! My 2 centavos, MisterX
Re: Re: Re: Re: High balance on just one card.... If you had 10 cards with NO balance and 1 card "MAXED"...it "SHOULD" not matter... Owe $10,000 on one card with the DEBT TO CREDIT LIMIT RATIO being <20%...HOW COULD ONE "MAXED" CARD HURT??? BUT WITH F.I.C.O. WHO KNOWS??? F.I.C.O. IS THE COMPANY THAT THINKS ONE INQUIRY IS BETTER THAN ZERO!!!
Re: Re: Re: Re: High balance on just one card.... Why to pay a balance on a 0% card. it doesn´t matter to lose some fico points. I have had a balance on my Citi 12.5k (From 14k limit) and chase 9k over 10k limit due to very good offers and paid off at the end of the promotion and no problem at all. I still have scores over 730. Chase has gave me another 0% offer for 9 months and Citi 3.9 until paid in full and a limit increase to 15k.
Re: Re: Re: Re: High balance on just one card.... I have about 75K in credit lines reporting to the CRAs. I got instant credit at a dept. store to save 10% at the register. The card has only a $300 CL. I charged slightly over half of that. My score plummeted 25 points when the card reported. The reason given was excessive use of revolving credit. My overall utilization was 2% even after this $160 charge. When I paid off the card, the score went back up. Carrying a high balance on one card does seem to matter in the fantasy world of credit scoring even if it is a retail card with a small limit rather than a major card with a high limit.
Re: Re: Re: Re: Re: High balance on just one card.... I "MAXED" out my WAL*MART store card (0.00% WHO WOULDN'T)...but I have SEARS double the limit of WAL*MART...so I was 33% if those 2 cards are evaluated different... ON ONE CRA IT SAID SOMETHING ABOUT "EXCESSIVE RETAIL CREDIT USE"
Re: Re: Re: Re: Re: High balance on just one card.... IMHO it's worth juggling credit card balances at due date time (so when the statement cycles it shows a low or $0 balance), it's worth it to me to pay a little extra to keep my scores up because we get our credit checked a lot, for mortgages etc.
Re: Re: Re: Re: Re: High balance on just one card.... IMHO it's worth juggling credit card balances at due date time (so when the statement cycles it shows a low or $0 balance), it's worth it to me to pay a little extra to keep my scores up because we get our credit checked a lot, for mortgages etc.
