Well, today we got the 10k from Citi for the balance transfer. We haven't gotten the card yet but I'll tell ya, opening an envelope and seeing that was a unique experience. I'll be charging up the Cap 1 cards to show limits on the reports and then using the Citi check to pay them off and also pay off several other CC, including v/mc and gas. We'll have one payment a month that is equal to using about 60% of the one card and 29% total ratio (v/mc counted only for CL ratio) Can I get some opinions here? This is the absolute best way to reduce my finance charges (Citi has 2.9 till next year other cards range from 18-24.99%) Will it kill my score to have 0 balance (or very close) on all cards but 60% on one? We'll be putting max efforts into paying this one bad boy down but it will stay high for a while--- I'd really appreciate any opinions before I actually do this. Thanks AnnMarie
Congrats, AnnMarie!! BTW, I don't think having a zero balance on all your other cards will hurt you. I don't think you need to spread the balance over other cards. Having a balance on only one card may actually help your score. The reason I say this is when I received my Equifax score, one of the reasons that "lower your score" is that a balance is owed on too many accounts. I had 4 cards and owed on at least 3 at any given time.
But they have given some people a reason that sounds like "balance is too high on one account." I think most of the "reasons" are BS anyway. kind of like "fill-in-the-blank" randon selection, hehe. whatever, I think I could live with it to zap a balance in one short time-span, even if it did affect my score. Which, as you say, it may not. breeze
