I may have mentioned this before, but my BoA credit card is coming to the end of its 0% interest. In fact, this is the last month for it. So it's time to get that $9000 balance transferred out. One of the conclusions that I've come to (a rather obvious one) is that I don't want to have it all on one card, eating up 90% of that card's limit. It would be better for my credit rating if I had it spread out over several cards, so that each card was only partially full. This does have it's drawbacks, the main one being that I doubt I can pay it all off in a year, and I'll be facing having to transfer the balances off 4 cards next year, instead of one. And that I've applied to the "usual suspects" for this go-round: Chase, HSBC, Citi, etc. Next year I'll have to go to a different tier of cards.
I decided to do it all in one day, on the off chance that all of the credit inquiries made that day just get recorded on my credit report as one. I seem to recall that somewhere.
So, the plan is to have the balance transferred off of m BoA card by the end of the month. Here's hoping...
Shotgun Approach to Credit Cards
June 4th, 2009 at 06:52 pm
June 4th, 2009 at 07:15 pm 1244139308
I don't know if the FICO is based of all available credit and total utilization or card by card.
If you're looking at purchasing or refinancing, I would do that first and then move the balance onto 1 card.
June 4th, 2009 at 08:09 pm 1244142559
June 5th, 2009 at 01:35 am 1244162110