An Update on Improving My Credit Score
Last week I found out my credit score was lower than I expected as a result of taking advantage of multiple 0% balance transfer offers. You can find out more about this on myguide to playing the 0% game.
At the time I had 4 0% balance transfer balances:
-Bank of America Balance:$13,030/Limit $13,200; [99% borrowed]
-Citi Balance $16,980/Limit $17,500; [97% borrowed]
-HSBC Credit Card Balance $5810/Limit $7500; [77% borrowed]
-GM Card Balance $200/Limit $2,300. [9% borrowed]
Here is what I have done over the past couple of days to boost my score:
- inquired about bumping credit limit on the BofA card, but required credit inquiry so I declined
- consolidated my 2 Citi cards (other was unused) to boost my limit on my Citi balance transfer (which will make the % borrowed go down)
- paid off GM card balance transfer
- paid $4000 to HSBC credit card
- paid $500 to BofA card balance transfer
- paid $355 to Citi card balance transfer to bring % of limit borrowed to < 90%
Here is my credit card picture as of now:
-Bank of America Balance:$12,530/Limit $13,200; [95% borrowed]
-Citi Balance $16,600/Limit $18,500; [89% borrowed]
-HSBC Credit Card Balance $1810/Limit $7500; [24% borrowed]
-GM Card Balance $0/Limit $2,300. [0% borrowed]
Out the 4 balance transfers I have paid off 1, and hope to finish paying off the 2nd card this week. I also reduced the other 2 BTs from (99%, 97% to 95%, 89% respectively). I also estimate my overall percentage borrowed has gone from 47% to 38%. I am hoping that these actions are enough to bump my score back into the lower 700s in the next month or so.
As you may have guessed I am sensitive about my credit score because I am contemplating buying another house. I am just thinking about it so far, but incase an opportunity presents itself I want to make sure I can take advantage of it.
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