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AFJ2016

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I have a 95% credit utilization ratio and want to improve my score.
I only have one student credit card. My high credit utilization ratio is negatively impacting my score. I will be able to pay off the balance in full 3 months from now. In about how many months will my score rebound once I pay off the balance to be under 30%? Should I consider transferring the balance to a new card to stop some of the damage to my score now?

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If you have nothing pressing, then I would suggest you pay it off in the 3 month span you mentioned. Never charge more than 30% of the card limit, preferably less.  Pay it off mid month if you find yourself using the card beyond 30%.  Your score will gradually increase on its own. Transferring a balance generally involves fees, and you're just shifting a balance. That could actually cause your score to DEcrease. It might INcrease a bit because your credit availability might be more, but I don't think it's worth it. Credit takes time to build; be patient. Always make payments on time, and don't charge more than yiu can comfortably pay off monthly. Paying interest is wasted money. I went from a secured credit card with a $300 limit to a $100,000+ availability by following tried and true methods. 

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