Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
Kramer823

1 Contribution
0 People Helped
Why did my excellent credit score drop 45 pts when I only transferred a balance?
It's been 2 months since all I did was a balance transfer. The debt is showing properly all both involved cards, but my score did not bounce back up. In fact on one other site it went even lower last month. My utilization %age is always steadily going lower, right now at 22%. Is it because I now have 98% utilization on one card rather than it spread over a couple of cards?? That's ridiculous if it is. Nowhere have I ever read that the high utilization %age of a single card negatively affects your score as long as your overall utilization %age is low. I never would have done the transfer!!!!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
931 Contributions
327 People Helped

Helpful to 0 out of 1 people

It's up to you to read and understand the ramifications of your credit actions. You have high utilization. Transferring a balance lowers your score because you're only shuffling balances around; not paying anything down. Please read the articles here and other sites to educate yourself.

Reply by
Kramer823

1 Contribution
0 People Helped

I think you mis-read what I wrote.  My overall utilization is 22%; only one individual card is at 98%.  I also stated my utilization %age is steadily going down which implies I am paying the balances down and not just shufflilng them.  So again, I ask where does it say that the high utilization %age of a single card negatively affects your score when your overall utilization %age is low?

"It's up to you to read and understand the ramificartions of your credit actions."..."Educate yourself" and "Please read the articles"....  I must say, your answer had the attitude of "well, look around; you should just know better" instead of offering any help, which is what the spirit of this Community posting board is, I thought.  There is no article here that addresses my specific question.  You obviously don't know the answer, so I don't understand why you wrote anything at all, unless you get special points for writing something.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.