throwaway312 wrote:the reason the Chase SLATE has a balance is the balance transfer.
We can understand that. However scoring models and creditors are only going to see the revolving utilization which is maxed at 90% for your Slate. If you look at your reports you'll see that there's no indication of 0% offers, BT's, etc. Get that down as quickly as possible.
throwaway312 wrote:If I transfer a PayPal credit Balance 4300$ to one of my cards and pay that off over 12 months to avoid the 19.99% interest rate, will that be damaging to my credit score?
What would the revolving utilization be on that card? How long would it take you to get to 50%? 30%?
Keep in mind that 30% is the generally suggested maximum. 30%, however, is not ideal. It is a suggested maximum as in "do not exceed". Short term high utilization generally isn't an issue but prolonged high utilization may lead to trouble. It's not just scoring impact that matters but risk assessment and potential for adverse action (credit limit decrease, balance chasing, account closure, etc) that matter as well. Your score really doesn't matter until you're applying and any impact from high revolving utilization will dissipate as you drop your revolving utilization. Based on what you've said it doesn't sound like you're in any shape to apply for new credit in the near future. Your oldest account is only 2 years. You have new accounts. You have a lot of inquiries for your credit profile.
Revolving utilization falls under Amounts Owed:http://ficoforums.myfico.com/t5/Underst ... icoscoring
throwaway312 wrote:Should I close any of these accounts?
That's your call to make. You'd need to provide us with your specific needs, wants, preferences. priorities etc if you want feedback. What's useful to you? What's not? Consider that and other subjective matters as well as scoring impact. AAoA is not immediately impacted by account closure. However, revolving utilization is immediately impacted. You can do the math to determine impact to revolving utilization to help you decide.
throwaway312 wrote:What should I do to have the highest possible credit score 24 months from now?
Consider the factors and their typical weights in the link above. Payment History must be 100% with no derogs. Get revolving utilization as low as possible. Other factors generally just take time and responsible usage to build.
What are you looking to do in 24 months that you need a higher score for? What are you not able to qualify for with a 721 EX FICO 8? Have you checked your other FICO's based on the other 2 major CRA's?
throwaway312 wrote:I am wondering the long term affects of my credit score. I have put out about 25 inquiries in the last 12 months. I am just about done making inquires and those will disappear. I never make a late payment.
Revolving utilization doesn't have a long term affect unless you run into adverse action. It is determined based on the limits and balances as indicated on your reports. Historical revolving utilization is not considered.
Credit seeking activity does have an impact but it is generally short term. Your recent activity isn't helping you at this point but the effect should taper off over time.
Payment History and derogs definitely have long term effect as derogs can remain for quite some time and have a significant impact as long as they are on your reports. Payment History is also the biggest factor. That's why it must be 100% and your reports need to be free from derogs.
throwaway312 wrote:Current Credit Score on Credit Karma is 672, FICO on AMEX is 721
Always consider the specific scoring model and CRA and consider the relevance of a given model/CRA combo to a given creditor. CK provides 2 Vantagescores, one for TU and one for EQ. Those scores are only relevant to creditors that use a TU or EQ Vantagescore. AmEX provides an EX FICO 8. It is only relevant to creditors that use an EX FICO 8. There are many FICO models used by creditors. FICO 8 is the most common but it is not used by all creditors/products. For most models you'll have a score with each of the 3 major CRA's.
throwaway312 wrote:I am currently traveling abroad so I have not been working. I will return to work and pay off before the promotional period is over.
Definitely budget and stick to it.