How much will my score be affected?

[Anonymous]

Hello, My current credit score is approximatley 770. I have a credit card that has 19K limit, and about a 5K balance on the card. If I transfer 10K to the card, that will bring the total up to 15K. How much exactly will that affect my credit score? Is there another way to go about it? Michael

[Tuscani]

Your score will drop. Can you distribute the balance across more than one card?

[Anonymous]

I only have one other card, with a $4500 credit limit. I figured it would drop - but is there a way to estimate by how much? Or perhaps another strategy to limit how much it drops by?

[Tuscani]

I would open one or two more cards and distribute the balance equally amongst them. One maxed or high util card will always look worse than redistributing. What are your other two scores?

[Anonymous]

Thanks for the advice. I don't know my other two scores yet - and haven't checked. I got the other number from my bank when I pre-applied for a loan. That's the whole thing behind this - is that I am going to be purchasing a house later this year (around november), but am trying to help out a friend by transferring a balance to my card.

[Anonymous]

all of the issues that come along with such an arrangement aside, i would get the house before i transferred the friend's balance onto my card.

[Tuscani]

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dog wrote:
all of the issues that come along with such an arrangement aside, i would get the house before i transferred the friend's balance onto my card.

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agreed.

[Anonymous]

Would it really drop by that much? or is just the looks of something like that - which a lender would not like to see

[Tuscani]

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Mr_Michael wrote:
Would it really drop by that much? or is just the looks of something like that - which a lender would not like to see

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It could depending on how you do it.. plus it will increase your overall DTI which is important to lenders. Will your friend pay the debt off before Nov?

[Anonymous]

No - The debt would certainly not be paid off.