Planning to buy a truck in approx 6 months...

[Anonymous]

I am new to myfico and have found this site to be an excellent learning environment! Thank you all! I am planning on replacing my junker in 6 months. My EQ fico is 649. I have high utilization on all 4 credit cards that I have. I am on a 4 month plan to significantly lower my total utilization from 68% to approx 30%. Would it be more beneficial to my score to pay off 3 of those cards, keeping the highest one at 80%, or pay them all down together. I am looking to get to 700 prior to applying. Thank you in advance!

[JM-AM]

It is hard to say with the limited information.

If you give a breakdown of what is owed and the CL of the CC's I am sure others will give you great advice. Credit UTIL is used by total UTIL and individual UTIL.

Also list any negatives you have if you have any that is, and if they are 30, 60,90,120,150, lates, charge-off's, collections, and judgements. 

Good Luck

[Anonymous]

Ok.....

card/bal/CL

Orchard/488/600

HSBC/8650/10000

HSBC/295/4500

Capital One/2350/2650

also,

$12,500 Car Loan, opened Feb 2006, successful payoff Oct 2010 (Early)

$142,000 Mortgage, opened Mar 2010, on time

4 inquiry's (Mortgage lender pulled 3-all approx 1 month apart! Grrrr.)

1 baddie from 2003- Credit card 120 days late chargoff (Should be falling off beginning of 2011, other credit reports show it gone) I can't wait!

[Anonymous]

Oh and no lates on anything....well except for that charge off years ago!

Thank you!

[JM-AM]

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@Anonymous wrote:

Ok.....

card/bal/CL

Orchard/488/600

HSBC/8650/10000

HSBC/295/4500

Capital One/2350/2650

also,

$12,500 Car Loan, opened Feb 2006, successful payoff Oct 2010 (Early)

$142,000 Mortgage, opened Mar 2010, on time

4 inquiry's (Mortgage lender pulled 3-all approx 1 month apart! Grrrr.)

1 baddie from 2003- Credit card 120 days late chargoff (Should be falling off beginning of 2011, other credit reports show it gone) I can't wait!

---

IMO I would pay the Orchard for 488 in full, pay the HSBC 295 in full,  pay off the Cap One 2350 in full and anything else you can pay towards the other HSBC. Lowering your UTIL will help you for score improvement. The one baddie you have will be coming off shortly as you stated so reason to worry about that. 

Good Luck

[Anonymous]

Great advice! Thank you! I will begin the process!