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Better to have 2 CC's under 50% or 1 at 78%

Regular Contributor

Better to have 2 CC's under 50% or 1 at 78%

Which would be better to raise my FICO score quicker??
 
1.  Pay down 2 cards so that they're both under 50% UTIL; or;
2.  Pay off 1 card and the other would be around 78%.
 
Thanks.
 
Message 1 of 7
6 REPLIES
Valued Contributor

Re: Better to have 2 CC's under 50% or 1 at 78%

Unless you are applying for a loan during this timeframe, pay down the account with the highest interest first. I doubt your score will see much of a difference if the overall utility is the same.
 
 
FICO wise (if you need additional credit):
1) If you have other accounts without balances (2 or more) I would pay both below 50%
2) If you don't have other accounts, I think it would be a wash, because you will be dinged for utility that high on a card but you will also gain points for only 1 card with a balance
Message 2 of 7
Regular Contributor

Re: Better to have 2 CC's under 50% or 1 at 78%

I'm trying to get a house so fastest FICO score jump is what I'm looking for:
 
I have 5 cards - three with 0 balances, 2 as listed.  Don't know if it's better to have 2 under 50% or 1 at 0% and 1 at 78%
Message 3 of 7
Super Contributor

Re: Better to have 2 CC's under 50% or 1 at 78%

For my score bucket overall util is the prime factor.  Also number of accounts reporting a balance does seem to matter but its not consistent.
 
I would also add the a CCC may get spooked by 78% util so I would try to get both cards bellow 50% and then only one at 9%.
12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 4 of 7
Moderator Emeritus

Re: Better to have 2 CC's under 50% or 1 at 78%

I think the points you'd get for having them both under 50% would be more than what you'd get for going from 2/2 to 1/2 accounts with balances.  1/2 with balances is still not fewer than half, so that's a lose/lose proposition.
 
Pay them both under 50%.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 5 of 7
Moderator Emeritus

Re: Better to have 2 CC's under 50% or 1 at 78%



cheddar wrote:
I think the points you'd get for having them both under 50% would be more than what you'd get for going from 2/2 to 1/2 accounts with balances.  1/2 with balances is still not fewer than half, so that's a lose/lose proposition.
 
Pay them both under 50%.
 



Earlier SQ said she had 3 cards w/ zero balances.  I would still go for 2/5, both under 50% 49%.  Do you have other accts (SLs, auto, etc) on your CR?


Message Edited by WhirledPeasPlease on 06-26-2008 09:31 PM
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 6 of 7
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Moderator Emeritus

Re: Better to have 2 CC's under 50% or 1 at 78%



WhirledPeasPlease wrote:


cheddar wrote:
I think the points you'd get for having them both under 50% would be more than what you'd get for going from 2/2 to 1/2 accounts with balances.  1/2 with balances is still not fewer than half, so that's a lose/lose proposition.
 
Pay them both under 50%.
 



Earlier SQ said she had 3 cards w/ zero balances.  I would still go for 2/5, both under 50% 49%.  Do you have other accts (SLs, auto, etc) on your CR?


Message Edited by WhirledPeasPlease on 06-26-2008 09:31 PM


Thanks, Peas.  I stand corrected.  But I still agree with the 2/5.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 7 of 7