HELP! High balances first, then pay off small?

[09Lexie]

SAMs Club first. If it's reporting closed your biggest ding is here- then Cap 1 which is over the limit.

[mfcastro79]

Correct me if I'm wrong, but with $1,400 available this month she could get all accounts to 75% util.

    Acct    |   Limit   |   Bal   |   Util   | 75% of limit | Payment Needed

Merrick     |  1400.00  | 1357.69 |   96.98  |   1050.00    |    307.69

Torrid      |  1090.00  |  671.38 |   61.59  |    817.50    |     min

Sams Club   |  1400.00  | 1428.30 |  102.02  |   1050.00    |    378.30

Capital One |   750.00  |  718.00 |   95.73  |    562.50    |    155.50

Capital One |  1250.00  | 1320.92 |  105.67  |    937.50    |    383.42

                                             Total Payments :   1224.91

                                                            (+ min payment on Torrid)

She can apply the extra $100+ to any account she chooses (Merrick probably). So wouldn't it be best to pay them all to 75%?

[Creditaddict]

I answered to quickly and think I need to edit... While if none of your accounts were over the limit and 1 wasn't closed I would agree with your original plan but I think now I would say get all accounts below the credit line with a little room so they won't go over again when the statement closes and then apply the remaining to the closed Sams card as a closed account is being factored into your util with no credit line thus being well over 100%.

The only question is this is GE and you said it's closed with a medical payment arrangement but in my experience GE does do one nice thing for you and they continue to report the account open while you make the arrangement payments for the exact reason of the account reporting over 100% if they did mark it closed... are they doing this for you... is the account closed but reporting open on credit report?

If that is the case then get all accounts including this one under the limits and then to your original plan of paying 2 in full.

[Crashem]

If the goal is to maximize FICO, immediate goal is to get every card to below 80% util.  Someone has 75% as target and I think that is good idea as give you a little room.  At that point, you need to check FICO and see what it looks like.  Also, pay down the closed account next.  With any remaining money, go ahead and pay down the highest interest rate card.  Please report back how FICO is effected at that point and what you have to pay down next month.

[airedna3441]

It is ge and its says" Account closed by credit grantor" and its not showing as open on my report from credit karma ( the only way I can tell, as i got my annual credit report already which also says closed ) so I really don't know what to do for now, whether to appy it all to sams/GE or do like the other poster said and get them all down to 75%,

 My long term plan was to have all of them paid in full by feb, so I can try to prequalify by then because I will still need to save for closing costs for the USDA loan so that still gives me a couple of months.  We went looking at houses today and we also thought about going fanniemae homepath , which will require 3% down plus someclosing costs so I have to March to get to a median 660 for both of us.  What to do, What to do? I'm still confused!

[LearningMoreAboutCredit]

+1 on paying the two which are over the limit first. Then, merrick, CapOne 2, and torrid but not particularly in that order.

[airedna3441]

so pay off the two with balances over the limit completely first, ( it will take me two months but oh well!) then work on the little ones, ok I think I got it. Thanks, I will let everyone know how my house hunting goes and if I get approved soon. Thanks to all or their help!