Credit Card Center Advertiser Disclosure†
02-25-2013 10:07 AM
I first would like to say i followed the home loan board, and now are proud home owners i love this board and the advice so much..
We would like to apply for a auto loan soon. If i remember correctly, what was the% balance you want to keep on your CC that will give you the most boost to your credit? We have the funds now ( thank you tax returns) to pay all of them down.
Here is what i have, (yes its alot)
1. Credit one -$400 credit limit
2. Merrick Bank- $650 CL
3. Orchard Bank $400 CL
4. Discover. $1200CL
5. Premiere $375 CL
6. Capitol One $500 CL
7.Lowes $900 CL
8. Home Depot $1800 CL
Any HELP is much appreciated.
02-25-2013 10:12 AM - edited 02-25-2013 10:17 AM
max effect on score between 0-9% (utility)
You may want to list the interest rates on each card for a little more help
and a big congrats on your NEW HOME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
02-25-2013 10:14 AM
Geez, you've got some work to do! Util below 30% will boost your score, but ideally below 10% for the best loan rates. Good luck!
02-25-2013 10:16 AM
02-25-2013 10:25 AM
It depends on how much you are talking about that you can pay toward these cards. And yes what is your APR on these? Currently if my math is correct you are at 77% Utilization...and for the best score increase you would want to be at 10% or less. In this case you would need $4170 to pay these debts down to 10% of your available credit of $6225 leaving you a revolving balance of $625. I have read on here many times that it is best if only (1) card shows a balance and the others to be at zero. But I am not sure of how much that really matters as long as you get your UTL down.
Hope this helps.
02-25-2013 10:28 AM
Pay them all in full, allow the discover to report a <$50 balance.
Once they all report 0 balance, call each one and request a CLI, but don't allow HP's.
Email EO of Cap1 for a CLI.
Get car loan from a CU @ a reasonable rate.
Sock draw everything except the Cap1, Discover, and Lowes.
Mind your garden.
02-25-2013 10:57 AM
we have $3000 to pay down these CC, i would have to call each one to get the apr, but i think preimere is the highest at 20%? but not sure.
I will talk to my husband and tell him all of this advice, or at least we can pay each of them down to 30% and then use our extra cash to pay them down even more.
I appreciate EVERYONES help
02-25-2013 11:04 AM
You will def make good progress with paying the $3k no matter where you put it. If it were me I would pay off all the lower balances that I could to zero them out. Mentally it just helps so much more to see them paid in full. And when you see your score jump it makes it all worth it. Good luck to you!!!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.