Reply
Established Member
Posts: 17
Registered: ‎02-22-2009
0

Paid off credit card today ($4300)...

I had a Chase card that carried a $4360 balance.  I wrote a check today for the total amount.  Was that the right thing to do?  This is the only card I have (others are open, but I don't use).  Should I use it monthly as long as I PIF each month?  I have two stupid medical collections ($27 and $54) and will be using the HIPPA letters ASAP.

 

I currently have a mortgage (144k), car (21k) , equity line (19k) and student loan (9k).  The mortgage is being covered by my tenants, so I don't have that monthly mortgage payment right now.  All other bills are paid electronically and are never late.  

 

I had a 760 2 years ago....I would like to get to 700 as quickly as possible.  ADVICE??? 

 

 

2/02/09 TU-635, EQ-634

3/09/09 TU-636, EQ-635 

Frequent Contributor
Posts: 281
Registered: ‎04-30-2008
0

Re: Paid off credit card today ($4300)...

Congrats on paying that off! I have a similar balance on a Chase card, but don't have the means to pay off in full just yet.

 

Anyway, you should keep around a 7% utilization on two cards, to show that you're still active, and thus, a viable asset to credit card companies.


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
Current Score: (WalMart FICO) TU 792 04.03.13 (Mortgage Lender - HP) EX 745 02.06.13 (Mortgage Lender - HP) EQ 771 02.06.13
Goal Score: 800+


Take the FICO Fitness Challenge
Frequent Contributor
Posts: 353
Registered: ‎01-29-2009
0

Re: Paid off credit card today ($4300)...

Not sure where that 7% util is coming from, there is no magic number. 

 

IMO, let one of your cards report a small balance, $5 or so, but less than 9% for sure, and pay the rest in full every month.  Try to use each card every 4-6 weeks at least, in order to keep them active.


Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Established Member
Posts: 17
Registered: ‎02-22-2009
0

Re: Paid off credit card today ($4300)...

7% on two cards?  Well, I was an idiot and closed all of my credit cards at once.  I got a little freaked out with all of the revolving credit and the guy I got my car loan through acted like it was a good idea. OYE...the Chase card is the only one that I consider usable.  The other is a $6500 empire carpet and a 3500 Lowes.  Oh what to do..what to do.

 

But THANKS for the congrats.  I have to admit, I used my whole tax refund ;-) 

Frequent Contributor
Posts: 358
Registered: ‎11-05-2007
0

Re: Paid off credit card today ($4300)...

Congrats, IMO paying it off was the smart thing to do. Good Luck Vicki 
~We'll Never Say Goodbye~
In Loving Memory
Of All Lost Mothers
Established Contributor
Posts: 645
Registered: ‎10-24-2007
0

Re: Paid off credit card today ($4300)...

[ Edited ]

As much as I hate advising anyone to apply for new credit cards I think it might not be a bad idea for you to wait for a score bump from the paid off Chase card and then app for one good, prime card.

 

Right now with the craziness of CLD and rate jacking I just wouldn't want to have all my credit in one basket. Pretty sure the carpet card and Lowes aren't something you could use everyday.

 

If you could re-open a card that you have a good relationship and some history with that would be even better. Not usually a good idea to close your cards no matter what the car dealer told you.

Message Edited by VEEnVEGAS on 03-09-2009 06:01 PM
Frequent Contributor
Posts: 281
Registered: ‎04-30-2008
0

Re: Paid off credit card today ($4300)...

I base my target suggestion of 7-10% utilization from the percentage of FICO scores at the top of the FICO range. I agree, there is no magic number, but setting a good one doesn't hurt. :smileyhappy:

 

I agree with the poster suggesting to open a new card or to contact one of the companies you have a good relationship with, to see if you can re-open an older account. I wouldn't recommend closing a card to anyone who has any amount of self control, and it seems like if a car salesman can talk you into doing something drastic with your credit, you have more than enough potential to control your own credit. 

 

Good luck!


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
Current Score: (WalMart FICO) TU 792 04.03.13 (Mortgage Lender - HP) EX 745 02.06.13 (Mortgage Lender - HP) EQ 771 02.06.13
Goal Score: 800+


Take the FICO Fitness Challenge
Established Member
Posts: 17
Registered: ‎02-22-2009
0

Re: Paid off credit card today ($4300)...

I am not THAT big of a loser to allow a car salesman to convince me what to do.  He was a bank loan officer, who apparently had no idea what he was talking about.  Good idea about trying to open an old account.  I will wait until I get my bump and see if one of my old faithfuls will give me my card back.  Its just scary when you walk around with thousands of dollars of revolving credit and they just sit there with zero balances.  Oh well...I have learned!
Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Paid off credit card today ($4300)...


HelpMyScoreNow wrote:

Its just scary when you walk around with thousands of dollars of revolving credit and they just sit there with zero balances.

From my current EQ report (the full one, from the bureau):

Revolving: 11 accounts
$0 balance
$103,012 available
$103,012 credit limit
0% debt to credit ratio
$0 monthly payment amount
0 accounts with a balance

:smileywink:

Get used to the feeling of having power over your credit. It's a great, great feeling.

(And yes, I generally have one account reporting 10 or 20 bucks. This is a fluke, resulting from a gap in reporting dates.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.