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Regular Contributor
Posts: 151
Registered: ‎09-28-2007
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Pay Down Credit cards... Help

[ Edited ]
Ok so here is my situation im getting ready to apply for a Home loan within the next month or two but would like to get the best possible interest rate.... My scores from my fico so far are
 
TU-710 EQ-710 EX-645 (2 badies paid)
 
This is what I currently owe and was wondering what is the best way to put $1000 toward it to boost my fico the quickest?
 
Hooters 1200 OWE/ 2800 CL
BofA      1300 OWE/ 2500 CL
Best Buy 850 OWE/ 1100 CL
 
Also owe Sallie Mae Student loans $650 OWE/ 6000 Original amount (almost done WOO HOO)
 
And here is my other available credit if that matters at all
 
Dell             0/2000 available
Discover     0/3000 available
CCCU         0/1000 available
HSBC         0/1100 available
Household  0/1000 available
Chase        0/1500 available
Cap One    0/1500 available
Amex          0/2000 available
Amex          0/15000 available but AU
 
Also since you guys are great at this and not me what is my % to available credit?
 
Thanks for the help ahead of time.


Message Edited by NowIcare on 06-03-2008 11:19 AM
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Epic Contributor
Posts: 24,351
Registered: ‎10-23-2007
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Re: Pay Down Credit cards... Help

Pay Best Buy off, because then you only have 2 accounts reporting balances and less than 50%
Fico Scores: EQ- 670., TU 705 Sync, EX 700 (04/20/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
83 Cards and Counting :smileytongue:
Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
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Re: Pay Down Credit cards... Help

I would either pay them all down to about 37% ($172 Hooters, $382 BoA, $446 BBY) Or Pay off the BBY and split it between the other two. It also depends on what kind of loan you are doing. FHA isn't really that score driven, so paying it off in a way that minimizes your DTI would be the best.
Regular Contributor
Posts: 151
Registered: ‎09-28-2007
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Re: Pay Down Credit cards... Help

Thanks both your suggestions make sense, Gotta love these forums you guys have helped me out so much.
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Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
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Re: Pay Down Credit cards... Help



NowIcare wrote:
 
Also since you guys are great at this and not me what is my % to available credit?
 



Your utilization percentage on just the revolving credit (not sallie mae) is just 9.7%  So you are teetering on the edge of where it should optimally be, but you are still in good shape.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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