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Today I was alerted that myFICO TU score is now at 703 up from 634 a year ago, and the myFICO EQ score is at 690 up from 615 a year ago. I'm so excited!!
Right now I'm working on getting my util down to 5-9% and getting all CC accounts, except one, to a zero balance. My current util is at 85% - having such a high util, I didn't think I would ever break 700.
Eventually I need to apply for a prime CC, but not sure if I should do it now or wait until util is down and more accounts show zero. Thoughts?
85% is kinda high
I'd wait, you'll get better approvals with a lower util almost guarunteed.
def get that util down like way down. whats your aaoa? im guessing youve never had any lates too right? how many credit accounts do you have? you would def see another score bump if you got that util down
Definitely wait until your utilization is lower. Prime cards DO NOT like high utilization, especially at your level. I started at very similar scores/utilization ratios, and I personally (now that I know better) will not feel comfortable with applying for additional cards unless I'm below 9% utilization overall, and with only one card showing a balance.
Ask me how I know...
According to myFICO, my oldest account is 11 years 8 months.
Avg Age of Accts is 6 years.
Actually, I do have lates. Two student loan accounts have lates in early 2008 and early 2009. No other negative reporting.
I know everyone will tell you to be under 10% util, but if you can get things down to like just under 30%, you will have a nice FICO bump and you could probably apply for one carefully selected prime card. Then, wait things out before you do anything else.
Agree that you should get your utilization down. Remember, it's not just about getting approved. With 700 scores, you might get approved, but with a very low CL. It would be better to get your utilization under control, and then get approved with a higher initial CL.
Get that utilization down first.
Follow my financial journey: http://www.frugalrican.com
Congratulations, I can't wait to see how that score shoots up when you lower your util!
Thank you! I just ran the myFICO Score Simulator and this is what it says:
For TU: Best Action - Pay Down 90%-100% of Your Credit Card Balances - Over the Next 24 Months. Simulated Score: 753-793
For EQ: Best Action - Pay Down 90%-100% of Your Credit Card Balances - Over the Next 24 Months. Simulated Score: 780-820
I'm in disbelief - never in my wildest dreams thought I could have scores in those ranges! The knowledge you all have shared has really been helpful and is a main reason why I'm so far along on this credit journey! Thank you again guys.