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Also, if you close any accounts and your are still carrying balances you UTI will go UP since your amount of available credit will be less.
@Anonymous wrote:
As for your scores, you are getting dinged for having an overall UTI of 64%, dinged for having over 50% of your cards reporting a balance (6 of 10), and dinged again for the high balances on each card that is reporting a balance. Get 2 more cards zeroed out and you'll get a bump, and reduce the UTI on the rest
+1
It's a fault most of us have BUT sweating over a 10pt fall is wasted energy. Get your UTI down and most accts reporting $0 balance and you will see a big difference. It's not your accts that are out of whack it's you UTI.
10pt ups and downs on a month to month basis are typical and depend on how good you are at catching every dollar and paying it off during your billing cycle.
moving to CC forum for better coverage on this
@Anonymous wrote:Hi everyone, just looking for some advice on what my next steps should be.
Total CCs: 10 at 64% util (CB 14k CL 21.5k)
Total school: 38k (6k SallieMae, 32k Great Lakes)
1) I opened a 1000 CL card in Jan 2016 and it dropped my score 10 points. Was that hit due to a hard inquiry, or due to it lowering my average account age?
2) That card is currently at zero bal, if I close the card will my score go back up?
3) Any opinions on which cards to tackle next would be much appreciated. I'm listing them newest to oldest:
Citi (Best Buy) - 0CB 1000CL - opened early2016 - will score go up if I close this?
Chase (Slate) - 0CB 500CL - opened late2014 - will score go up if I close this?
Chase (Amazon Rewards) - 0CB 1000CL - opened mid2014
Citi (ThankYou Preferred) - 1350CB 1500CL - opened mid2014 - 12.24%
BECU - 1750CB 2500CL - opened late2013 - 11.15%
Amazon Store Card - 0CB 2500CL - opened early2013
Capital One - 2200CB 2250CL - opened mid2011 - 20.05%
AMEX (Costco) - 4000CB 4200CL - opened early2009 - 14.00%
Capital One - 1900CB 2150CL - opened mid2008 - 18.15%
Discover (Open Road) - 2600CB 3000CL - opened mid2007 - 17.24%
As others have said get Utilization down and don't worry about up and down of monthly scores unless your ready for a major purchase.You have a nice lineup of cards that can grow with you.If it's me I wouldn't close any of these accounts let them age and pay them down
@Anonymous wrote:Hi everyone, just looking for some advice on what my next steps should be.
Total CCs: 10 at 64% util (CB 14k CL 21.5k)
Total school: 38k (6k SallieMae, 32k Great Lakes)
1) I opened a 1000 CL card in Jan 2016 and it dropped my score 10 points. Was that hit due to a hard inquiry, or due to it lowering my average account age?
2) That card is currently at zero bal, if I close the card will my score go back up?
3) Any opinions on which cards to tackle next would be much appreciated. I'm listing them newest to oldest:
Citi (Best Buy) - 0CB 1000CL - opened early2016 - will score go up if I close this?
Chase (Slate) - 0CB 500CL - opened late2014 - will score go up if I close this?
Chase (Amazon Rewards) - 0CB 1000CL - opened mid2014
Citi (ThankYou Preferred) - 1350CB 1500CL - opened mid2014 - 12.24%
BECU - 1750CB 2500CL - opened late2013 - 11.15%
Amazon Store Card - 0CB 2500CL - opened early2013
Capital One - 2200CB 2250CL - opened mid2011 - 20.05%
AMEX (Costco) - 4000CB 4200CL - opened early2009 - 14.00%
Capital One - 1900CB 2150CL - opened mid2008 - 18.15%
Discover (Open Road) - 2600CB 3000CL - opened mid2007 - 17.24%
I wouldn't be closing any non-AF cards since you are showing balances and closing lines will just raise your util. That being said you have any cards with AFs that you don't use then you will want to try to PC to a non-AF version or close the card to save the money. Once you are all paid up you can go through and close cards you do not want to keep. If there are no-fees associated with them there is no harm keeping them open but that comes down to personal preference.
Um, does not anyone notice that the notation is CB, meaning cash back? That is not his utilization. Unless OP wishes to change that clarification.
Edit: just saw 64%, but does that include student loans.
In that case, play some stuff down. Get it under 10% (credit cards), before closing anything.