11-09-2012 11:57 AM
Hi have the following Credit cards, trying to improve my score. Current EQUIFAX score 660
Citi 0/8000 (just applied and recieved)
Citi 0/4000 (just applied and recieved)
BOA AU 0/1000 ( wife's)
Discover AU 1500/9400 (wife's)
Citi Closed 4744/7800
Amex Closed 6299/9600
Any help would be apprecitated!!! thanks in advance.
11-09-2012 12:05 PM
11-09-2012 12:43 PM
11-09-2012 12:49 PM
Your util is very high, especially in your first three cards mentioned. I would work on paying the balances down. If your APR is high, think of a balance transfer. I just paid my util down from 80% to 30% and saw a jump near 50 points.
Any negatives in your report?
+1 - you need to pay those balances way down. If you don't do it for your credit score, you should consider doing it for financial reasons. You must be paying a ton in interest.
I know you didn't ask for this advice, but I think it would be helpful for you to sit back and consider how sustainable you current credit card usage is. Your current score can fall much farther than 660 if you get over your head in debt and become unable to pay those cards. I wish you the best of luck in improving your score!
11-09-2012 01:10 PM
I'd love to pay it down, but i have 5 months to improve my score for a new construction home that'll be completed in april. so i'm just trying to reach 680 + or 700+. so anything short term would be fine. the newly applied 8000 credit and 4000 credit line doesn't show in my report yet.. they are 0% until 18 months. i guess my Util is high due to that? But if i bring all my cards to 50% but increase the number of credit cards with balances, how much would an impact be?
11-09-2012 01:30 PM
It's hard to say. I mean, your score would probably improve from where it is now, but it will be nowhere near it's highest potential. If you are unable to make 100% progress on that debt in the next few months, I would suggest bringing every card out of maxed out status (under 75% at least), and then keep as many cards clean as possible. If you can make it happen, I would get at least 2 cards to $0 and the rest to 50% or under. Anything better than that will be to your benefit. As always, FICO scores are their own animal and no one knows exactly what works best in this situation.