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Established Member
flattspott
Posts: 20
Registered: ‎11-20-2010

What to pay (Score Boost)?

What would be my best plan of action get the biggest score boost.
I have 1400 to spend and these are just some of the possible senerios I came up with.
I am not worried about saving on interest. My only concern is the best way to get a score boost.

Current:

CC1 - 900/1800 50%
CC2 - 600/2000 30%
CC3 - 465/500 93%
CC4 - 785/900 87%

Senerio 1: Split the 1400 equally and pay 350 to each.

CC1 - 550/1800 30%
CC2 - 250/2000 12%
CC3 - 115/500 23%
CC4 - 435/900 48%  BT to CC5 435/2000 21%

Senerio 2: Pay off CC1 and pay 150 each to the others

CC1 - 0/1800 0%
CC2 - 450/2000 22%
CC3 - 315/500 63%
CC4 - 635/900 70%

Senerio 3: Pay CC4 off and pay 200 to others

CC1 - 700/1800 38%
CC2 - 400/2000 20%
CC3 - 265/500 53%
CC4 - 0/900 0%

Senerio 4: Pay CC3 off and pay 300 to others

CC1 - 600/1800 33%
CC2 - 300/2000 15%
CC3 - 0/500 0%
CC4 - 485/900 53%

Senerio 5: Pay CC3 and CC4 off and pay 150 to CC1

CC1 - 750/1800 41%
CC2 - 600/2000 30%
CC3 - 0/500 0%
CC4 - 0/900 0%

Senerio 6: Pay off CC2 and CC3 and pay 335 to CC4

CC1 - 900/1800 50%
CC2 - 0/2000 0%
CC3 - 0/500 0%
CC4 - 450/900 50%  BT to CC5 450/2000 22%



Starting Score: (11/29/10) TU: 598 - EQ: 616

Current Score: TU: 663 (Walmart 12/31/11) - EQ: 654 (MyFICO 12/26/11)

Goal Score: 700


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Established Contributor
zerobacan
Posts: 726
Registered: ‎01-13-2013

Re: What to pay (Score Boost)?

[ Edited ]

I beleive the one that leaves you with the most 

 

Scenario 5

 

0% 

 

and the lower utlizations overrall

 

and then I would pick the CC with the highst Interest to pay down first.

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Starting:TU:536 EXP:561 : EQ:552 Current:TU:680 Walmart (2-15-14)EXP:712 FICO!! (12-4-13):EQ:622 (FICO 2-6-14) Uti 27% Goal: 720 By 12-13.
Contributor
ajh5408
Posts: 98
Registered: ‎04-13-2012

Re: What to pay (Score Boost)?

There's a lot of conflicting information floating around about this, so take my response in the context of being an industry outsider speaking from memory and a little bit of gut feel... Also, my suggestion regardless of which path you choose, would be to focus less on scores and more on the way creditors view your report (i.e. minimize the number of "dings" they would put on a typical denial letter).

 

That said, I like scenario five because it eliminates as many balances as possible while leaving less than 50% utilization on the remaining cards. While I see the appeal of low utilization across the board, I do believe that as long as your balances are under a certain level per-card (say, 50%), then you may do more harm than good by having lower utilization on a larger absolute number of cards (4) than by having higher (but not too high) utilization on a smaller number of cards (2). Referring back to my point above, this would avoid a "too many accounts with balances" ding from a creditor, even if it has no material effect on your score.

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Established Contributor
calihlove75
Posts: 787
Registered: ‎05-16-2012

Re: What to pay (Score Boost)?


flattspott wrote:

What would be my best plan of action get the biggest score boost.
I have 1400 to spend and these are just some of the possible senerios I came up with.
I am not worried about saving on interest. My only concern is the best way to get a score boost.

Current:

CC1 - 900/1800 50%
CC2 - 600/2000 30%
CC3 - 465/500 93%
CC4 - 785/900 87%

Senerio 1: Split the 1400 equally and pay 350 to each.

CC1 - 550/1800 30%
CC2 - 250/2000 12%
CC3 - 115/500 23%
CC4 - 435/900 48%  BT to CC5 435/2000 21%

Senerio 2: Pay off CC1 and pay 150 each to the others

CC1 - 0/1800 0%
CC2 - 450/2000 22%
CC3 - 315/500 63%
CC4 - 635/900 70%

Senerio 3: Pay CC4 off and pay 200 to others

CC1 - 700/1800 38%
CC2 - 400/2000 20%
CC3 - 265/500 53%
CC4 - 0/900 0%

Senerio 4: Pay CC3 off and pay 300 to others

CC1 - 600/1800 33%
CC2 - 300/2000 15%
CC3 - 0/500 0%
CC4 - 485/900 53%

Senerio 5: Pay CC3 and CC4 off and pay 150 to CC1

CC1 - 750/1800 41%
CC2 - 600/2000 30%
CC3 - 0/500 0%
CC4 - 0/900 0%

Senerio 6: Pay off CC2 and CC3 and pay 335 to CC4

CC1 - 900/1800 50%
CC2 - 0/2000 0%
CC3 - 0/500 0%
CC4 - 450/900 50%  BT to CC5 450/2000 22%


Pay off credit card 3 and 4 to zero and put the remainder towards credit card 1 :smileywink: That is what I would do.


100% Ficos: EX 762, TU 767, EQ 754 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-2/1~ last credit card app 6/24/13- New car loan 3/8/2014
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Valued Contributor
daybreakgonesXe
Posts: 1,680
Registered: ‎11-17-2012

Re: What to pay (Score Boost)?


flattspott wrote:

What would be my best plan of action get the biggest score boost.
I have 1400 to spend and these are just some of the possible senerios I came up with.
I am not worried about saving on interest. My only concern is the best way to get a score boost.

Current:

CC1 - 900/1800 50%
CC2 - 600/2000 30%
CC3 - 465/500 93%
CC4 - 785/900 87%

Senerio 1: Split the 1400 equally and pay 350 to each.

CC1 - 550/1800 30%
CC2 - 250/2000 12%
CC3 - 115/500 23%
CC4 - 435/900 48%  BT to CC5 435/2000 21%

Senerio 2: Pay off CC1 and pay 150 each to the others

CC1 - 0/1800 0%
CC2 - 450/2000 22%
CC3 - 315/500 63%
CC4 - 635/900 70%

Senerio 3: Pay CC4 off and pay 200 to others

CC1 - 700/1800 38%
CC2 - 400/2000 20%
CC3 - 265/500 53%
CC4 - 0/900 0%

Senerio 4: Pay CC3 off and pay 300 to others

CC1 - 600/1800 33%
CC2 - 300/2000 15%
CC3 - 0/500 0%
CC4 - 485/900 53%

Senerio 5: Pay CC3 and CC4 off and pay 150 to CC1

CC1 - 750/1800 41%
CC2 - 600/2000 30%
CC3 - 0/500 0%
CC4 - 0/900 0%

Senerio 6: Pay off CC2 and CC3 and pay 335 to CC4

CC1 - 900/1800 50%
CC2 - 0/2000 0%
CC3 - 0/500 0%
CC4 - 450/900 50%  BT to CC5 450/2000 22%


I totally agree with everyone else; Scenerio 5 seems like the best option!

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EQ FICO 737 TU FICO 746 Credit Karma (TU) 780 Transrisk 816/990 Credit Sesame (EX) 762 Credit.com (EX) 763 VantageScore 3.0 733
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010

Re: What to pay (Score Boost)?

For score impact, consider these rules in order:

 

1. no card above 80% util - these are considered "maxed out"

2. "more than half" of cards at zero balance

3. Total util below 10%

 

So I would say your scenario 5 is best.  Then work to reduce one of the two remaiuning to zero, then work on the last one.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Valued Contributor
Duncanrr
Posts: 2,841
Registered: ‎06-08-2012

Re: What to pay (Score Boost)?

Agreed. 5 is best.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: What to pay (Score Boost)?

[ Edited ]

ditto on the 5 all cards reporting 0% and having 1 carry a small balance (2% ideally) has been proven to have the best impact on your scores from my experience as well as others on creditboards


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Contributor
redwalker2929
Posts: 118
Registered: ‎12-01-2010

Re: What to pay (Score Boost)?


flattspott wrote:

What would be my best plan of action get the biggest score boost.
I have 1400 to spend and these are just some of the possible senerios I came up with.
I am not worried about saving on interest. My only concern is the best way to get a score boost.

Current:

CC1 - 900/1800 50%
CC2 - 600/2000 30%
CC3 - 465/500 93%
CC4 - 785/900 87%

Senerio 1: Split the 1400 equally and pay 350 to each.

CC1 - 550/1800 30%
CC2 - 250/2000 12%
CC3 - 115/500 23%
CC4 - 435/900 48%  BT to CC5 435/2000 21%

Senerio 2: Pay off CC1 and pay 150 each to the others

CC1 - 0/1800 0%
CC2 - 450/2000 22%
CC3 - 315/500 63%
CC4 - 635/900 70%

Senerio 3: Pay CC4 off and pay 200 to others

CC1 - 700/1800 38%
CC2 - 400/2000 20%
CC3 - 265/500 53%
CC4 - 0/900 0%

Senerio 4: Pay CC3 off and pay 300 to others

CC1 - 600/1800 33%
CC2 - 300/2000 15%
CC3 - 0/500 0%
CC4 - 485/900 53%

Senerio 5: Pay CC3 and CC4 off and pay 150 to CC1

CC1 - 750/1800 41%
CC2 - 600/2000 30%
CC3 - 0/500 0%
CC4 - 0/900 0%

Senerio 6: Pay off CC2 and CC3 and pay 335 to CC4

CC1 - 900/1800 50%
CC2 - 0/2000 0%
CC3 - 0/500 0%
CC4 - 450/900 50%  BT to CC5 450/2000 22%


Apply $50 to CC1 to reduce to ballow 50%,  Then pay off cc3 and cc4


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BoA- Spirit WORLD MC-$ 5000 BoA-power rewards $2500
PayPal Extras MC $1500
Ex:655,EQ:674,TU:647- (all FICO)Low due to 60% Utilization
Regular Contributor
Goal850
Posts: 127
Registered: ‎07-09-2012

Re: What to pay (Score Boost)?

Option 5 for the win. :smileywink:


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