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Which option is the best for raising my credit score?

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Anonymous
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Which option is the best for raising my credit score?

Is it better to cut the debt of 90% util on 4 credit cards to 0% and just have a larger credit card with 81% utilization to work on paying down? I am trying to cut down my utilization as much as possible and I have a little extra cash I could use to do that with on the cards with lower limits. Discover: 900. Amex: 1700/2000 Citi: 2000/2100 Best buy store card: 900/1000. I also just got approved for a 1000 line from Capital One with their Quiksilver card which still has a 0 balance. So pretty much I would just be left with one credit card with a balance on it which is my Nfcu card with a 10k balance and 13.5k limit. I wanted to go this route to raise my score up to maybe 675 (CK says 575 TU, 577 Equifax primarily due to high usage, inquiries and average age of accounts) and then maybe after 4 months or so apply for a couple BT cards to transfer some of the debt to those. Also my monthly Discover statement says I have a 630, so I am a bit confused here as well.

 

Is this a good idea? I have definitely learned my lesson on card usage. I always thought as long as you made your payments on time you would be in good shape.

Message 1 of 8
7 REPLIES 7
-Wade-
Valued Contributor

Re: Which option is the best for raising my credit score?


@Anonymous wrote:

Is it better to cut the debt of 90% util on 4 credit cards to 0% and just have a larger credit card with 81% utilization to work on paying down? I am trying to cut down my utilization as much as possible and I have a little extra cash I could use to do that with on the cards with lower limits. Discover: 900. Amex: 1700/2000 Citi: 2000/2100 Best buy store card: 900/1000. I also just got approved for a 1000 line from Capital One with their Quiksilver card which still has a 0 balance. So pretty much I would just be left with one credit card with a balance on it which is my Nfcu card with a 10k balance and 13.5k limit. I wanted to go this route to raise my score up to maybe 675 (CK says 575 TU, 577 Equifax primarily due to high usage, inquiries and average age of accounts) and then maybe after 4 months or so apply for a couple BT cards to transfer some of the debt to those. Also my monthly Discover statement says I have a 630, so I am a bit confused here as well.

 

Is this a good idea? I have definitely learned my lesson on card usage. I always thought as long as you made your payments on time you would be in good shape.


Yes the best bet is to cut your util down to 1-9% and only have a bal on 1 card.

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 2 of 8
Anonymous
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Re: Which option is the best for raising my credit score?

Approximately how much do you think that would raise my score?

Message 3 of 8
-Wade-
Valued Contributor

Re: Which option is the best for raising my credit score?


@Anonymous wrote:

Approximately how much do you think that would raise my score?


I can't give you a number but it should increase your score a good bit. I would say close to 700

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 4 of 8
Anonymous
Not applicable

Re: Which option is the best for raising my credit score?


@Anonymous wrote:

Approximately how much do you think that would raise my score?


No one here can give you the exact figure or predict how much.  There is a lot that is considered when calculating scores and it varies from each individual.  Credit Utilization, AAOA, Loans etc.. It all factors in.

Message 5 of 8
Anonymous
Not applicable

Re: Which option is the best for raising my credit score?

My scores vary quite a bit, I just purchased the 3 report package from this site and it said 624, 631, and 645. But CK says something totally different

Message 6 of 8
-Wade-
Valued Contributor

Re: Which option is the best for raising my credit score?


@Anonymous wrote:

My scores vary quite a bit, I just purchased the 3 report package from this site and it said 624, 631, and 645. But CK says something totally different


I would not even worry about the CK score it's a fako score

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 7 of 8
Anonymous
Not applicable

Re: Which option is the best for raising my credit score?

Okay, well that makes me feel better.

Message 8 of 8
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