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09-16-2009 11:43 AM
Hello all, I am trying to get my score back up. And need to know what would be the best way to do it.
Here are my cc balances.
Mcys- Bal-$530/ CL-$1,100
Khls - Bal-$143/CL-$300
Would it be best to bring the utilization down to 10% for all the cards except the NFCU.
Our should I put all money toward paying down the NFCU card.
I figured if I paid all the others down then I would only have 1 cc bill.
What would be the best situaiton to see an increase in my credit score?
Thanks for your help.
09-16-2009 12:03 PM
Hi Pushingfor 700!
If high utilization is the only thing holding your scores down, then getting your utilization down to somewhere between 1 and 9%, with less than half of your cards reporting a balance (ideally only one) should give you a significant boost. Currently, your overall utilization is at 75.69%. Three of those cards are maxed out at over 90%-- that's hurting you a LOT.
How much money do you have available to reduce these balances? Do you have a lump sum that your were planning to use in your debt reduction? Are you inquiring as to how best to snowball the debt?
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
09-16-2009 12:22 PM