02-23-2009 10:15 AM
Just as the title says,,,i need some advice to fig. out which is better.
i have 7 accounts that i can pay down to 50% of the limit or 6 accounts down to 25% of the credit limit.
please help...trying to buy a house.
thanks in advance!
02-23-2009 10:21 AM
so your saying pay down 6 accounts to below 25% and have 1 account above 50%
or pay all 7 to below 50%?
I say either pay down 6 to below 25% or how many could you completely pay off and how many accounts would that leave with balances and at what util %?
02-23-2009 10:26 AM
no what i mean is this..sorry if i was not clear -
pay off 7 cards down to 50% of limit
or pay 6/7 down to 25% of their limit. the 7th account is much larger than the 6 smaller ones.
02-23-2009 10:29 AM
your saying pay off and down to below 50% of limit in same sentence.
are you paying DOWN the balance or paying OFF the entire balance?
I still go back to my original question how many accounts could you pay COMPLETELY off and what would that leave on your other accounts and how many would still have balances
02-23-2009 10:38 AM
i mean pay down the balances on 6 cards down to 25% of limit or pay down 7 cards down to 50% of limit. which is best to make my score climb fast?
02-23-2009 10:53 AM
02-23-2009 02:59 PM
If you want, post more info on each account, including the interest rate for each one.
For eample, if you had 3 credit cards:
Visa $9,000 limit, $7,000 balance, 9.9% APR
Amex $12,000 limit, $7,500 balance, 8.9% APR
BP Gas Card $500 limit, $200 balance, 14.9% APR
02-24-2009 04:24 AM
hsbc orchard balance 265.62 % rate - 9.9 balance after payment 40 credit limit 300
hsbc household balance 291.23 % rate - 9.9 balance after payment 66.23 credit limit 300
HSBC Furniture Row balance 994.96 % rate 25.4 balance after payment 349.96 credit limit 1400
legacy bank balance 250 % rate ( not sure at this moment as i can't see it online ) balance after payment - 60 credit limit 250
credit 1 balance 405.03 % rate ( not sure at this moment as i can't see it online ) balance after payment 100 credit limit 400
credit 1 balance 328.79 % rate ( not sure at this moment as i can't see it online ) balance after payment 80 credit limit 350
jc penny balance 278.69 % rate ( not sure at this moment as i can't see it online ) balance after payment 53.69 credit limit 300 ( this was just reduced THANKS GEMBC!!!)
we decided to just pay all 7 accounts to 25% or less of the credit limit and also paid of 2 derogatory items we have on our credit.
currently my wife is at a 578 and i am at a 543...do you think doing all of this will boost us to over 600 by doing a rapid rescore?
02-24-2009 07:09 AM
You went from 85.3% util to 22.7% util overall. AWESOME job!
Assuming you acquired no new baddies since your last report, once all these balances pass their statement date, this will help your FICO score a lot.
Could you give more info on the "derogatory" accounts you paid off? Did you do a PFD? Were these collection accounts?
And before anyone guesstimates your new FICO score, we'd need some more infor about your credit profile. Any installment loans, or a mortgage? Any judgements, bankruptcies, charge offs? How old are you accounts? The more info the better.
02-24-2009 07:12 AM