best plan of action for score increase

[Anonymous]

Real quick guys I need your help this is the deal i have 2 cc"s each with 20k cl's current balance on the first is 4600.00 second is 4000.00. I would like your input as to which course of action to take  to raise  my fico"s the quickest. Over the next several months I would like to purchase a home. my fico scores are EQ736 - Tu 772 should I pay down one balance at a time or alternate paying down between the two? Thanks innadvance for your help.

[Anonymous]

Without knowing what else is on your credit reports, my kneejerk response is to pay one down to zero; and pay the second down as much as you can.  The standard recommendation for highest FICO score impact is that all your revolving accounts except one should report a zero balance, with that remaining one account reporting less than 9% of the CL.

FICO also takes note of the number of accounts reporting balances, so paying down one CC to zero will reduce that number.

Remember, it's reported balances that matter.  Watch your reports so you know when your creditors report your balance.  If you tell folks which accounts you have, they can give you a pretty good heads-up on when they report.

Best wishes.

[Anonymous]

Thanks for your reply the cards that I posted are : Chase visa & FIA Regions MasterCard  you also asked for additional information included in my credit reports that may be useful in my request. Feel free to eloborate on the information you may need. Thanks

[guiness56]

Do you have any negative information on your CR, paid or unpaid?

[Anonymous]

 Zero negs

[guiness56]

Congrats on that.

Paying down one of the CC to 0 and the other to 10% or less should give you a boost.  Can't really say how much.