We need to get to a 660 and fast! We need to get some $$ out of our home (owe 155k, valued at 196k) to make some emergency repairs. Need about 14k, so we're out of the 80% LTV range.
We'd been in the 640 range until some inquiries, a new auto loan, and some high utilization of our CC's got in the way. There have been NO lates in 18 months, but nonetheless our scores have dropped to 615 and 595. I think it's primarily because of our CC's. Right now, I have the following:
Card 1: 2000 CL - O Balance (newer card, super-low rate, bought it for emergencies)
Card 2: 500 CL - 410 Balance
Card 3: 300 CL - 265 Balance
Card 4: 250 CL - 200 Balance (High interest, but longest card on books. About to be socked with a $90 annual fee)
Just wondering what I should do on these. Paying them completely off is not an option, but I'll have about $200 to pay them down. Should I:
Transfer the balances to Card 1 - I'd be a little under 50% utilization on that card, but at 0% on the others. Interest-wise, this makes the most sense. APR is less than half of other cards.
Pay off Card 4 - I'd have 2 cards at 0% utilization, and 2 at close to 75%
Pay a little to all 3 - I'd still have one at )% and could get the others down a bit.
Rob a bank - I kid, I kid
I know the magic formula is to have one at <10% and the others at 0%. But given my circumstances, I'm hoping for the biggest bang for my buck, so to speak.