Lowering High Credit Utilization

[Anonymous]

Hello Fico Forum,

I am looking to raise my credit score to buy a car within 12 months.  My score is being held down due to my high credit utilization which is around 90% overall.  I have $11,000 to pay on credit cards and was wondering which accounts I should apply it to.  I was thinking about paying off the smaller credit cards to consolidate the debt down to fewer accounts, but it sounds like my score would be better if I lower all accounts a certain percentage.  My accounts are below.  I have 0 late payments and no baddies showing on my credit report.  After I pay these down, can someone also recommend a good balance transfer card, to reduce interest on the remaining balances. Let me know what you think.

Current scores

EX from Amex - 647

TU from Discover - 649

Credit Card - Limit - Balance

US Bank Flex Perks - $4500 - $4500

Chase Freedom - $3500 - $3450

Chase Amazon - $2000 - $1950

Citi Double Cash - $1700 - $1600

Bank Of America Cash Rewards - $3500 - $3500

Amex BCE - $1000 - $950

Discover - $1000 - $1000

Target - $300 - $250

Best Buy Visa - $300 - $300

Kohls - $800 - $750

Home Depot - $500 - $225

Amazon storecard - $3000 - $2500

VCF - $3000 - $1200

Discount Tire - $1000 - $500

Total - $26,100 - $22,675

[Misses_November]

Are you open to doing a consolidation loan?  I had $14K to pay off, so I got a loan thru Lending Club.  I paid everything off or way down (paid on Dec 15), and by the next month my score had jumped 50+ points.  My equifax is as of today a 730 (per creditkarma).  In November it was a 638, and in December it was a 640.  My TU was a 648 in December, and it went to a 698. May be something to check into!

[Anonymous]

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@Anonymous wrote:

Hello Fico Forum,

I am looking to raise my credit score to buy a car within 12 months.  My score is being held down due to my high credit utilization which is around 90% overall.  I have $11,000 to pay on credit cards and was wondering which accounts I should apply it to.  I was thinking about paying off the smaller credit cards to consolidate the debt down to fewer accounts, but it sounds like my score would be better if I lower all accounts a certain percentage.  My accounts are below.  I have 0 late payments and no baddies showing on my credit report.  After I pay these down, can someone also recommend a good balance transfer card, to reduce interest on the remaining balances. Let me know what you think.

Current scores

EX from Amex - 647

TU from Discover - 649

Credit Card - Limit - Balance

US Bank Flex Perks - $4500 - $4500

Chase Freedom - $3500 - $3450

Chase Amazon - $2000 - $1950

Citi Double Cash - $1700 - $1600

Bank Of America Cash Rewards - $3500 - $3500

Amex BCE - $1000 - $950

Discover - $1000 - $1000

Target - $300 - $250

Best Buy Visa - $300 - $300

Kohls - $800 - $750

Home Depot - $500 - $225

Amazon storecard - $3000 - $2500

VCF - $3000 - $1200

Discount Tire - $1000 - $500

Total - $26,100 - $22,675

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Pay the 8 smallest balances down to $0. Pay the other 6 down to just under 60% individual UTI. Under 50% would probably be better, but $11k is not quite enough to do that, however you may be able to get to there in just a few months, depending on how much you can throw at it monthly.