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Regular Contributor
Posts: 206
Registered: ‎02-08-2013
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Obtaining Max Credit Score

Okay Experts, I really need a little advise here. I am rebuilding my credit from a business BK in 2007. I would like to refinance 2 cars (with high interest rate loans) sometime over the next month, so I want to posture my report for the best score possible in the meantime. How do I do that? Over the past year I have kept my total CC utilization at less than 2% on all 4 of my cards. This month I tried keeping a little higher balances on my cards, but that manuever just cost me 5 points on Equifax and 15 points on TransUnion (both myFICO). Obviously, I kept too much on them; especially Merrick. So here's what I did:

 

CL / Utilization:

 

CapOne: $1,500 / $193

Merrick:      $750 / $283

CreditOne: $550 / $4

WalMart:        $0

 

Should I pay Merrick off completely, or keep $10 or $20 on it? How about CapOne? I realize the common thought for max score is total utilization at 9% or less. Therefore, would you keep 5% to 9% on ONE card, or distribute it over 2 or 3 cards? Anyways, I would not only like to refinance 2 cars soon, but I would also like to apply for a prime card as well.

 

Thanks ahead of time for your input and advise.

 

 

 


Current Score: EX: 718, EQ: 715, TU: 720
Goal Score: EX: 750, EQ: 750, TU: 750

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Established Member
Posts: 113
Registered: ‎12-04-2012
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Re: Obtaining Max Credit Score

My advice is to to spread out the 9 percent over your cards keeping the largest balance on the card that has the oldest TL.

Valued Contributor
Posts: 1,453
Registered: ‎04-14-2012
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Re: Obtaining Max Credit Score

If it were me I would pay off Merrick and Credit One put your balance on Cap One at $135 that will give you 9% UTL on the Cap One card and an overall UTL of 4.8%...thats my thoughts.

*8/10/13
Regular Contributor
Posts: 206
Registered: ‎02-08-2013
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Re: Obtaining Max Credit Score

Thanks. By the way, I don't need to carry a balance. I am only doing so as an attempt to maximze my scores. So you think a 4 or 5% utilization on one card is the key? Makes sense to me I guess. Unless 2 or 3% would be better. Regardless, putting the proper balance on my oldest card makes sense too (CapOne). Also, I left out my $400 CL on my original post. My total CL is $3,200 between the 4 cards.


Current Score: EX: 718, EQ: 715, TU: 720
Goal Score: EX: 750, EQ: 750, TU: 750

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Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
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Re: Obtaining Max Credit Score


BackInTheSaddleAgain wrote:

Thanks. By the way, I don't need to carry a balance. I am only doing so as an attempt to maximze my scores. So you think a 4 or 5% utilization on one card is the key? Makes sense to me I guess. Unless 2 or 3% would be better. Regardless, putting the proper balance on my oldest card makes sense too (CapOne). Also, I left out my $400 CL on my original post. My total CL is $3,200 between the 4 cards.


My personal experience, I get the best score from having all cards show 0, and one showing a sub 9 percent balance

 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Valued Contributor
Posts: 1,453
Registered: ‎04-14-2012
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Re: Obtaining Max Credit Score

I am not sure how accurate the "FICO Simulators" Are but when I have played with them if you drop below 2% you see a much less possible increase in your score. I had very small balances on several of my cards keeping them all around 3-5%...I then paid them all off with the exception of one card...left it around 10% UTL just for that card...and my TOTAL UTL was about 3% I got an increase of 12 points just for moving the money to the one card.

Just play around with it a bit and see what works for you.

*8/10/13
Established Contributor
Posts: 534
Registered: ‎01-23-2013
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Re: Obtaining Max Credit Score


dodfire wrote:

I am not sure how accurate the "FICO Simulators" Are but when I have played with them if you drop below 2% you see a much less possible increase in your score. I had very small balances on several of my cards keeping them all around 3-5%...I then paid them all off with the exception of one card...left it around 10% UTL just for that card...and my TOTAL UTL was about 3% I got an increase of 12 points just for moving the money to the one card.

Just play around with it a bit and see what works for you.



Not Very. Really a better tool to determine "bad move" vs "good move" in my opinion. I wouldnt base mortage qualification date projections on it or anything like that.

Established Contributor
Posts: 512
Registered: ‎02-27-2012
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Re: Obtaining Max Credit Score

+1 


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Regular Contributor
Posts: 206
Registered: ‎02-08-2013
0

Re: Obtaining Max Credit Score

Thank You everyone. Based on your input, I think I will try the following formula next:

 

  • CapOne:    $1,500 / $50 = (3%)
  • Merrick:      $750 / $25 = (3%)
  • CreditOne: $550 / $0 = (0%)
  • Walmart:    $400 / $0 - (0%)

 

TOTAL Utilization = 6%

 

Any other advise or input is GREALTY appreciated.

 

 


Current Score: EX: 718, EQ: 715, TU: 720
Goal Score: EX: 750, EQ: 750, TU: 750

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