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Regular Contributor
BackInTheSaddleAgain
Posts: 122
Registered: ‎02-08-2013

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.

 

 

 


Starting Score: EQ: 659, TU: 694
Current Score: EQ: 690, TU: 703
Goal Score: EQ: 720, TU: 740

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Established Member
Barris
Posts: 113
Registered: ‎12-04-2012

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
dodfire
Posts: 1,453
Registered: ‎04-14-2012

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
BackInTheSaddleAgain
Posts: 122
Registered: ‎02-08-2013

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.


Starting Score: EQ: 659, TU: 694
Current Score: EQ: 690, TU: 703
Goal Score: EQ: 720, TU: 740

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Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011

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): 05/12: TU: 722 | EQ: 712 | EX: 686
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

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Valued Contributor
dodfire
Posts: 1,453
Registered: ‎04-14-2012

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
Crossdivided
Posts: 534
Registered: ‎01-23-2013

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.

Frequent Contributor
js0319
Posts: 304
Registered: ‎02-27-2012

Re: Obtaining Max Credit Score

+1 

Starting Score: EQ FICO 544 (2/21/12)
Current Score: EQ FICO 629 (9/6/2013) EX 656 EQ 620 TU 678 (Lender Pull - 5/30/13) USAA FAKO's: EQ 630 EX 643 TU 599 (3/19/2013)
Goal Score: EQ 700

Wallet: Capital One Secured MC: $300 I Capital One Platinum MC: $300 I Texell FCU Platinum Bonus VISA: $5000 I American Express PRG: NPSL I NFCU nRewards: $8000

Regular Contributor
BackInTheSaddleAgain
Posts: 122
Registered: ‎02-08-2013

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.

 

 


Starting Score: EQ: 659, TU: 694
Current Score: EQ: 690, TU: 703
Goal Score: EQ: 720, TU: 740

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