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Thats exactly what i was thinking i just didnt know if i would see a big enough push in credit that it would be worth hitting the cards before the navy fed loans. Ultimately im going to need to be making a car purchase soon no matter if i like it or not and i just cant make myself sign 24% on a loan of that magnitude. Do you think i would see a signiificant enough boost in my credit to push me into the 675+ range cutting the CC debt down to one card that i keep sub 10% just to report? Or would paying the 12k off in 4-5 months make more sense as its a guaranteed 10 or so percent loan through Navy once i pay them down. I realize this is a few questions in one but im just trying to plan debt pay offs around a vehicle as well as both are top priority right now. I know cash for a cheaper car is always an option too just trying to look for something with a factory warranty ect since i now have a good 120 mile a day round trip for work.
Cheers thanks again
@Anonymous wrote:Thats exactly what i was thinking i just didnt know if i would see a big enough push in credit that it would be worth hitting the cards before the navy fed loans. Ultimately im going to need to be making a car purchase soon no matter if i like it or not and i just cant make myself sign 24% on a loan of that magnitude. Do you think i would see a signiificant enough boost in my credit to push me into the 675+ range cutting the CC debt down to one card that i keep sub 10% just to report? Or would paying the 12k off in 4-5 months make more sense as its a guaranteed 10 or so percent loan through Navy once i pay them down. I realize this is a few questions in one but im just trying to plan debt pay offs around a vehicle as well as both are top priority right now. I know cash for a cheaper car is always an option too just trying to look for something with a factory warranty ect since i now have a good 120 mile a day round trip for work.
Cheers thanks again
Ok, here is the thing - you DO get dinged for not having a signifigant portion of your installment balances paid down -but its a small ding - VERY small, not much more than a handful of points. OTOH, multiple maxed out cards are a huge red flag to FICO and is literally DEATH to a clean report. Getting your UTI to ideal, with only one card reporting a balance of less than 10% could easily, and I'm NOT KIDDING, EASILY vault you well into the 700's. Don't even consider dropping extra money on the installment loans until your UTI is down to less than 20% Seriously.
Read my fast repayment strategy - it may be just what you are looking for:
My Strategy
@Anonymous wrote:I had recently applied for a car loan and got the score back from a print out where they pulled TU. So im assuming thats close and not pushed up at all from honda as thats significantly lower than before i ran the cards up.
Right now the cards are as follows
Usbank school card-577.00 balance (800.00 limit)
Usbank cash rewards-716.00 balance (1000.00 limit)
Synchrony bank HHgreg-maxed at 1k
Synchrony bank furniture-maxed at 1k
Synchrony bank paypal-maxed 500
NFCU-3500 balance 4k limit
The only real issue is the navy card but everything else can be paid off in a month probably in the position im in now being rent ect free for a while. Trying to keep the beater up as long as possible also to prevent a high interest car loan. But as far as collections or anything i've never missed a payment and nothing is past due so no baddies to worry about so far. Knock on wood.
That might be your auto-enhanced score - your other scores could be considerably higher if you don't have any auto loans on your reports. I would suggest visiting the Credit Check Total website and sign up for their 7 day trial for a dollar. You'll get your real FICO 8 scores. Spend 45 dollars to get all of your FICO scores here if you want to see some of the other FICO score variants.
@Anonymous wrote:I had recently applied for a car loan and got the score back from a print out where they pulled TU. So im assuming thats close and not pushed up at all from honda as thats significantly lower than before i ran the cards up.
Right now the cards are as follows
Usbank school card-577.00 balance (800.00 limit)
Usbank cash rewards-716.00 balance (1000.00 limit)
Synchrony bank HHgreg-maxed at 1k
Synchrony bank furniture-maxed at 1k
Synchrony bank paypal-maxed 500
NFCU-3500 balance 4k limit
The only real issue is the navy card but everything else can be paid off in a month probably in the position im in now being rent ect free for a while. Trying to keep the beater up as long as possible also to prevent a high interest car loan. But as far as collections or anything i've never missed a payment and nothing is past due so no baddies to worry about so far. Knock on wood.
How much monthly income are you bringing in right now?
Love the link appreciate all the valuable info! I think im going to be tackling the CC;s first and then seeing where that bumps me up and then go from there. Would it be beneficial at all to get a small personal at the same or less interest than the CC's to help pay the cards down faster? Since it doesnt seem like installments hurt the credit like maxed cc's do? Kind of transfer the cc balance to a loan i suppose.
Bringing in roughly 2500 a month extra cash after bills right now. Opted to room with someone else for a while until i can get things situated.
@Anonymous wrote:I had recently applied for a car loan and got the score back from a print out where they pulled TU. So im assuming thats close and not pushed up at all from honda as thats significantly lower than before i ran the cards up.
Right now the cards are as follows
Usbank school card-577.00 balance (800.00 limit)
Usbank cash rewards-716.00 balance (1000.00 limit)
Synchrony bank HHgreg-maxed at 1k
Synchrony bank furniture-maxed at 1k
Synchrony bank paypal-maxed 500
NFCU-3500 balance 4k limit
The only real issue is the navy card but everything else can be paid off in a month probably in the position im in now being rent ect free for a while. Trying to keep the beater up as long as possible also to prevent a high interest car loan. But as far as collections or anything i've never missed a payment and nothing is past due so no baddies to worry about so far. Knock on wood.
You haven't said how much money you have available, but you've mentioned two goals. Paying off bills and getting a boost in FICO ASAP, because you're driving a beater. You're maxed on most of your accounts. I would pay everything below 30% (except installments) and then pay off everything using the snowball affect of lowest balance first.
This would give you the highest immediate FICO boost while you're paying off everything.
Looks like CCT is showing the following
646-Experian
605-Transunion
607-Equifax
So a little different than what the dealer's results were. Makes me think a 700 shouldnt be far off at all!