So how would you do it

[Anonymous]

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@DrJim wrote:

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@Anonymous wrote:
As I said before, our CC util is about 80%, so not good! Lol. My thought gears are telling me to do this:
1) Pay down CC balances (can do that over the course of the next 2 mos if we stick to our budget)
2) Take care of anyone willing to PFD when we have the $$

And talk with someone at the CU to get an idea of their requirements for our goals.

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Yes, this.

The fastest way to a score increase is to lower utilization.  Then go for the PFD's as long as you either 1. are out of SOL or have the money to pay in full.  If they are within SOL and they think you can pay they will come after you harder (depending on the amount).

You have a good strategy lined up.  Go for it!

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Thanks DrJim! We're going to stick to this plan. I'll keep in mind the SOL/PIF idea.

[Anonymous]

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@Anonymous wrote:

About that 80% Utilization? $1200 outstanding balance on CC's make 80% util? how

How many cards ? whats their limits? whats the balance on each? Payment due dates? Statement Balance Date?

Do you know each cards Reporting Date to CRA's?

You may want to time it when to payoff for maximum FICO score

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Actually, I calculated and util is better than I previously thought. We are at 1925/3200 = 60%. We owe more than I thought, but util is lower.

Our cards all have various statement cut dates and payment due dates. For example, the next statement cut date coming up will be for my Cap1 Visa, which also has the highest balance of all of our cards. Statement cuts August 3rd, payment due August 28th. Should I pay down the balance BEFORE August 3rd (cut date) to have the most impact?

[pisspoorcredit]

I like that approach. Totally agree

[Anonymous]

lets build the full picture here

Bank           Payment Due      Stmt Date      Balance         Minimum Due    Credit Reporting Date

Cap1           July28                 3rd Aug

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the idea is if any of the smaller amounts can be totally paid off v/s big balances that are not due until statement date you should approach it with Reporting Dates to CRA's you will figure out which way is best.

If done correctly just when you want to get re-financed your scores will look so much better