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Valued Member
Posts: 43
Registered: ‎09-14-2010
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What should I pay off

We are trying to get my husbands credit score up. We have no past dues. We have a revolving credit, 5 credit cards, a home mortgage, car payment, and a small loan. Most of it has high balances. Right now he is at 586. We need to get it up to 620, so we can apply for a mortgage. What is the best thing to do; pay off a couple credit cards and cancel them or pay down some of the balance on all of them? Any advice would be greatly appreciated! Thank you!

Established Contributor
Posts: 505
Registered: ‎11-05-2012
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Re: What should I pay off

Credit card ! Pay down. Don't close, 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Frequent Contributor
Posts: 444
Registered: ‎12-05-2012
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Re: What should I pay off

Cancellling them would hurt u. Just pay them down. U need all cards at 0% except one  - leave that one at 9%. 

 

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
Current Score: 705 FICO TU (10/2014)Take the FICO Fitness Challenge
Valued Member
Posts: 43
Registered: ‎09-14-2010
0

Re: What should I pay off

We can not pay all of our credit cards, loans, and revolving credit off. Which is the best to start with? Should we use the money to pay a couple down to zero or speread out the money and pay on them all? Thanks!

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Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: What should I pay off

Just pay down CC as much as you can

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Frequent Contributor
Posts: 444
Registered: ‎12-05-2012
0

Re: What should I pay off


ldohve wrote:

We can not pay all of our credit cards, loans, and revolving credit off. Which is the best to start with? Should we use the money to pay a couple down to zero or speread out the money and pay on them all? Thanks!


U want to focus on the revolving credit first, IMO. It factors into ur util. That is the first step. u want ur overall util to be low, so play with the numbers of ur balances/CL to find out what might be best.

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
Current Score: 705 FICO TU (10/2014)Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: What should I pay off

I would pay the off smallest balances first so you have cards with a $0 balance then work on the higher balance cards...Also work on CLIs to help utilization which can boost score...If he has any baddies start by disputing inaccurate info then working to GW any paid off baddies...lates, CO, Collections, Etc

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Valued Member
Posts: 43
Registered: ‎09-14-2010
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Re: What should I pay off

What are CLI's? I am sorry I do not know what they are. He does not have anything in collection. He has some medical bills that had gone to collection. Those have been paid off at least 2 years ago. We have asked them to remove them from his report and they said no. his score was in the mid 600's two years ago. But, then we his brother died and we had to travel 12 hours from home. So, we got credit cards to pay for that trip. Therefore, score went down. We have never missed a payment on any of them. Thanks!!

Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: What should I pay off


ldohve wrote:

What are CLI's Credit Limit Increases? I am sorry I do not know what they are. He does not have anything in collections It looks like he has med collections. He has some medical bills that had gone to collection. Those have been paid off at least 2 years ago the can be on your report for up to 7 years. We have asked them to remove them from his report and they said no try sending a GW letter to the CA. his score was in the mid 600's two years ago. But, then we his brother died and we had to travel 12 hours from home. So, we got credit cards to pay for that trip. Therefore, score went down. We have never missed a payment on any of them. Thanks!!


Read the GW sticky for examples here

 

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Valued Member
Posts: 43
Registered: ‎09-14-2010
0

Re: What should I pay off

I meant that he does not have any collections that have not been pain. Even though we sent GW letters 2 years ago, can we send them again? Thank u!

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