If it were me - I'd dip, pay them off, leaving a small balance on one card 1%-9% uti, and put the money back into savings over time. I get wanting to save, put you can put the money back, and save on not paying interest.
@guiness56 wrote:
@nvrgiveup08 wrote:Preparing to apply for a mortgage in July/August. I currently have about $7500 in savings. My family is living with my inlaws until we buy a home at the end of this year. I owe $466.25 with a $700 limit on one card and $305.00 with a $400 limit on another card and $427 with a $1900 limit on another card. Should I pay down the card balances all at once or pay one off a month so I wont dip into my savings? Scores are a 648, 626, and 620. My husbands scores are a 720, 716, and 722 but he owes $982 on a student loan due out of default in July/August he is in the rehab program and he also owes about $2500 to the IRS but we are on a monthly payment plan. I just dont know whats the best action to take. I hate to take any money out of savings. Our only bills are the credit cards, car note for $419 and gym dues of $56 and food, gas and kids tuitions of $350 mth.
Your overall utilization for those cards is around 4% which isn't bad. But, the one with $305/400 is almost 8%, the 466/700 is at 6% and the last one is at 2%. The one I would be most concerned about now is the 305/400 because it is approaching the maxed out point.
If you don't want to dip into savings I would pay that one first, then the 466/700 and the 427/1900. Donl't let all of them report a 0 balance.
FICO has no utilization memory. Whatever you pay down, when it reports, that is what you will be scored on.
Is the tax lien on your CR?
Guiness I think your 0 isn't working on those percentages. 
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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@Shogun wrote:
@guiness56 wrote:
@nvrgiveup08 wrote:Preparing to apply for a mortgage in July/August. I currently have about $7500 in savings. My family is living with my inlaws until we buy a home at the end of this year. I owe $466.25 with a $700 limit on one card and $305.00 with a $400 limit on another card and $427 with a $1900 limit on another card. Should I pay down the card balances all at once or pay one off a month so I wont dip into my savings? Scores are a 648, 626, and 620. My husbands scores are a 720, 716, and 722 but he owes $982 on a student loan due out of default in July/August he is in the rehab program and he also owes about $2500 to the IRS but we are on a monthly payment plan. I just dont know whats the best action to take. I hate to take any money out of savings. Our only bills are the credit cards, car note for $419 and gym dues of $56 and food, gas and kids tuitions of $350 mth.
Your overall utilization for those cards is around 4% which isn't bad. But, the one with $305/400 is almost 8%, the 466/700 is at 6% and the last one is at 2%. The one I would be most concerned about now is the 305/400 because it is approaching the maxed out point.
If you don't want to dip into savings I would pay that one first, then the 466/700 and the 427/1900. Donl't let all of them report a 0 balance.
FICO has no utilization memory. Whatever you pay down, when it reports, that is what you will be scored on.
Is the tax lien on your CR?
Guiness I think your 0 isn't working on those percentages.
OOPS! You are correct. I will correct that now! Thanks.