Hello, and thank you in advance to anyone who takes the time to read this. I have been working over the last year or so to repair my credit and am beginning to see some progress. I am learning a lot from this site and am hoping someone more knowledgeable might be able to assist me with a dilemma. Currently on my credit report I have two charge offs from 2012 that are carrying balances of around $450 each. I have begun paying them down this month and would anticipate having them paid in full over the next 6 months. I also have a high utilization on my two open credit cards of around 500-600 dollars on 750 dollar limits.
I am going to bite the bullet and choose to spend $1000 next month in order to address one of these two issues. In terms of seeing the largest increase in my overall credit scores, which would be the better investment? I plan on paying off the charge offs either way, I am just curious to know how I can get the most bang for my buck in the short term. Thanks again for reading and I look forward to hearing your thoughts. If it helps, I am at between a 600 and 620 FICO on all three reports and my goal is to get to a 680 by March 2015 so I can begin looking for a mortgage with a somewhat manageable interest rate.
