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Need your advice on which accounts I should pay off to help increase my score. Currently my EQ Fico score is 623. Any input is greatly appreciated. - I was able to GW two 30 day lates and that increased my score to 632.
Belk $544 / $1,300 limit - current balance $337 (already reported for the month)
Regions CC $388 / $1,000 limit - current balance $150 ( has not reported for the month)
Cap 1 (unsecured) $406 / $500 limit - current balance $38 / cli to $1K ( hasn't reported for the month)
walmart $0 / $1,500 limit - reported
Macy's $0/ $1,500 limit- reported
Dillard's $0 / $300 limit - reported
Firestone $0 / $ 1,600 limit- reported
Kohl's $0 / $1,000 limit - has not reported for the month
installment loans
Regions $2,000 loan / Balance $1,300
Santander $793 / paying off today (hallelujah) - paid off and it dinged me 4 points current score is 628
Current utilization right now on my revolving accounts is 15%. What are my chances of seeing an increase? I should probably mention that I have two collection accounts, one is 6 months old and the other is two years old, both paid.
Any idea how much my score will improve if I get my utilization down on some these revolving accounts? Thank in advance for your input/advice. Also, Walmart, Kohl's, Dillard's, and Regions have not reported for the month. That should help once they report, right?
I'd start with the Cap 1 since it is maxed out. Get it down to maybe $50 to start. Then work on the other 2. Don't let all of them report a 0 balance. Keep one reporting at 9% or below.
Installment loans have a separate utilization than revolving and don't play a very big part at all in your score. If you are paying off Santander you can keep making the payments on the other loan.
If you pay down Cap 1 and they all report this month you may see an increase.
@Globalgirl wrote:Need your advice on which accounts I should pay off to help increase my score. Currently my EQ Fico score is 623. Any input is greatly appreciated.
Belk $544 / $1,300 limit
Regions CC $388 / $1,000 limit
Cap 1 (unsecured) $406 / $500 limit
walmart $0 / $1,500 limit
Macy's $0/ $1,500 limit
Dillard's $0 / $300 limit
Firestone $0 / $ 1,600 limit
Kohl's $0 / $1,000 limit
installment loans
Regions $2,000 loan / Balance $1,300
Santander $793 / paying off today (hallelujah)
Any idea how much my score will improve if I get my utilization down on some these revolving accounts? Thank in advance for your input/advice. Also, Walmart, Kohl's, Dillard's, and Regions have not reported for the month. That should help once they report, right?
Cap1 then Regions. That leaves you with one that you can concentrate on.
Ok. You said I may see an increase. That has me a little worried. If I'm paying the Cap 1 down to 9% or less and the others now have a zero balance, I was thinking I would see a 15 to 20 point increase. I guess that's not the case. I'm working as hard as I can improve my score.
Pay cap 1 off, work on others, the 9% will be there until they are down. Dont pay them all off and carry a zero balance. carry 9%. Until them keep paying them down :-)
My 3 new CC's are 2-3mo old but I have a couple old ones with high balances( 6,000 and 7,000), my new ones carry a 0 balance but until they get more age on them and the balances down on the others I will only see small bumps. if you get small bumps, its only a temp thing until blances get lower and the score bumps get bigger.
The affect of paying these off on your score is going to depend on more than reducing your balances. You could see a considerable increase, then again you may see something smaller - depending on what else is reporting. YMMV...