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Which CC should I pay off to boost my score? Update

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Globalgirl
Valued Member

Which CC should I pay off to boost my score? Update

 

 

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. Smiley Happy

 

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 Smiley Sad 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? 

Equifax: 6/2013 (647) / 10/2013 (647) / 11/13 (654) / 6/05/14 (725)
Experian: 6/2013 (673) / 10/2013 (684) / 12/12/13 (692)
TU Walmart: 6/2013 (683) / 10/2013 (693) / 01/2014 (704) / 06/05/14 (705)
Goal Score: 700 across the board


Message 1 of 6
5 REPLIES 5
guiness56
Epic Contributor

Re: Which CC should I pay off to boost my score?

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.

 

 

Message 2 of 6
Shogun
Moderator Emeritus

Re: Which CC should I pay off to boost my score?


@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.  Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 6
Globalgirl
Valued Member

Re: Which CC should I pay off to boost my score?

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. Smiley Sad  I'm working as hard as I can improve my score. 

Equifax: 6/2013 (647) / 10/2013 (647) / 11/13 (654) / 6/05/14 (725)
Experian: 6/2013 (673) / 10/2013 (684) / 12/12/13 (692)
TU Walmart: 6/2013 (683) / 10/2013 (693) / 01/2014 (704) / 06/05/14 (705)
Goal Score: 700 across the board


Message 4 of 6
ktl72455
Valued Contributor

Re: Which CC should I pay off to boost 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.

 

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 5 of 6
js0319
Established Contributor

Re: Which CC should I pay off to boost my score?

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...


AMEX PRG - NPSL I AMEX Everyday Preferred - $34.8k I Capital One Venture - $20k I Chase Sapphire Preferred - $25.5k I Chase Southwest Rapid Rewards Premier - $20.7k I Barclay Arrival + - $10k I Capital One Quicksilver - $10k I NFCU Flagship Rewards Visa Signature - $15k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $9.9k I Citi Double Cash - $7.8k I Discover IT - $5k I NFCU CLOC - $15k I Total Unsecured Credit - $188,700

EQ FICO - 714 (5/24/16) I TU FICO - 772 (5/24/16) I EX FICO - 770 (5/24/16)
Message 6 of 6
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