Hello,
I'm thinking about buying a new car and i need to get my score up to 680 my FAKO is 650 my auto enhanced was about 20 points higher last time i had it checked.
my credit utilization is right around 55% will dropping it to around 10% get me over the hump?
Starting Score: 547
also, is it a bad idea to drop some of my credit cards to a zero balance and keep one with a balance for my ratio?
No, that's actually the ideal approach. Optimal utilization for FICO is an overall utilization of between 1-9%, with only one of your cards showing a balance (and the balance on that card keeping that particular card's utilization between 1-9%.) For example, if your overall limit of all your cards was 10K, but one of your cards only had a 500 limit, you wouldn't want to put $300 on that card, even though your overall util would be well below 9%.
Hope that helps.
Starting score 3/30/13: 570s across the board
@bhenken08 wrote:Hello,
I'm thinking about buying a new car and i need to get my score up to 680 my FAKO is 650 my auto enhanced was about 20 points higher last time i had it checked.
my credit utilization is right around 55% will dropping it to around 10% get me over the hump?
You cannot base what your Fico score is going to be using a Fako, these are 2 completely different scoring systems.
