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A util decision...

Regular Contributor

A util decision...

All,
I have re-read the other util threads and this is what I have....

Dell $1003.00 / $1500 = 67%
Home Depot $1428.16 / $1500 = 95.2% (only reporting $1366 bal for %91)
AA Juniper $773 / $800 = %96.6
Orchard $290 / $300 = %96.6

Total Util = %85.2

So when I pay down
Home Depot to $100 = 6.7%
Dell = $100 = 6.7%
AA Juniper = PIF
Orchard = PIF

Given that the acccounts are 3-4 months old, how much on average could I expect to jump score wise...10 per account, 15 per account? I know MMMV...but just an IMHO will suffice.
Also, which ones are better to PIF? The lower CL's or the higher?

Thanks to everyone...you all have been very helpful in pulling me out of this mess I created over the years!

ps. Reason for doing this is a short term boost in scores (I avg 620 FICO currently) in order to refi and get better rate/PMI.

Message Edited by HinH on 03-05-2008 06:30 AM
10 REPLIES
Moderator Emeritus

Re: A util decision...

My guess 100 to 140 points
maybe more

HinH wrote:
All,
I have re-read the other util threads and this is what I have....

Dell $1003.00 / $1500 = 67%
Home Depot $1428.16 / $1500 = 95.2% (only reporting $1366 bal for %91)
AA Juniper $773 / $800 = %96.6
Orchard $290 / $300 = %96.6

Total Util = %85.2

So when I pay down
Home Depot to $100 = 6.7%
Dell = $100 = 6.7%
AA Juniper = PIF
Orchard = PIF

Given that the acccounts are 3-4 months old, how much on average could I expect to jump score wise...10 per account, 15 per account? I know MMMV...but just an IMHO will suffice.
Also, which ones are better to PIF? The lower CL's or the higher?

Thanks to everyone...you all have been very helpful in pulling me out of this mess I created over the years!

ps. Reason for doing this is a short term boost in scores (I avg 620 FICO currently) in order to refi and get better rate/PMI.

Message Edited by HinH on 03-05-2008 06:30 AM


Moderator Emeritus

Re: A util decision...

BTW- That really is not that big of a mess-
 
 
Regular Contributor

Re: A util decision...

If that happened I would be floored, I was thinking I was wildly optimistic with 10-15 per account...just keeping my fingers crossed. Any jump up is a great step forward.

Thanks again for your opinion/help!

ps. This is the easy part, cleaning up my GMAC (settled in 2007 charged-off/repo from 2005) account is the one I am trying to get fixed...going up the chain looking for any goodwill.
Moderator Emeritus

Re: A util decision...

I wish you luck on GMAC- I have 2 30's in 2006 that I can not get any GW on.

HinH wrote:
If that happened I would be floored, I was thinking I was wildly optimistic with 10-15 per account...just keeping my fingers crossed. Any jump up is a great step forward.

Thanks again for your opinion/help!

ps. This is the easy part, cleaning up my GMAC (settled in 2007 charged-off/repo from 2005) account is the one I am trying to get fixed...going up the chain looking for any goodwill.


Moderator Emerita

Re: A util decision...



HinH wrote:
...Also, which ones are better to PIF? The lower CL's or the higher?


It doesn't matter that much in terms of scores which ones you PIF. (I suppose that your overall util would be lower if you PIF'd the high limit cards, but you'll still be under whatever your highest individual util is.)

In terms of keeping your sanity, I think it's a whole lot better to PIF the low-limit cards. 9% of $1500 ($135) is a whole lot easier to control than 9% of $300 ($27)! Smiley Very Happy
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor

Re: A util decision...

Yeah...in reading more on here I am catching on. I am going to PIF the lows and >9% the other two, thanks for your help! We shall see what happens!

Thanks All!
Regular Contributor

Re: A util decision...

One other thing, there is a spreadsheet available on another credit board that is helping keep track of util and things...can I post the link or not (also have to sign up to download)...just wondering.
Moderator Emeritus

Re: A util decision...

Most likely not-
Feel free to PM me the link  

HinH wrote:
One other thing, there is a spreadsheet available on another credit board that is helping keep track of util and things...can I post the link or not (also have to sign up to download)...just wondering.


Regular Contributor

Re: A util decision...

Will send you the link when I get home tonight.