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Established Contributor
Posts: 853
Registered: ‎12-09-2012
0

Fico score boost and 3 credit card balances

Hello everyone! I have a question and looking for some input.

 

CC #1 balance of 8,300 Sams club Discover

CC# 2 balance 7,000 AARP Chase

CC#3 balance of 6500 Discover

 

All 3 close to maxed out. I have 2000.00 extra to apply. Do I apply it all to one or divide it up by 3 to lower all 3 balances?

 

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
1/29/15 TU08 666 | EQ08 676 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1300~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 8K ~Care Credit 3,500
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Foreclosure (fall off TU 6/15 EX 9/15 EX 12/15)
New Contributor
Posts: 85
Registered: ‎11-07-2012
0

Re: Fico score boost and 3 credit card balances

[ Edited ]

Utilization is calculated amongst all your credit cards so if you shared the $2000 on all the cards vs. Paying just one card your utilization will be the same.

 

E.g. 

 

- Sam - $8300 with $8500 limit

- AARP Chase - $7000 with $7500 limit

- Discover $6500 with $7000 limit

 

How utilization is calculated

 

$8300 + $7000 + $6500  = $ 21800 balance 

 

$8500 + $7500  $7000 = $  23000 Limit

 

Calculation

 

Total Balance divided by Total Limit =  Utilization

 

$21800 / $23000 = .974 ( x 100) = 94.7% Utilization

 

 

My suggestion would be is to pay this extra $2000 on the credit that has the highest Apr 

 

 

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
Established Contributor
Posts: 853
Registered: ‎12-09-2012
0

Re: Fico score boost and 3 credit card balances

This helps alot! Thanks for the information!

Now my next question is I have a CO on a CC from 2yrs ago and its still showing a balance of 1300.00.  Since that is a CC is that balance factored in to my Utilization or just a baddie that I can try a PFD with?

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
1/29/15 TU08 666 | EQ08 676 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1300~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 8K ~Care Credit 3,500
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Foreclosure (fall off TU 6/15 EX 9/15 EX 12/15)
New Contributor
Posts: 85
Registered: ‎11-07-2012
0

Re: Fico score boost and 3 credit card balances

[ Edited ]

Yes unfortunately  it's being factored as part of your utilization and also as a baddie, so I would use the $2000 to help with the PFD. I would offer the 40% of the debt and see what they say. but get it in writing before you pay. 

 

 

Also most importantly is get your utilization down to 1-9% 

 

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
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