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@llecs wrote:
@q_thurst wrote:Yes, my score comes from FICO, and I am maxed out on all my cards. No BK, Collections or Judgements.
Which report is it? TU is more forgiving on util than the other two. EX and EQ are more picky.
Are you saying that TU weighs util heavier than the others?
IME, TU weighed util less than the other two.
Thanks for all the helpful infomation. I have no charge-offs, collections, BKs or Judgements . . . based on your responses, once I pay down my balances I should see a huge increase in my score. How do you suggest I pay down the 7500? 2K of the total balance is in loans, and the remaining is in CC debt. Should I focus on one card at a time of split focus across all cards? Which remedy would yield the quickest results?
@q_thurst wrote:Thanks for all the helpful infomation. I have no charge-offs, collections, BKs or Judgements . . . based on your responses, once I pay down my balances I should see a huge increase in my score. How do you suggest I pay down the 7500? 2K of the total balance is in loans, and the remaining is in CC debt. Should I focus on one card at a time of split focus across all cards? Which remedy would yield the quickest results?
Personally: I'd log into the accounts and get all closing date info, check credit report to see when balances post, and then strategically pay down revolving debt to under 10%.
Being maxed out is a score killer and probably looks even worse upon manual review.
Hi q_thurst,
I think you will find that your FICO® score jumps substantially once you get your utilization down. I was (still am) in a very similar situation to you (high utilization of around 70% on my revolving debt), and my scores are in the low to mid 600s - no negative items, no lates, etc., just high utilization. When I run the FICO® score simulator, it shows that my scores will increase to 755 – 805 by decreasing my utilization to less than 9%. And as proof that this works, I have already paid enough over the past month to decrease my utilization percent from 70% down to 46%, and my Walmart TU score jumped from 670 – 692 during that time. It will take me the rest of this year to decrease my utilization to less than 9%, but it will be worth it in the end.
Hang in there, as the score increases will definitely come with time and low utilization of your revolving debt.
@drkaje wrote:
@q_thurst wrote:Thanks for all the helpful infomation. I have no charge-offs, collections, BKs or Judgements . . . based on your responses, once I pay down my balances I should see a huge increase in my score. How do you suggest I pay down the 7500? 2K of the total balance is in loans, and the remaining is in CC debt. Should I focus on one card at a time of split focus across all cards? Which remedy would yield the quickest results?
Personally: I'd log into the accounts and get all closing date info, check credit report to see when balances post, and then strategically pay down revolving debt to under 10%.
Being maxed out is a score killer and probably looks even worse upon manual review.
+1 to the strategic method. Also consider the interest rates. Generally, focus on the highest rate card and pay as much as you can on that. Obviously, make sure to make minimum payments on the others (no lates!). Above all else, stop using the cards after you pay them down makes it a lot easier.