12-01-2012 02:07 PM
agreed on paying CC debt down first. unless of course you have an high installment loan balance at 25% interest rate. It all depends on the APR for the CC and loan, if their within say 5% of ea other, pay down the CC, then work on the installment loan(s). As has been said in prev posts, this is the best way to raise your FICO score faster.
04-21-2013 06:17 PM
My score went up 121 points(to 723) when I paid down my CC debt from 50% to <20%. The only account that I have listed as an installment is a Discover Card (not sure why it is installment, but it helps), which is at 50%. I have 0 late payments on abut 8 cards. 6 of which are real crappy low limit high interst cards than I am now getting rid of after being approved for some good cards (Bank of America, US Bank).
I was a bit shocked at the difference paying down my CC Debt made. I think there is more to a FICO score than we will ever know. My utilization was at 50% for the past four months. I'm thinkg this is taken into consideration, the time the utlization is high, and bringing it down when high for a long period can make a drastic difference. ...There are alot of factors it seems.
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