10-28-2012 10:51 AM
10-28-2012 12:19 PM
To maximize your credit score, I believe a low % utilization on revolving accounts is more important than a low % remaining balance on installment loans.
My recommendation would be to pay down all revolving accounts except one. For the one you allow to report a non-zero balance, be sure the utilization is <10%, ideally 1-2%.
If you have money left over, pay down the installment loan such that at least 35% of the original principal is paid off, ie for a $1000 loan, pay off at least $350, leaving $650 or less remaining balance.
Hope that helps.
10-28-2012 05:16 PM
Definitely, pay off the credit cards first, starting with the highest interest acount. Then keep paying on the next card until it is paid. Then if you want, pay towards your installment loan or "bank" some of your saved payment money for a rainy day fund. Good luck.
10-29-2012 04:59 AM
10-29-2012 09:30 AM
That's a good question, albeit a very complicated one. I will try to do my best to explain my take on this matter. First off, the scores you get from myFICO are FICO scores. They have one for EQ and for TU. They don't have one for EX. A couple of years ago EX stopped making their FICO scores available to the public, and yes, that even includes the scores they sell on their own website. The EX score you get from any site will be a FAKO and could have no correlation to your actual FICO score. The only way to get your EX score is through a lender pull or if you belong to a certain CU in Pennsylvania. My suggestion to you, don't buy the product from their site. You can get a free EX FAKO score from www.creditsesame.com. Hope this clears it up for you!
10-29-2012 09:39 AM
10-29-2012 10:07 AM
Pay down the util on those credit cards, that will give you the most bang for your buck at this time. Get your util to 9% or lower for the most bump.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.