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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.