No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
My overall utilization is at 52%. Individual card balances are below:
cc1: $0/$400
cc2: $350/$750
cc3: $440/$1500 (0% interest until 2011)
cc4: $1368/$1500
If I bring it down to 33% next week, do you think I will see a nice score increase? I know I'm being dinged for a maxed out card (cc4= 91%), so I will pay $350 on this one to bring it down to 67%. After my payment, the balances should be close to the following.
cc1: $0/$400
cc2: $0/$750
cc3: $400/$1500 (0% interest until 2011)
cc4: $1000/$1500
I know the goal is to get the card <9% but I won't be able to do this until the end of August. I'm buying a house and I've already been pre-approved with my scores but since I'm building a new construction, they will have to re-pull my credit again since the old one will expire next week and the house won't be ready for another couple months. My goal is to have all 3 scores around 730-740. Do you think it will beneficial to pay cc3 off and have 3 cards reporting at 0 and only one with a balance?
Thanks for your help.
The question is this: how far down would you need to bring the balance on cc4 before the benefit of having only card report a balance outweighs its high balance?
It's much like this: throw a stick into a river and watch where the dog will jump into the water. A study has been made about just that, and dogs instinctively know without doing the math. They know that it's faster running than swimming.
As I see it (others may see it differently), it's imperative to bring down cc4 under 50%, which is ~$250 below the $1,000. So run!
Thanks!!