Trying to get my scores up

[Anonymous]

I currently have $41000 in revolving credit... CL's range from $400 to $5000... last I checked, my fico was 660 ... no lates, alot of hard pulls, total utilization at about 30% some accounts have no balance but a couple are 70% (took advantage of low/0% apr for Xmas purchases and balance transfers)

Synchrony was the bulding block to me getting new revoling credit. They approved me for a few store cards which I paid faithfully and then I was able to get major cards. I got addicted to the "you are approved" message and went on an app binge. Got several cards but no big CL's. Some have gone up in recent months but I am still trying to grow. 

Here is where I am at currently:

CBNA MC -- $1,500 Limit
SYNCB/AMAZON -- $1,400 Limit
DISCOVERBANK -- $1,000 Limit (co-signed for fiance')
U OF I COMM VISA -- $5,000 Limit
SYNCB/PPXTRM MC -- $1,000 Limit
BK OF AMER/BASS PRO MC -- $2,500 Limit
CABELAS WFB VISA -- $2,000 Limit
CAPITAL ONE GM Card MC-- $750 Limit
CITI/COSTCO VISA -- $3,500 Limit
DISCOVERBANK -- $1,610 Limit
DSNB MACYS -- $400 Limit
BK OF AMER TRAVEL REWARDS VISA -- $1,000 Limit
TARGET/TD -- $2,300 Limit
SYNCB/CCARE1 -- $1,800 Limit
1ST FIN CU VISA -- $3,000 Limit
NORDSTM/TD -- $4,000 Limit
CAPITAL ONE VISA -- $4,000 Limit
AMEX BCE -- $1,000 Limit
SYNCB/WALMAR -- $1,400 Limit
CB/GNDRMNT -- $500 Limit
NAVY FCU VISA-- $2,800 Limit
SYNCB/CARECR -- $800 Limit
SYNCB/VALUECITY $1,000 Limit

I would like to get my fico up and so that I can increase the limits on the major cards and close the store cards (macys, syncb store cards, cb). 

1) would paying the balances in full (i.e. 0% utilization) help?

2) should I keep balances and keep paying monthly payments?

3) would paying off my auto loan help?

4) would getting a mortgage help (we are contemplating buying a townhouse)

5) do balance transfers and only have balances on a couple cards?

Or am I just going to continue to play the waiting game and hope it just creeps up.

Any advice/info would be greatly appreciated. 

Thanks

[Anonymous]

Hello Bogey!  Welcome to the forums.  My comments below in blue.

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@Anonymous wrote:

I currently have $41000 in revolving credit... CL's range from $400 to $5000... last I checked, my fico was 660 ... no lates, alot of hard pulls, total utilization at about 30% some accounts have no balance but a couple are 70% (took advantage of low/0% apr for Xmas purchases and balance transfers)

Synchrony was the bulding block to me getting new revoling credit. They approved me for a few store cards which I paid faithfully and then I was able to get major cards. I got addicted to the "you are approved" message and went on an app binge. Got several cards but no big CL's. Some have gone up in recent months but I am still trying to grow. 

Here is where I am at currently:

CBNA MC -- $1,500 Limit
SYNCB/AMAZON -- $1,400 Limit
DISCOVERBANK -- $1,000 Limit (co-signed for fiance')
U OF I COMM VISA -- $5,000 Limit
SYNCB/PPXTRM MC -- $1,000 Limit
BK OF AMER/BASS PRO MC -- $2,500 Limit
CABELAS WFB VISA -- $2,000 Limit
CAPITAL ONE GM Card MC-- $750 Limit
CITI/COSTCO VISA -- $3,500 Limit
DISCOVERBANK -- $1,610 Limit
DSNB MACYS -- $400 Limit
BK OF AMER TRAVEL REWARDS VISA -- $1,000 Limit
TARGET/TD -- $2,300 Limit
SYNCB/CCARE1 -- $1,800 Limit
1ST FIN CU VISA -- $3,000 Limit
NORDSTM/TD -- $4,000 Limit
CAPITAL ONE VISA -- $4,000 Limit
AMEX BCE -- $1,000 Limit
SYNCB/WALMAR -- $1,400 Limit
CB/GNDRMNT -- $500 Limit
NAVY FCU VISA-- $2,800 Limit
SYNCB/CARECR -- $800 Limit
SYNCB/VALUECITY $1,000 Limit

I would like to get my fico up and so that I can increase the limits on the major cards and close the store cards (macys, syncb store cards, cb). 

1) would paying the balances in full (i.e. 0% utilization) help?

Yes.  You will get a substantial scoring bonus if most of your cards are reporting $0 with at least one reporting a positive balance.  (The classic advice is exactly one with a positive balance, but you have so many cards that it would not matter whether it was 1, 2, 3, or even 4 or 5.

If I were you I pay ALL cards down to $0 if they are cards on which you are paying interest.  Your remaining cards that show a balance could be your 0% cards if you like (3 cards say).  These cards should be reporting at < 29% of their individual limits.

I am not a huge fan of 0% offers personally, since they induce people to spend money they might not otherwise spend if it was a debit card.  And with savings accounts so extremely low, a 0% rate doesn't help you that much.  They also mark you as a person who carried a balance for several months, which down the road won't be an especially good thing to have on your reports, though it's not bad the way lates are certainly.

2) should I keep balances and keep paying monthly payments?

No.  See my comments under #1 above.  Pay off your debt with all reasonable speed.

3) would paying off my auto loan help?

No.  It might not hurt your score, but it could.  We'd need to know more about whether you have any other open installment loans.

4) would getting a mortgage help (we are contemplating buying a townhouse)

No.  The reason to get a mortgage is because you want a home and have decided that you do not want to rent.  Getting a house because you think it will help your score is a terrible idea.  First off it might actually lower your score.  (More likely than it will help it, frankly.)  And more importantly, that is a massively expensive thing to do in the hope that it might get you some extra points on your score.

5) do balance transfers and only have balances on a couple cards?

See #1.  Creating lots of $0 balances is indeed a good thing, but BTs typically involve an initial fee.  Far better is to create the $0 balances by paying off your debt.

Or am I just going to continue to play the waiting game and hope it just creeps up.

Waiting will certainly help.  If you can stop applying for new accounts, in 367 days from now all your accounts will be > 1 year old (a good thing) and all your inquiries will be > 1 year old (which will also help your score a good deal, given how many you have).

Any advice/info would be greatly appreciated. 

Thanks

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[SouthJamaica]

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@Anonymous wrote:

I currently have $41000 in revolving credit... CL's range from $400 to $5000... last I checked, my fico was 660 ... no lates, alot of hard pulls, total utilization at about 30% some accounts have no balance but a couple are 70% (took advantage of low/0% apr for Xmas purchases and balance transfers)

Synchrony was the bulding block to me getting new revoling credit. They approved me for a few store cards which I paid faithfully and then I was able to get major cards. I got addicted to the "you are approved" message and went on an app binge. Got several cards but no big CL's. Some have gone up in recent months but I am still trying to grow. 

Here is where I am at currently:

CBNA MC -- $1,500 Limit
SYNCB/AMAZON -- $1,400 Limit
DISCOVERBANK -- $1,000 Limit (co-signed for fiance')
U OF I COMM VISA -- $5,000 Limit
SYNCB/PPXTRM MC -- $1,000 Limit
BK OF AMER/BASS PRO MC -- $2,500 Limit
CABELAS WFB VISA -- $2,000 Limit
CAPITAL ONE GM Card MC-- $750 Limit
CITI/COSTCO VISA -- $3,500 Limit
DISCOVERBANK -- $1,610 Limit
DSNB MACYS -- $400 Limit
BK OF AMER TRAVEL REWARDS VISA -- $1,000 Limit
TARGET/TD -- $2,300 Limit
SYNCB/CCARE1 -- $1,800 Limit
1ST FIN CU VISA -- $3,000 Limit
NORDSTM/TD -- $4,000 Limit
CAPITAL ONE VISA -- $4,000 Limit
AMEX BCE -- $1,000 Limit
SYNCB/WALMAR -- $1,400 Limit
CB/GNDRMNT -- $500 Limit
NAVY FCU VISA-- $2,800 Limit
SYNCB/CARECR -- $800 Limit
SYNCB/VALUECITY $1,000 Limit

I would like to get my fico up and so that I can increase the limits on the major cards and close the store cards (macys, syncb store cards, cb). 

1) would paying the balances in full (i.e. 0% utilization) help?

yes

2) should I keep balances and keep paying monthly payments?

no

3) would paying off my auto loan help?

getting it to 9% or less of the original loan amount would help

4) would getting a mortgage help (we are contemplating buying a townhouse)

once it's been paid down for awhile, but not something to do to help your scores... want to get your scores optimized BEFORE so you'll get better rate

5) do balance transfers and only have balances on a couple cards?

less cards reporting balances the better

Or am I just going to continue to play the waiting game and hope it just creeps up.

Any advice/info would be greatly appreciated. 

Thanks

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[Anonymous]

Thank you guys for the advice. Very much appreciated