Utilization and FICO Scoring ?? Credit experts!

[Anonymous]

Step 1>>. Get EVERY account below 49% and NEVER go above again!!

Step 2>>  Get EVERY account below 29% and NEVER go above again!!

Step 3>>  Get EVERY account below 9% and NEVER go above again!!

Step 4>>  Be patient!!  Rotate cards, don't let a card go dormant (0 bal- with no activity for more than 6 months). Keep your UTIL @ 1-5% average.

Don't apply for more credit, once a year just give them a friendly call asking if they ever just grant credit line increases without having to apply. TALK but DO NOT apply for an increase. 

[Anonymous]

If you are looking to maximize your credit score in the short term, you should focus on paying down the Barclay Apple Visa first.  Your utilization isn't just an average of all cards, it also looks at per-card utilization.  All of the rest of your cards have much lower utilization.

[Anonymous]

Both Canadian and WRXLVR emphasize first paying down the card that is close to being maxed out.

I basically agree, though my advice was slightly different.  Because at least one card has such a tiny balance I suggested paying the 1 or 2 cards off with the ultrasmall balances and then going to work on the card with the very high balance.  The reason is that the card with the high Util is going to take our OP a while to pay down.  He might as well take care of a couple of the small balances on his way -- it's not going to take slow him down significantly in paying down the big card and he will get two more $0 balance cards right away.

[Anonymous]

CreditInDixie! I'm with you. I now have three cards at $0!!! BARCLAY is going to take time. Im hoping to see a score boost early September when all these report as 0 and overall util goes to 47% from 62.5%. We shall see !!! I also may be getting the final two charge offs REMOVED - Cap one and Portfolio recovery. I'm working with execs who are very receptive. They're both under 2 years old ! Cross your gurtles!

[Anonymous]

Good luck, Joey!  If you can get those two charge-offs removed that will be really sweet for your score.  And the two extra zero balances plus steadily punting that balance down on your high card will be a big help.  You are very much on your way.  Expect to see good things happen over the next few months.