Reply
Visitor
Posts: 0
Registered: ‎05-05-2013
0

What option will help my credit score

My current credit score is 759.

 

I currently have 2 credit cards and have been working on bringing them to a zero balance.

 

One has an available credit line of $12,000 with a balance of $9,200.

The other has an available credit line of $6,000 with a balance of $3,600.

 

I have a goal and working on getting both to zero.  It'll be there.  

I'm hoping to cancel and discard the credit card with the crerdit line of $12,000 and just keep the one.

 

There's so much conflicting information out there.  Is it better to have credit cards with a balance

to prove I can mange money responsibly?  Should I keep 2 credit cards instead of 1?  While I'm working on 

paying these off, will it help to decrease my credit line from $12,000 to $10,000?

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: What option will help my credit score

Paying down those CC is going to help your utilization.  The lower the balances, the better.  Both of those cards are nearing the maxed out for FICO.  I think it is 70% when they are maxed out but I could be wrong.

 

No, the last thing you want to do is decrease your CL with those high balances.  That would wreak havoc on your utilization.

 

I would keep both of them.  Let one report a 0 balance the other at 9% or below.  This is typically done when rebuilding to garner the highest FICO score in the shortest time.

FICO likes to see you use your credit but wisely.  And don't let both cards report a 0 balance.

 

Your score is good so you can play around with the % and see what works best for you.

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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.