Posts: 0
Registered: ‎05-05-2013

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?

Posts: 22,408
Registered: ‎01-17-2008

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.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+