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Your Opinion: which option results in bigger score jump?

New Member

Your Opinion: which option results in bigger score jump?

You may be familiar with my situation from other posts.  Just trying to get my score up for a mortgage credit pull next week.  Revolving accounts CC1 and CC2 update end of this week so these are the ones I need to make a decision on.

 

Option 1

CC1: Balance 7700, CL 17730 (44% UT)

CC2: Balance 1924, CL 9500 (20% UT)

CC3: Balance 10267, CL 15200 (68% UT)

CC4: Balance 0, CL 7200 (0% UT)

CC5: Balance 0, CL 2700 (0% UT)

 

Option 2:

CC1: Balance 9624, CL 17730 (54% UT)

CC2: Balance 0, CL 9500 (0% UT)

CC3: Balance 10267, CL 15200 (68% UT)

CC4: Balance 0, CL 7200 (0% UT)

CC5: Balance 0, CL 2700 (0% UT)

 

No lates, collections or judgements.  AAoA - 9 years.

 

Basically, would you pay off CC2 to get to 0%, OR would you take that 1924 and apply it to CC1 to get CC1 under 50%?  

 

PLease no suggestion about paying down CC3 right now - that balance doesn't update for weeks and I need to get credit pulled next week.

 

Thanks!

4 REPLIES
Established Contributor

Re: Your Opinion: which option results in bigger score jump?

Only because of mortgage pull-----option #2. They may require you to pay the balances down. But income (DEBT TO INCOME ration) plays big part in that, as well as current scores and overall credit file.



EQ 842, EX 842, TU 842

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New Member

Re: Your Opinion: which option results in bigger score jump?

Irrelevant - selling our home and all balances will be paid off. Just need good fico score to start new home mortgage application.
Highlighted
Established Contributor

Re: Your Opinion: which option results in bigger score jump?

Less cards reporting balances typically give a greater boost in points.



EQ 842, EX 842, TU 842

Take the myFICO Fitness Challenge
Frequent Contributor

Re: Your Opinion: which option results in bigger score jump?

Since your report will show CC3 at 68%, I would pay off CC2. Since you will have one card at 68%, having CC1 at 54% might not be as much of a ding as having three cards report balances.

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