Understanding FICO® Scoring

[chefd2]

Hello,

I have a question for the board. I currently have 5 ccs 

20000.00    0 Bal

5000.00 0 bal

3800.00 0 bal

25000.00   15000.00 bal

25000.00  18000.00 bal

I have 20000.00 dollars that i am going to pay towards the outstanding balances. What is my best option to raise my scores?

Thanks in Advance

[tylaw13]

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chefd2 wrote:

Hello,

I have a question for the board. I currently have 5 ccs 

20000.00    0 Bal

5000.00 0 bal

3800.00 0 bal

25000.00   15000.00 bal

25000.00  1800.00 bal

I have 20000.00 dollars that i am going to pay towards the outstanding balances. What is my best option to raise my scores?

Thanks in Advance

---

so in total you have a balance of $16,800. what i would do is pay down the one with the highest interest rate and leave like a hundred bucks on the other. These last 2 months ive been playing around with my Utilization and found that what everybody on this forum says is true, in that when you leave a small balance on one card ~1% your fico score will be higher then having 0% util.

[chefd2]

sorry that last cc should read 18000.00 bal

[j_casteel]

If i had over 16k in cc debt. and 20k to put towards it....then i wouldn't need to come online asking for help on what to do.

the answer is pretty obvious. Pay the entire debt off and have the extra for savings, investment, or what have you.

[tcbofade]

I think this will end up being a "what works best for YOU" situation.

If it were me, I'd pay off one card completely, then pay as much as possible on the other.

[j_casteel]

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chefd2 wrote:

sorry that last cc should read 18000.00 bal

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ok that makes a little more sense

like mentioned, you wanna try to get rid of as much of the higher interest debt. you can first

[Crashem]

OP, how long to pay off rest of debt?  Also, any credit events coming up (ie applying for credit)?

[chefd2]

Yea I want to refinance. Probably can pay off rest in 6-8 months

[SpiceIslander]

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chefd2 wrote:

Hello,

I have a question for the board. I currently have 5 ccs 

20000.00    0 Bal

5000.00 0 bal

3800.00 0 bal

25000.00   15000.00 bal

25000.00  18000.00 bal

I have 20000.00 dollars that i am going to pay towards the outstanding balances. What is my best option to raise my scores?

Thanks in Advance

---

I would decide based on the interest rate and pay off the higher one first and put the rest to the other one. If the rates are the same, I'd pay 8k on the 4th and 12k on the last one.

[Crashem]

I would get both of the cards to just below 30% utilization.  Put the rest of the money (not much left) to the higher interest rate.  Then in the remaining months, keep both cards below 30% and pay down the higher interest rate one.  You will probably get most lift from FICO that way.