what would help the most? CC

[Anonymous]

so friday we have about 1350 to put towards CC debt... trying to achieve at least a 10 point boost in scores from this...whats the best option.. that will give us that 10pt boost

me

premeiere  limit 200 balance   180

premiere    limit 300 balance   248

credit one  limit  250 balance  201

orchard     limit   200 balance  15.

husband

fingerhut   limit 400   balance  355

premier    limit 350   balance   244

continental limit 375  balance  346

orchard   limit  300   balance  276

[PRILEY]

That will probably do it however you decide to distribute the funds.

[MarineVietVet]

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@Anonymous wrote:

so friday we have about 1350 to put towards CC debt... trying to achieve at least a 10 point boost in scores from this...whats the best option.. that will give us that 10pt boost

me

premeiere  limit 200 balance   180

premiere    limit 300 balance   248

credit one  limit  250 balance  201

orchard     limit   200 balance  15.

husband

fingerhut   limit 400   balance  355

premier    limit 350   balance   244

continental limit 375  balance  346

orchard   limit  300   balance  276

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Here's how I would do it. YMMV. For your accounts I would pay off:

orchard     limit   200 balance  15.

premeiere  limit 200 balance   180

For your husband I would pay off:

premier    limit 350   balance   244

orchard   limit  300   balance  276

This would take $715. It would lower the number of cards reporting balances for each of you to 50% of open accounts. That should help your score. You now have $635. I would put $160 toward each of the remaining 4 accounts. 

By using the entire $1350 you would lower your overall utilization from 79% to 48%. That might help a little also. Again, this is what I would do. That doesn't make it the right choice for you. I'm sure others will have different opinions.

Also I would suggest that you stop using these cards except to keep them active by charging a small amount on the paid off accounts. Do not use the cards with balances for anything else. All I do is have each of my cards pay a different monthly recurring bill with automatic billpay. That way I don't have to keep up with which card needs to be used this month, quarter, etc. It works very well for me.

Good luck in your efforts. Let us know what you decide to do.

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

[Anonymous]

anyone else have suggestions?

[Jazzzy]

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@Anonymous wrote:
anyone else have suggestions?

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I agree with the above. It will be good to have more cards showing a zero balance. This also pays more than the minimum on the remaining cards. That's good, too.

I think it's a good way to go.

[haulingthescoreup]

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bobnraven wrote:
anyone else have suggestions?

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No other ways of making it happen.

Get the fewest number of accounts reporting a balance for each of you. That might mean that you have one with a balance, and your husband has two. If you're going for a mortgage, and one of you will have the critical middle score reporting, optimize that person's scores.

Your ultimate goal should be to have no real credit card debt. Each of you should aim to have $0 reporting on 3 cards and maybe $10-20 on the remaining card. Let it report (usually the statement date, but not always), and then be sure to pay it off before the due date.

This is good for your FICO scores, but much more importantly, it's good for your financial health and security.

[AndySoCal]

I would try to get all the accounts under 50% utilization.  Pay off as many accounts with whatever is left.

[creditwherecreditisdue]

Get as many accounts as you can reporting zero on this round. Next round you want to get as many accounts as possible reporting < 35% UTIL and preferable no more than one account reporting a balance for each of you. You can't do both at this time.

[Anonymous]

that should give us the ten point boost needed right? ill pay off three cards for my husband since he needed a 8 pt gain, and 2 of my cards since i needed a 2 point gain. then two weeks later ill pay the rest off. and just let one each report with a balance?

[haulingthescoreup]

There's no telling for sure if it will be enough. And of course, you can't add the points from his reports and yours. Your reports aren't linked in any way.

But I'd say that since you both have really high util, this should do it. With your husband's cards, try to get the two that report down to 49% or less.

The fewer the points you need to make up, the better your chances of success.