Regular Contributor
ctrob
Posts: 186
Registered: ‎06-06-2007
Re: Refinancing in May, CC Help needed


Tomstang wrote:
Hello all, I hope someone knowledgable can help me out here. I will be refinancing in May 08. I have done ALOT to help my current score. I currently have an interest only loan that has heled me pay off some debt. My remaining cards are a Sears card at 3500.00 at 29%, maxed out, a Best Buy card at 27% at 1600.00, and a Visa at 12% at 3000.00, maxed out.
I have 1500.00 to spend on debt now. I want to do the best thing to help my score before May.
Should I payoff the card for 1600.00 and close it out, or should I split the 1500.00 and pay 750.00 to the Sears and Visa card , distancing the amount owed from the max?
What will help my score more? Thanx alot.


Welcome

tons of good info on the board, read up as much as you can.  
 
Dont close anything just yet, this could hurt your scores.  Posting some more info re your credit reports would be useful.  What are your Fico scores?  Any baddies listed and from when and how much?  How old are your existing cards?
 
If your scores & credit report allow it, you will most likely benefit by opening a few additional cards.  This would help in getting your utilization  down to a better level.   Maybe some balance transfers to spread the $ around, but don't max out the new cards.  Just get them as a tool to help your utilization %.  Give us some more info and I'm sure you'll get a lot of advice.  
 
good luck,
ctRob