Re: Improving credit score
10-28-2012 12:19 PM
To maximize your credit score, I believe a low % utilization on revolving accounts is more important than a low % remaining balance on installment loans.
My recommendation would be to pay down all revolving accounts except one. For the one you allow to report a non-zero balance, be sure the utilization is <10%, ideally 1-2%.
If you have money left over, pay down the installment loan such that at least 35% of the original principal is paid off, ie for a $1000 loan, pay off at least $350, leaving $650 or less remaining balance.
Hope that helps.
11/02/2012 Peak - EQ 790 (ScoreWatch FICO)
11/01/2013 Current - EQ 769 (ScoreWatch FICO)
GOAL - 800! - App free since 12/07/2013