Frequent Contributor
Posts: 376
Registered: ‎02-06-2009
Re: Improving credit score

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 EQ FICO)
06/03/2014 Current - EQ 792 (Walmart Discover TU FICO 08 Classic)
GOAL - 800! - App free since 03/13/2014