New Member
creditpete
Posts: 31
Registered: ‎09-26-2013
Your Opinion: which option results in bigger score jump?
[ Edited ]

You may be familiar with my situation from other posts.  Just trying to get my score up for a mortgage credit pull next week.  Revolving accounts CC1 and CC2 update end of this week so these are the ones I need to make a decision on.

 

Option 1

CC1: Balance 7700, CL 17730 (44% UT)

CC2: Balance 1924, CL 9500 (20% UT)

CC3: Balance 10267, CL 15200 (68% UT)

CC4: Balance 0, CL 7200 (0% UT)

CC5: Balance 0, CL 2700 (0% UT)

 

Option 2:

CC1: Balance 9624, CL 17730 (54% UT)

CC2: Balance 0, CL 9500 (0% UT)

CC3: Balance 10267, CL 15200 (68% UT)

CC4: Balance 0, CL 7200 (0% UT)

CC5: Balance 0, CL 2700 (0% UT)

 

No lates, collections or judgements.  AAoA - 9 years.

 

Basically, would you pay off CC2 to get to 0%, OR would you take that 1924 and apply it to CC1 to get CC1 under 50%?  

 

PLease no suggestion about paying down CC3 right now - that balance doesn't update for weeks and I need to get credit pulled next week.

 

Thanks!

Established Contributor
GFer
Posts: 992
Registered: ‎04-01-2008
Re: Your Opinion: which option results in bigger score jump?

Only because of mortgage pull-----option #2. They may require you to pay the balances down. But income (DEBT TO INCOME ration) plays big part in that, as well as current scores and overall credit file.



1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

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New Member
creditpete
Posts: 31
Registered: ‎09-26-2013
Re: Your Opinion: which option results in bigger score jump?
Irrelevant - selling our home and all balances will be paid off. Just need good fico score to start new home mortgage application.
Established Contributor
GFer
Posts: 992
Registered: ‎04-01-2008
Re: Your Opinion: which option results in bigger score jump?

Less cards reporting balances typically give a greater boost in points.



1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

Take the myFICO Fitness Challenge
Frequent Contributor
OhioCPA
Posts: 470
Registered: ‎03-29-2011
Re: Your Opinion: which option results in bigger score jump?

Since your report will show CC3 at 68%, I would pay off CC2. Since you will have one card at 68%, having CC1 at 54% might not be as much of a ding as having three cards report balances.

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