Posts: 85
Registered: ‎05-06-2012
Which option should I choose to gain the most points??

Ok I wrote about this in another section (Understanding Credit), but it also applies to rebuilding so I'd like to post it here for some advice. Sorry if I shouldn't have posted here mods.


Ok, I've got about 1800 dollars to put on my CC's. I've got 7 CC's, 5 carrying a balance. Overall UTI is extremely high (above 80%). I've figured I have 2 options. I will list them below in detail. Any help is appreciated. I'm trying to get a home loan in Septemer/October and need the points to qualify for a VA mortgage.


Here is a list of my CC's


Cap 1- Balance- $288. Limit- $300. UTI 96%


Cap 1- Balance- $458. Limit- $500. UTI 92%


HSBC- Balance- $293. Limit- $300. UTI 98%


Military Star- Balance- $775. Limit- $840. UTI 92%


Military TIHT- Balance- $2681. Limit- $3150. UTI 85%


JC Penny- Balance- $0. Limit $200. UTI 0%


Walamrt- Balance- $0. Limit $100. UTI 0%


First Premier Bank (Charge OFF 7/2007)- Balance- $411. Limit $250. UTI 164%


Ideally I want to settle with FPB so that will not be a factor in UTI. the below options aren't counting FPB.


Ok I can do one of 2 things.


option 1.) Pay off both Cap 1 cards, HSBC card, and Military Star card. This would give me 6 card with a $0 balance, one card at 85% UTI. Overall UTI would be 49.7%.


option 2.) Pay down all cards to 49% UTI (all would still have a balance).


Thoughts? Other ideas?


Thank you for your time.

Starting Score: 574(may 2012)
Current Score: 574
Goal Score: 640 (to start)

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