topic Re: Credit Card Balances in Credit Cards

Credit Card Balances

Anonymous — Sun, 28 Feb 2016 23:37:13 GMT

Hello All,

I am currently looiking to boost my scores across the board. As of now my EX is 654. EQ 653 from Credit Karma and TU 698 from BOA.

One of the ways I want to boost my scores are paying down my card balances. Here is a list of the accounts I have in my name and also as an AU on my wifes account. Also will be the balances

CapOne QS $2250-$1000 balance

CapOne QS $2250-$100 Balance

CFNA $1250-$0 Balance

Barclay Rewards $1000-$60 balance

NFL Points $700-$0 balance

Apple Rewards $1500-$0 balance

Barclay Arrival $1200-$600 Balance

Discover IT $5500-$400 balance

Lowes $12,000-$0 Balance

TJX $3500-$0 Balance

BOFA Travel Rewards $1000-$500 Balance

CareCredit $5000.-$0 Balance

Best Buy Visa AU $2000-$450 Balance

Macys $1400-$50 Balance

Amex Detla Gold AU $1000-$100 balance

Amex Hilton Honors AU$6200-$100 balance.

My question is would paying down all of these cards help my and her score out? I have read about leaving 0 balances and having a negative impact. Or should I leave some running balances? Just not sure and would love some advice from these great people on this forum.

Thanks!

Re: Credit Card Balances

iheartwings — Sun, 28 Feb 2016 23:39:38 GMT

IIRC, leaving a balance of 1-9% on a single card should help you maximize your FICO score with respect credit utilization.

HTH.

Re: Credit Card Balances

Anonymous — Sun, 28 Feb 2016 23:45:27 GMT

1-9% of total available limit or the individual card's limit?

Re: Credit Card Balances

Callandra — Sun, 28 Feb 2016 23:47:56 GMT

@Anonymous wrote:
1-9% of total available limit or the individual card's limit?

I'd recommend paying off all cards except for one (and allow 1-9%) to report. However, if you are carrying these balances and paying interest, pay them all down to 0 and get your grace periods back. Then only allow one card to report 1-9% (and then pay that off in full after the statement cuts).

Re: Credit Card Balances

Anonymous — Sun, 28 Feb 2016 23:56:51 GMT

Ok, let's say the combined limit of all your cards is $25k. Would you want to be showing 1-9% of the $25k , or 1-9% of the limit of the card you are going to show a balance on, for example let's say that specific card has a $2k limit. Thanks.

Re: Credit Card Balances

Anonymous — Sun, 28 Feb 2016 23:59:25 GMT

Card. $20-$180 on $2k card

Re: Credit Card Balances

Anonymous — Mon, 29 Feb 2016 02:17:26 GMT

Get rid of all the little balances tonight, and pay future charges before statement cut date not due date.

Re: Credit Card Balances

SouthJamaica — Mon, 29 Feb 2016 02:20:37 GMT

@Anonymous wrote:
Hello All,

I am currently looiking to boost my scores across the board. As of now my EX is 654. EQ 653 from Credit Karma and TU 698 from BOA.

One of the ways I want to boost my scores are paying down my card balances. Here is a list of the accounts I have in my name and also as an AU on my wifes account. Also will be the balances

CapOne QS $2250-$1000 balance

CapOne QS $2250-$100 Balance

CFNA $1250-$0 Balance

Barclay Rewards $1000-$60 balance

NFL Points $700-$0 balance

Apple Rewards $1500-$0 balance

Barclay Arrival $1200-$600 Balance

Discover IT $5500-$400 balance

Lowes $12,000-$0 Balance

TJX $3500-$0 Balance

BOFA Travel Rewards $1000-$500 Balance

CareCredit $5000.-$0 Balance

Best Buy Visa AU $2000-$450 Balance

Macys $1400-$50 Balance

Amex Detla Gold AU $1000-$100 balance

Amex Hilton Honors AU$6200-$100 balance.

My question is would paying down all of these cards help my and her score out? I have read about leaving 0 balances and having a negative impact. Or should I leave some running balances? Just not sure and would love some advice from these great people on this forum.

Thanks!

You could pick up points by dropping all the accounts to zero except one... letting that one report at 9% or less.

No need to carry the balance over, just make sure one card reports a small balance when the statement cuts.