topic Re: Score Boost in Credit Cards

Score Boost

fixmycred14 — Sun, 13 Jul 2014 04:09:54 GMT

How much should I pay down for a good score boost?

$500 w/ balance of $6, $7k w/ balance of $6993 and a line of credit which is maxed at $15k.

Scores are 609, 624, 631. I need 640 or higher on at least 2

Re: Score Boost

Creditaddict — Sun, 13 Jul 2014 04:15:11 GMT

@fixmycred14 wrote:
How much should I pay down for a good score boost?

$500 w/ balance of $6, $7k w/ balance of $6993 and a line of credit which is maxed at $15k.

Scores are 609, 624, 631. I need 640 or higher on at least 2

Leave the $6 out of $500 and pay OFF the $6993 and $15k completely!

Re: Score Boost

RushXTC — Sun, 13 Jul 2014 04:29:55 GMT

@fixmycred14 wrote:
How much should I pay down for a good score boost?

$500 w/ balance of $6, $7k w/ balance of $6993 and a line of credit which is maxed at $15k.

Scores are 609, 624, 631. I need 640 or higher on at least 2

As credit addict said, Pay the $6993 and $15,000 balances as much as you can, This will lower your utilization and boost your credit up.

Re: Score Boost

Creditaddict — Sun, 13 Jul 2014 04:35:38 GMT

If you can't pay them all off can you pay off the 2 credit cards in full and pay down the credit line?

Re: Score Boost

fixmycred14 — Sun, 13 Jul 2014 12:10:14 GMT

Paying both off in a short time frame will be impossible. The $6993 balance is possible. I need my scores up between now and September. How much of a boost can I expect if I pay a portion of the $15k and all of $6993?

Re: Score Boost

fixmycred14 — Sun, 13 Jul 2014 12:14:36 GMT

So, to clarify. Yes, I can pay the $6 on $500 to $0 and all of the $6993. I'm working on how to pay a portion of the $15k line.

Re: Score Boost

Anonymous — Sun, 13 Jul 2014 12:28:33 GMT

@fixmycred14 wrote:
So, to clarify. Yes, I can pay the $6 on $500 to $0 and all of the $6993. I'm working on how to pay a portion of the $15k line.

Pay the 6 on the 500...

Take the 6993 (let's round off to 7000) and pay 3500 on the 7K card and 3500 on the 15K card asap....

Then work on them both from there....

Re: Score Boost

fixmycred14 — Sun, 13 Jul 2014 12:37:16 GMT

Will do. Thank you!

Re: Score Boost

Creditaddict — Sun, 13 Jul 2014 15:25:05 GMT

@Anonymous wrote:
@fixmycred14 wrote:
So, to clarify. Yes, I can pay the $6 on $500 to $0 and all of the $6993. I'm working on how to pay a portion of the $15k line.
Pay the 6 on the 500...

Take the 6993 (let's round off to 7000) and pay 3500 on the 7K card and 3500 on the 15K card asap....

Then work on them both from there....

OP is your Credit Line reporting as revolving or installment?

I think having 2 accounts report 0 out of 3 will get you a better score boost then reporting 2 out of 3 at 50+%

Re: Score Boost

fixmycred14 — Sun, 13 Jul 2014 15:43:31 GMT

Not sure how NFCU reports LOC

Re: Score Boost

Creditaddict — Sun, 13 Jul 2014 15:54:50 GMT

@fixmycred14 wrote:
Not sure how NFCU reports LOC

oh sorry, wasn't paying attention... it's revolving... so I stand by that I think you will see much better score boost with 2 out of 3 reporting $0 than 2 out of 3 reporting more than 50%

Re: Score Boost

Anonymous — Mon, 14 Jul 2014 08:33:53 GMT

I think he's right 2 out of 3 showing zero will probably give a better boost sorry...

Re: Score Boost

fixmycred14 — Mon, 14 Jul 2014 13:53:21 GMT

OP, thanks for clarifying. If, I don't have a payment due and still make payments will my updated balance be reported? My NFCU cc that I plan on getting to $0 before September is due the 13th and reports the 16th. My plan is to dump as much money on it between now and September 12th.

I didn't have a payment due July 13th. I guess on the 16th I'll be able to determine if the current balance is reported anyway. I can make the first of five payments on Friday.

So, I calculated that five payments of $1400 or more will get me to $0.

Re: Score Boost

Creditaddict — Tue, 15 Jul 2014 15:01:09 GMT

@fixmycred14 wrote:
OP, thanks for clarifying. If, I don't have a payment due and still make payments will my updated balance be reported? My NFCU cc that I plan on getting to $0 before September is due the 13th and reports the 16th. My plan is to dump as much money on it between now and September 12th.

I didn't have a payment due July 13th. I guess on the 16th I'll be able to determine if the current balance is reported anyway. I can make the first of five payments on Friday.

So, I calculated that five payments of $1400 or more will get me to $0.

yes they will report the current balance each billing cycle.

Re: Score Boost

fixmycred14 — Tue, 15 Jul 2014 15:03:22 GMT

Thanks for clarifying. Oddly, I noticed that the same does not hold true for the LOC. There's been times when NFCU didn't report.