topic Re: Approaching CC Limits??? in Understanding FICO® Scoring

Approaching CC Limits???

Anonymous — Thu, 16 Aug 2007 14:57:57 GMT

Good DAy! I just noticed that my Fico score dropped from a 720 to a 660 over a one year period due to (newly opened) high CC balances. I have two CC with balances approaching the CC limit. I know I need to bring both balances down, however, should I focus on one more than the other, or try to bring them both down at the same time. Please Help!!!

Re: Approaching CC Limits???

Anonymous — Thu, 16 Aug 2007 15:04:07 GMT

FOCUSD_CHIC wrote:

Good DAy! I just noticed that my Fico score dropped from a 720 to a 660 over a one year period due to (newly opened) high CC balances. I have two CC with balances approaching the CC limit. I know I need to bring both balances down, however, should I focus on one more than the other, or try to bring them both down at the same time. Please Help!!!

Do you have Microsoft Money? I would pay the one that is costing me the most down first. That can fluctate and cannot be determined solely by interest rate. Money has something called a debt reduction planner where you can give it the date you would llike to pay or plug in the amount you can dedicate to debt. It wll calculate the best payment plan for you. Not sure if quicken and the liek offer the same. I'm a Money-holic.

Re: Approaching CC Limits???

Anonymous — Thu, 16 Aug 2007 15:10:28 GMT

Actually, I do have Microsoft Money, but never used it b4. Guess, I better start now! THe crazy thing is both of my new CC's are near their CC limit! and for what it's worth, I haven't been late on any bills within the past 4-5 years, but recently decided to splurge and runn my CCs up in Jamaica!!! Oops

Re: Approaching CC Limits???

Anonymous — Thu, 16 Aug 2007 15:14:08 GMT

Just an FYI a 90% maxes card can hurt you almost as much as a collectio...

BTW Welcome to the forums...forgot my manners

Re: Approaching CC Limits???

Anonymous — Thu, 16 Aug 2007 15:18:37 GMT

Wow....wish I would've known beforehand, cause 90% maxes are exactly what I am dealing with. Thanks for the advice! Time to focus on "upgrading" my score, again!

Re: Approaching CC Limits???

Anonymous — Thu, 16 Aug 2007 20:02:41 GMT

You can also copy and paste balances and limits into MS Excel and do a little analysis. Add a util column, a payment column, updated balance column, and an updated util column. You can game windfalls and BTs to "load balance" your CCs.

I don't use openoffice, but a lot of folks say good things about it. And the price can't be beat!