topic Re: best plan of action for score increase in General Credit Topics

best plan of action for score increase

Anonymous — Mon, 04 Apr 2011 20:43:31 GMT

Real quick guys I need your help this is the deal i have 2 cc"s each with 20k cl's current balance on the first is 4600.00 second is 4000.00. I would like your input as to which course of action to take to raise my fico"s the quickest. Over the next several months I would like to purchase a home. my fico scores are EQ736 - Tu 772 should I pay down one balance at a time or alternate paying down between the two? Thanks innadvance for your help.

Re: best plan of action for score increase

Anonymous — Mon, 04 Apr 2011 23:53:00 GMT

Without knowing what else is on your credit reports, my kneejerk response is to pay one down to zero; and pay the second down as much as you can. The standard recommendation for highest FICO score impact is that all your revolving accounts except one should report a zero balance, with that remaining one account reporting less than 9% of the CL.

FICO also takes note of the number of accounts reporting balances, so paying down one CC to zero will reduce that number.

Remember, it's reported balances that matter. Watch your reports so you know when your creditors report your balance. If you tell folks which accounts you have, they can give you a pretty good heads-up on when they report.

Best wishes.

Re: best plan of action for score increase

Anonymous — Tue, 05 Apr 2011 00:04:15 GMT

Thanks for your reply the cards that I posted are : Chase visa & FIA Regions MasterCard you also asked for additional information included in my credit reports that may be useful in my request. Feel free to eloborate on the information you may need. Thanks

Re: best plan of action for score increase

Anonymous — Tue, 05 Apr 2011 00:12:13 GMT

Do you have any negative information on your CR, paid or unpaid?

Re: best plan of action for score increase

Anonymous — Tue, 05 Apr 2011 00:14:11 GMT

Zero negs

Re: best plan of action for score increase

Anonymous — Tue, 05 Apr 2011 01:30:33 GMT

Congrats on that.

Paying down one of the CC to 0 and the other to 10% or less should give you a boost. Can't really say how much.