topic Re: Best way to increase EQ score with high credit card utilization in General Credit Topics

Best way to increase EQ score with high credit card utilization

Dryzzt23 — Tue, 14 Jul 2020 19:30:38 GMT

Hi everyone! This is my first post

My EQ is 619, TU 614, and EX 609

I have a high credit card utlization of 77%.

What are the best cards to pay down first?

USAA AMEX

NFCU Visa

NFCU MC

Capital One Visa

Barclay - Apple

JCPenney

Belk

Dillards

Lowes

Home Depot

My goal is to get my balances down on these cards so that I can apply for a Delta AMEX and have a good chance of being approved.

Re: Best way to increase EQ score with high credit card utilization

Anonymous — Tue, 14 Jul 2020 19:32:23 GMT

The kinds of cards are irrelevant. Folks here will need to know the balance, limit, and utilization on each card, and how much money you have to pay on the blances in order to make a recommendation.

Re: Best way to increase EQ score with high credit card utilization

Girlzilla88 — Tue, 14 Jul 2020 19:32:52 GMT

I'm assuming that is your overall UTL you should put your limits and how much you are using on each card so we can best tell you which ones to get lower or under a certain percent first

Re: Best way to increase EQ score with high credit card utilization

Anonymous — Tue, 14 Jul 2020 19:37:05 GMT

What are your balances/limits?

Generally just pay the high interest balances first

I'm guessing you have over 10k in balances on those cards, in which case, it'd make more sense to find a way to pay that down first, rather than go for a Delta card

Interest on 10k+ probably runs you back a couple hundred+ a month in interest alone, getting card bonuses and benefits like that from Delta Amex do not at all make up for that.

You won't see a huge score increase unless you bring down the total utilization down below 30% minimum.

Try asking your lenders for help or look for personal loan options if you can't pay this down in a reasonable amount of time.

Re: Best way to increase EQ score with high credit card utilization

AllZero — Tue, 14 Jul 2020 19:47:46 GMT

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20