topic Re: Which of these options give more +points on scoring? in General Credit Topics

Which of these options give more +points on scoring?

Drifter73 — Tue, 02 Jan 2024 02:06:27 GMT

As the title inquires, I'm curious, but think I may know the answer. Just want to get others opinions.

Do the bureaus give more +points for:

A. Paying down 1 95% Utilization balance down to 10% on a high 4fig line?

B. Paying down the 95% Utilization balance on the high 4fig line to 75% and then paying off x3 other 25% to 60% Utilization balances to 0 on low to mid 4fig lines?

I'm guessing B gives more +points, but figured I would ask to be sure.

Just trying to flesh out a 30 to 45 day quick point boost strategy that would benefit me the most in the short term. All the Apy's are relatively the same on all 4 cards, so that's not really a factor.

Thoughts?

Re: Which of these options give more +points on scoring?

SouthJamaica — Tue, 02 Jan 2024 05:11:39 GMT

@Drifter73 wrote:
As the title inquires, I'm curious, but think I may know the answer. Just want to get others opinions.

Do the bureaus give more +points for:

A. Paying down 1 95% Utilization balance down to 10% on a high 4fig line?

Or

B. Paying down the 95% Utilization balance on the high 4fig line to 75% and then paying off x3 other 25% to 60% Utilization balances to 0 on low to mid 4fig lines?

I'm guessing B gives more +points, but figured I would ask to be sure.

Just trying to flesh out a 30 to 45 day quick point boost strategy that would benefit me the most in the short term. All the Apy's are relatively the same on all 4 cards, so that's not really a factor.

Thoughts?

I would say your best bet is to get them all down to 48% if you can, then get as many as possible down to 28%.

Re: Which of these options give more +points on scoring?

Thomas_Thumb — Tue, 02 Jan 2024 06:25:03 GMT

@Drifter73 wrote:
As the title inquires, I'm curious, but think I may know the answer. Just want to get others opinions.

Do the bureaus give more +points for:

A. Paying down 1 95% Utilization balance down to 10% on a high 4fig line?

Or

B. Paying down the 95% Utilization balance on the high 4fig line to 75% and then paying off x3 other 25% to 60% Utilization balances to 0 on low to mid 4fig lines?

I'm guessing B gives more +points, but figured I would ask to be sure.

Just trying to flesh out a 30 to 45 day quick point boost strategy that would benefit me the most in the short term. All the Apy's are relatively the same on all 4 cards, so that's not really a factor.

Thoughts?

Fico looks at utilization of individual cards and scores based on the card with the highest utilization %. Although Fico also looks at % of cards and # of accounts with balances, that metric has minimal impact with Fico 8 and 9.

Get all cards under 49% utilization. Then, if you don't have enough funds to get all cards below 29%, take one or 2 lower balance cards to $0. The Fico scoring algorithm also looks at aggregate utilization % and to a small extent aggregate balance in $.

Card utilization % is scored independent from the card's credit limit.

Re: Which of these options give more +points on scoring?

Drifter73 — Tue, 02 Jan 2024 06:48:59 GMT

Looks like the advice is consistent.

Thanks to you both.

I'll implement your advice this cycle.

😉