Best Option?

[Anonymous]

I am looking to improve my FICO scores significantly.  My score is in the 580's, and I am looking to increase these scores in order to get a mortgage preferably in the next 6 months.  I was reading about secured credit cards, and I was interested because I see that it improves your credit card score as well as doubles in credit limit after 9 months of timely payments.  This is an added benefit since I am also looking to increase my CL's.  I have a few unsecured credit cards (with small limits, my most being about 1,000)  Would this be a good route to go?  I have about 1,000 that I can put on a secured credit card, and I am interested in the B of A secured card (I already have an account with them). 

Or would it be better if I use that 1,000 to pay down my other cards?  I have a handful of credit cards and store cards.  Which would be more dramatic to my credit score??

Thanks a lot guys!!

[Anonymous]

It's hard to give you a valid opinion based on the info provided. Can you share the cards; limits; balances?

Also, are any of your existing cards old enough to justify a cli? Usually, but not always, the ccc's will consider you every 6 months. I KNOW Cap1 does internal review every 6 months, as does HSBC.

Applying for new cards to improve your scores is a long term thing, as you get hit with an inquiry when you apply dropping the scores, and takes time to recover.

Getting the utilization down on the cards, both individually and collective is a sure fire way of increasing the scores. My scores jumped 160 doing that one thing by itself, using the existing cards I had at the time.