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CC Utilization Question

Established Member

CC Utilization Question

Hi, I've browsed this site for awhile and I have found some very useful info.  I have a question regarding CC utilzation/credit score and obtaining a mortgage.


I would like to buy a home within the next 4 months and have the current credit cards/uitlization:


MC balance 6200 CL 8200 - util 75%

AMEX bal.. 1600 CL 19900 - util 8%

Visa bal. 8400 CL 10000 - util 84%

Disc. bal. 6200 CL 7500 - util 82%


Total bal. 22400, total CL 45600, overal util 49%


I have $50,000 in savings and I was wondering how much should I use to pay down credit cards and how much should I keep for a down payment?  If I pay off the MC and Disc and pay down the Visa so that my uitl% is less than 20% and I still keep close to $40K for a down pmnt would that be the most beneficial? Or should I pay off the CC completely and keep $30,000 for DP. 


I want to buy a house for around $300K and I make $100K/yr  I'm not too worried about my front or back ratios, I just want to increase my scores the most in as short a time as possible.


I haven't pulled my credit report in about 8-9 months, but my scores were in the high 600's, with no missed payments, etc.


Maybe this post belongs in the mortgage section, sorry, I'm not too sure.


Thank you in advance for your help

Message 1 of 2
Moderator Emeritus

Re: CC Utilization Question

You have received replies to this message on the Mortgage board with the same question.  Please see the responses here:

Message 2 of 2
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