Credit Card Balances

[Anonymous]

Hello All,

I am currently looiking to boost my scores across the board. As of now my EX is 654. EQ 653 from Credit Karma and TU 698 from BOA. 

One of the ways I want to boost my scores are paying down my card balances. Here is a list of the accounts I have in my name and also as an AU on my wifes account. Also will be the balances

CapOne QS $2250-$1000 balance

CapOne QS $2250-$100 Balance

CFNA $1250-$0 Balance

Barclay Rewards $1000-$60 balance

NFL Points $700-$0 balance

Apple Rewards $1500-$0 balance

Barclay Arrival $1200-$600 Balance

Discover IT $5500-$400 balance

Lowes $12,000-$0 Balance

TJX $3500-$0 Balance

BOFA Travel Rewards $1000-$500 Balance

CareCredit $5000.-$0 Balance

Best Buy Visa AU $2000-$450 Balance

Macys $1400-$50 Balance

Amex Detla Gold AU $1000-$100 balance

Amex Hilton Honors AU$6200-$100 balance.

My question is would paying down all of these cards help my and her score out? I have read about leaving 0 balances and having a negative impact. Or should I leave some running balances? Just not sure and would love some advice from these great people on this forum.

Thanks!

[iheartwings]

IIRC, leaving a balance of 1-9% on a single card should help you maximize your FICO score with respect credit utilization.

HTH. 

[Anonymous]

1-9% of total available limit or the individual card's limit?

[Callandra]

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@Anonymous wrote:

1-9% of total available limit or the individual card's limit?

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I'd recommend paying off all cards except for one (and allow 1-9%) to report. However, if you are carrying these balances and paying interest, pay them all down to 0 and get your grace periods back. Then only allow one card to report 1-9% (and then pay that off in full after the statement cuts). 

[Anonymous]

Ok, let's say the combined limit of all your cards is $25k. Would you want to be showing 1-9% of the $25k , or 1-9% of the limit of the card you are going to show a balance on, for example let's say that specific card has a $2k limit. Thanks.

[Anonymous]

Card. $20-$180 on $2k card

[Anonymous]

Get rid of all the little balances tonight, and pay future charges before statement cut date not due date. 

[SouthJamaica]

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@Anonymous wrote:

Hello All,

I am currently looiking to boost my scores across the board. As of now my EX is 654. EQ 653 from Credit Karma and TU 698 from BOA. 

One of the ways I want to boost my scores are paying down my card balances. Here is a list of the accounts I have in my name and also as an AU on my wifes account. Also will be the balances

CapOne QS $2250-$1000 balance

CapOne QS $2250-$100 Balance

CFNA $1250-$0 Balance

Barclay Rewards $1000-$60 balance

NFL Points $700-$0 balance

Apple Rewards $1500-$0 balance

Barclay Arrival $1200-$600 Balance

Discover IT $5500-$400 balance

Lowes $12,000-$0 Balance

TJX $3500-$0 Balance

BOFA Travel Rewards $1000-$500 Balance

CareCredit $5000.-$0 Balance

Best Buy Visa AU $2000-$450 Balance

Macys $1400-$50 Balance

Amex Detla Gold AU $1000-$100 balance

Amex Hilton Honors AU$6200-$100 balance.

My question is would paying down all of these cards help my and her score out? I have read about leaving 0 balances and having a negative impact. Or should I leave some running balances? Just not sure and would love some advice from these great people on this forum.

Thanks!

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You could pick up points by dropping all the accounts to zero except one... letting that one report at 9% or less.

No need to carry the balance over, just make sure one card reports a small balance when the statement cuts.