Help with UTI from you experts

[coachhenson]

In a nutshell, here is my situation.  I had been at 95% UTI of my revolving balances with a combined revolving balance of $3578 according to my Equifax report.

At the end of this week, I will have a revolving balance of $2500 at most dropping my UTI dramatically.  I have added a couple of lines but they may not show.

Here are my cards currently and balances/limits/UTI:

Aspen                        $674     $700     96.2%

Capital One               $702     $750     93.6%

Credit One                $288     $300     96.0%

First Premier             $0         $350     0%

Orchard                    $280      $400    70.1%    

Merrick                      $500      $600    83.3%

Hooter's                    $0        $1000     0%

Orchard Platinum     $0        $750       0%

Dillard's                     $0        $150       0%

Target                       $0        $200       0%

What else can I do to the high UTI cards to help fix besides pay big chunks which I can't?  I have researched and swear I have seen where people say "get them under 90%."  I am going to keep paying them down and hopefully get them ALL to $0 by summer, but the MyFico simulator said just by paying down the $3500 revolving to $2500 with my current accounts I should see a 20-80 point gain in score.  I finally learned that paying off cards or paying way down isn't worth a fart in a bucket if it isn't right before they report any way.

Thanks again for everyone's help!  I am going to be in the 700+ club next winter!

[Anonymous]

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@coachhenson wrote:

In a nutshell, here is my situation.  I had been at 95% UTI of my revolving balances with a combined revolving balance of $3578 according to my Equifax report.

At the end of this week, I will have a revolving balance of $2500 at most dropping my UTI dramatically.  I have added a couple of lines but they may not show.

Here are my cards currently and balances/limits/UTI:

Aspen                        $674     $700     96.2%

Capital One               $702     $750     93.6%

Credit One                $288     $300     96.0%

First Premier             $0         $350     0%

Orchard                    $280      $400    70.1%    

Merrick                      $500      $600    83.3%

Hooter's                    $0        $1000     0%

Orchard Platinum     $0        $750       0%

Dillard's                     $0        $150       0%

Target                       $0        $200       0%

What else can I do to the high UTI cards to help fix besides pay big chunks which I can't?  I have researched and swear I have seen where people say "get them under 90%."  I am going to keep paying them down and hopefully get them ALL to $0 by summer, but the MyFico simulator said just by paying down the $3500 revolving to $2500 with my current accounts I should see a 20-80 point gain in score.  I finally learned that paying off cards or paying way down isn't worth a fart in a bucket if it isn't right before they report any way.

Thanks again for everyone's help!  I am going to be in the 700+ club next winter!

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On the Orchard and O Platinum can you combine those?

[Anonymous]

coachhenson

Nice line of TL's. I don't know much, but as I have read, your revolving is a lot of your score. And balances on those is an even bigger impact. I think it would give you a ( now this is my guess, and mark me down for it on a betting sheet 22 to 30 point boost paying them down to that much lower UTI.

Also, can I bother you to get the info on the Hooters Visa? What score did you have on what CRA to get it? You can PM me if needed. I was just curious cause I wnted to go for it, but wanted to be sure when I did. Thanks,

Jameson

[coachhenson]

I refuse to PM to keep stuff secret on this board.  The help I have received simply from surfing and reading has been worth a fortune.

When I applied for Hooter's, my EQ/TU/EX scores were 556/544/530.

Now they are 576/567/595 and I am expecting a very nice jump in a day or two.

Good luck!  Hooter's was very easy and fast.

Message Edited by coachhenson on 12-20-2007 03:50 AM

[coachhenson]

Brammy, HELP!  Bump.

[Anonymous]

Just another opinion but

Paying off your cards at anytime will be beneficial to you.  The trick is not to run them back up before they report and keep the balances decreasing month to month.  If paying 2500.00 is going to put you in a bind, pay 1000.00 or 1500.00 or whatever you can, getting one at a time below the 90% mark and then start working on the 75, 50 and 30% marks. Hopefully along the way,CLIs will come along and help out in that respect. Issuers do not like to see snowballing debt.  If you take a temporary hit in score that is going to be much better than paying off one month and running it back up the next, you'll never get ahead that way.   It may take time to pay these off, but it will be time well spent and will pay off in the long run as your history ages and your limits increase.

Not everyone has a good chunk of change to pay down debt in one fell swoop.  What you read here should be a long/short-term goal not a must do immediately.  Put your cards away untilyou reach your optimum utilizaton.

Message Edited by Brammy on 12-20-2007 07:10 AM

Message Edited by Brammy on 12-20-2007 07:13 AM

[Anonymous]

Wanted to add it looks like three hundred ot less would get you below 90 on the ones that are above that percentage.

The best way to cut debt is the same as the best way to eat an elephant, one bite at a time.

[coachhenson]

10-4.  I can still get them all under 90% and am not touching the ones payed down or off and will keep them under 10% anyway.

Thanks a million.  I about died when I saw what the UTI was doing to my score.

[Anonymous]

Yep!!!  Sucks don't it?  

Good luck and keep us updated about your score progress!!!!

[coachhenson]

Yes it does.  Christmas with cash is the only way to go, though.  Thank God for financial adulthood.