I have a 660 score due almost exclusively to utilization and number of open accounts (per my report and score review), at least as far as I can tell -- as I've never missed a payment, have only 2 inquiries in a year and a half and have a 15 year file. I have been provided with a private interest-free loan from my parents to pay off credit cards -- but it won't be enough to get rid of all of them. I plan to go after the highest rates first etc. as common sense would dictate, but aside from that, what of the following most impacts score?
- As to utilization, is it within each account or an overall percentage of all revolving available as affects your score?
- Am I better off paying off all the small accounts to zero rather than chopping down big balances? i.e., do the open accounts hurt that much? Should I focus on that before paying off higher rate debt?
- Do installment loans have an impact on utlization scoring?
- If I cancel an account, i.e. I have a large balance on a card with a 3.99 for life of balance deal -- if i cancel that account and live with the lost line of credit and pay it off over time does it no longer count towards my utilization scoring because it is cancelled?
- What else should I consider? i am expecting to get into the mid to high 700's just based on utlization drop (85% right now going down to less than 50%) . . .
- Does an Amex card that needs to be PIF each month affect utlization?
Thanks!!!
