@Mrzjbabii wrote:
I currently have 3 credit cards all near max and am looking to gain some quick points with the cash I have put aside ($500). Should I pay down just one or sprinkle it out evenly? Just wondering which method will lower my utilization most to gain max points.
#1 NavyFCU- $1000 limit- balance $ 985- Reports on June 8th
#2 NavyFCU authorized user- $1000 limit -Balance $910-Reports on June 13th
# Orchard Bank- #300 limit- Balance $250- Reports on June 15th
Welcome to the forums.
I'll throw a few things out there and take them for what they're worth.
FICO scores both overall and individual revolving account utilization and also the number of accounts reporting balances at any one time so this is probably what I would do:
* I would consider having myself removed as an AU on the Navy FCU account unless it's much older than any of your other accounts. You can always be added back again if need be. This would remove one maxed out card from reporting.
* I would pay off the Orchard card and going forward you can use it but each month always have it report a zero balance. I say this because for most cards whatever balance is reported on the monthly statement is what is used to calculate utilization for that month. This would remove a second maxed out card from reporting.
* Pay the other $250 ( or more if possible) toward the other Navy FCU card. Paying $250 will bring the utilization down to 74% which is still pretty high but not completely maxed out. Then use every extra dollar you can find to pay this down as fast as possible. While you are paying this down do not use it. That would be like spinning your wheels. Just put it away and leave it alone until it's paid off.
Anyway this is just my opinion. I'm sure you'll get others.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
