Credit card maxed out help...

[Anonymous]

I have a card with a line of credit of $2,500 and has a balance of $2,123. Does anyone know what amount I need to pay to get this card down to increase myFico score?

[Anonymous]

Not enough information here to say for sure.

What you'd have to do is list out ALL of your credit cards with their current reported balances and limits, not just this one.

It's possible you could gain 100 points from paying that card down significantly.  It's also possible you could gain 0 points from paying it down significantly.  Without knowing what's going on with the rest of your revolvers there's no real advice that can be given yet.

[Anonymous]

Below are all my credit cards and balances. The ones in red are whats hurting my credit score I think. I have about $4,000 in cash to pay down credit cards. Which one would you pay down and amount? And by doing this can it increase my score?

Any help would be much apprecicated! Im in the process of getting a 20 year mortgage. I delayed it from last month and about to start the process in 2 weeks. By the way I have never missed a single payment to any creditor! Never!

Account Name	Balance	Credit Limit	Usage	Type	Status	Opened On
AMEX XXXXXXXXXX	$1,813	$27,000	7%	Revolving	Current	Jul 2015
AMEX XXXXXXXXXX	$1,672	-	-	Revolving	Current	Jun 2018
BARCLAYS BANK DELAWARE XXXXXXXXX	$651	$5,500	12%	Revolving	Current	Nov 2018
BMW FINANCIAL SERVICES XXXXXXX	$50,296	-	-	Installment	Current	Nov 2018
BMW FINANCIAL SERVICES XXXXXXXX	$28,626	-	-	Installment	Current	Nov 2018
CAP1/BASS XXXXXXXXXXXXXXX	$1,448	$7,500	19%	Revolving	Current	Nov 2011
CAPITAL ONE BANK USA N XXXXXXXXXX	$63	$1,300	5%	Revolving	Current	Mar 2011
CAPITAL ONE BANK USA N XXXXXXXXXXX	$0	$300	0%	Revolving	Current	Nov 2010
CBNA XXXXXXXXXXXXXX	$0	$300	0%	Revolving	Current	Aug 2011
CCS/FIRST SAVINGS BANK XXXXXXXXXXXXXX	$0	$1,400	0%	Revolving	Current	Aug 2011
CITICARDS CBNA XXXXXXXXXX	$1,762	$3,800	46%	Revolving	Current	Nov 2011
COMENITYBANK/VICTORIA XXXXXXXXXX	$471	$2,000	24%	Revolving	Current	Aug 2015
COMENITYBK/WILLIAMS VS XXXXXXXXXX	$873	$3,500	25%	Revolving	Current	Aug 2015
COMPASS BANK XXXXXXXXXXXXXXX	$647	$5,000	13%	Revolving	Current	Nov 2018
DISCOVER FIN SVCS LLC XXXXXXXXXXX	$1,803	$9,000	20%	Revolving	Current	Nov 2011
FIRST PREMIER BANK XXXXXXXXXXXXXXX	$297	$950	31%	Revolving	Current	Aug 2015
FIRST PREMIER BANK XXXXXXXXXXXXXXX	$549	$1,250	44%	Revolving	Current	Nov 2011
JPMCB CARD XXXXXXXXXXX	$1,739	$5,000	35%	Revolving	Current	May 2014
JPMCB CARD XXXXXXXXXXX	$164	$8,100	2%	Revolving	Current	Nov 2018
MERCURY CARD/FB&T/TSYS XXXXXXXXX	$244	$6,250	4%	Revolving	Current	Jun 2014
SEARS/CBNA XXXXXXXXXXXXXXX	$206	$4,000	5%	Revolving	Current	Aug 2015
SYNCB/LOWES XXXXXXXXXXXX	$2,756	$4,000	69%	Revolving	Current	May 2014
SYNCB/SAMS CLUB DC XXXXXXXXXXX	$3,950	$8,000	49%	Revolving	Current	Aug 2015
SYNCB/TOYSRUS XXXXXXXXXX	$2,123	$2,500	85%	Revolving	Current	Aug 2015
SYNCB/WALMART XXXXXXXXXXX	$1,314	$5,400	24%	Revolving	Current	May 2012
TD BANK USA/TARGETCRED XXXXXXXXXXXXXXX	$789	$3,600	22%	Revolving	Current	Aug 2015
THD/CBNA XXXXXXXXXXXXXX	$684	$1,500	46%	Revolving	Current	May 2012
TRACTOR SUPPLY/CBNA XXXXXXXXXXXXXX	$213	$1,300	16%	Revolving	Current	May 2012
WF CRD SVC XXXXXXXXX	$62	$4,500	1%	Revolving	Current	Nov 2018

[Anonymous]

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Tried to respond but it was deleted as SPAM! I'm worried that one of the credit cards in red might be the problem due to it being such a high utilization. Can someone take a look and tell me how much I would have to pay down in the RED where it could increase myFico score? And how much it might increase?

29 Open Accounts

Account Name	Balance	Credit Limit	Usage	Type	Status	Opened On
AMEX XXXXXXXXXX	$1,813	$27,000	7%	Revolving	Current	Jul 2015
AMEX XXXXXXXXXX	$1,672	-	-	Revolving	Current	Jun 2018
BARCLAYS BANK DELAWARE XXXXXXXXX	$651	$5,500	12%	Revolving	Current	Nov 2018
BMW FINANCIAL SERVICES XXXX	$50,296	-	-	Installment	Current	Nov 2018
BMW FINANCIAL SERVICES XXXX	$28,626	-	-	Installment	Current	Nov 2018
CAP1/BASS XXXXXXXXXX	$1,448	$7,500	19%	Revolving	Current	Nov 2011
CAPITAL ONE BANK USA N XXXXXX	$63	$1,300	5%	Revolving	Current	Mar 2011
CAPITAL ONE BANK USA N XXXXXX	$0	$300	0%	Revolving	Current	Nov 2010
CBNA XXXXXXXXXX	$0	$300	0%	Revolving	Current	Aug 2011
CCS/FIRST SAVINGS BANK XXXXXXXXXX	$0	$1,400	0%	Revolving	Current	Aug 2011
CITICARDS CBNA XXXXXX	$1,762	$3,800	46%	Revolving	Current	Nov 2011
COMENITYBANK/VICTORIA XXXXXX	$471	$2,000	24%	Revolving	Current	Aug 2015
COMENITYBK/WILLIAMS VS XXXXXX	$873	$3,500	25%	Revolving	Current	Aug 2015
COMPASS BANK XXXXXXXXXX	$647	$5,000	13%	Revolving	Current	Nov 2018
DISCOVER FIN SVCS LLC XXXXXX	$1,803	$9,000	20%	Revolving	Current	Nov 2011
FIRST PREMIER BANK XXXXXXXXXX	$297	$950	31%	Revolving	Current	Aug 2015
FIRST PREMIER BANK XXXXXXXXXX	$549	$1,250	44%	Revolving	Current	Nov 2011
JPMCB CARD XXXXXX	$1,739	$5,000	35%	Revolving	Current	May 2014
JPMCB CARD XXXXXX	$164	$8,100	2%	Revolving	Current	Nov 2018
MERCURY CARD/FB&T/TSYS XXXX	$244	$6,250	4%	Revolving	Current	Jun 2014
SEARS/CBNA XXXXXXXXXX	$206	$4,000	5%	Revolving	Current	Aug 2015
SYNCB/LOWES XXXXXX	$2,756	$4,000	69%	Revolving	Current	May 2014
SYNCB/SAMS CLUB DC XXXXXX	$3,950	$8,000	49%	Revolving	Current	Aug 2015
SYNCB/TOYSRUS XXXXXX	$2,123	$2,500	85%	Revolving	Current	Aug 2015
SYNCB/WALMART XXXXXX	$1,314	$5,400	24%	Revolving	Current	May 2012
TD BANK USA/TARGETCRED XXXXXXXXXX	$789	$3,600	22%	Revolving	Current	Aug 2015
THD/CBNA XXXXXXXXXX	$684	$1,500	46%	Revolving	Current	May 2012
TRACTOR SUPPLY/CBNA XXXXXXXXXX	$213	$1,300	16%	Revolving	Current	May 2012
WF CRD SVC XXXX	$62	$4,500	1%	Revolving	Current	Nov 2018

[Revelate]

Probably not that much as a swag as your aggregate isn’t bad: sure you might get some points paying it down under 80% (maybe, individual metrics aren’t great) but generally speaking you want to be paying off your balances in full every month if you can.

Paying interest is financial bleeding when talking most CC APR’s; if you are PIFing anyway then a balance near max doesn’t matter in the slightest if it is gone next month.

[sarge12]

OP....I doubt paying the utilization down on any one card will effect much. That is a lot of debt to a lot of different places. I do not know your income, but all sharp objects would need to be removed from my acces if I had to juggle that many debts evey month. I suspect you need a budget and you really seem to need to use a srategy that makes it simpler to do by having the bulk of your debts spread across a smaller number of cards. Having debt so spread makes mistakes like missed payments very easy to do, but having debt on such a high percentage of your current credit cards is probably a larger drag on scores than utilization. I would in your case try to pay off some of the smaller ones to get the number of places I had to pay in more managable numbers.

[Jnbmom]

I agree with the others, simply paying down some of the "red" balances is not going to make much of a difference scoring wise.

Honestly I don't know how you keep up with all the accounts and balances. I would as others suggested pay off some of the smaller ones first and bring them to zero. Then start tackling the other ones, you didn't mentioned interest rates, but after you get some of the smaller ones zeroed out, start working on possibly the "snowball method" and get the higher rated ones paid off.

Also not sure with your range of cards you are carrying not one but two First premier cards, I would close them after the are paid off.

[Anonymous]

OP, thanks for listing out all of your accounts with balances.  It is worth noting here that the OP is looking for advice on how to raise his mortgage scores, as he's planning on a mortgage app in the near future.  I believe you referenced a EX Fico score, but you didn't specifically state if it was a mortgage score or not.  Can you confirm which score it was that you referenced as (I believe) 717?

What I would suggest you do is pay both of your cards that are over 48.9% to down below 48.9% utilization.  It looks like that can be done for around $1700-$1800.  With any remaining cash that you have available for CC balance paydowns, I'd suggest paying off as many accounts as you can.  In order to pay off the most, naturally starting with the ones with the lowest balances makes the most sense.  Mortgage scores for many are very sensitive to number of accounts with balances, so if you are able to pay off a bunch of them, it could help you a decent amount especially if you take your highest individual utilization card from 85% down to 48.9% or less.  From what you said via PM it sounds like you could pay off about 9-10 of them based on what you have available to throw at those balances, which is pretty significant in terms of reducing number of accounts with balances.

[Anonymous]

I have a 717 with experian. Thank you all that have responded. Believe it or not, I've never missed a payment nor have I been late. It's simple for me and I pay at least a week prior to the card being due. It's an infatuation for me.

One asked income and I generate over $100,000 plus a year and have investments too that generate income. And a small Bitcoin mining farm

[sarge12]

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@Anonymous wrote:

I have a 717 with experian. Thank you all that have responded. Believe it or not, I've never missed a payment nor have I been late. It's simple for me and I pay at least a week prior to the card being due. It's an infatuation for me.

One asked income and I generate over $100,000 plus a year and have investments too that generate income. And a small Bitcoin mining farm

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I am sure that you have a lot of them set for autopay, but if not, you should. What happens if you wind-up hospitalized and unconscious? Is someone set to deal with this many payments for you? Your income seems high enough to pay these little balances off, and I would. Having that many to deal with every month would drive me crazy. Mad respect for you never having a late payment. or having a problem sleeping at night.