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Credit card maxed out help...

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Credit card maxed out help...

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?

Message 1 of 20
19 REPLIES 19
Super Contributor

Re: Credit card maxed out help...

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.

Message 2 of 20
Regular Contributor

Re: Credit card maxed out help...

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

Message 3 of 20
Regular Contributor

Re: Credit card maxed out help...



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

 

 
 
Message 4 of 20
Moderator Emeritus

Re: Credit card maxed out help...

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.



        
Message 5 of 20
Valued Contributor

Re: Credit card maxed out help...

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.


TU fico08=836 06/20/19
EX fico08=823 06/11/19
EQ fico08=820 06/11/19
EX fico09=824 06/11/19
EQ fico bankcard08=841 06/11/19
Garden since 07/02/18
Message 6 of 20
Community Leader
Valued Contributor

Re: Credit card maxed out help...

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.

CU NFCU PENFED ALLIANT BANK USAA BBVA BB&T PPMC IKEA MARVEL DISCOVER STORECARDS LOWES AMAZON MACYS WALMART WAYFAIR CARECREDIT
Message 7 of 20
Super Contributor

Re: Credit card maxed out help...

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.

Message 8 of 20
Regular Contributor

Re: Credit card maxed out help...

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 Smiley Happy

Message 9 of 20
Valued Contributor

Re: Credit card maxed out help...


@californiadreaming87 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 Smiley Happy


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.


TU fico08=836 06/20/19
EX fico08=823 06/11/19
EQ fico08=820 06/11/19
EX fico09=824 06/11/19
EQ fico bankcard08=841 06/11/19
Garden since 07/02/18
Message 10 of 20