@MsMoneypeso wrote:More data points:
AU on a handful of CC with high limit and low/0 balance.
Many personal CC with balance, many 90%+ utilization.
AAoA: 4.8 yr, oldest 26.7 (as an AU)
Current EX utlization 3%.
EX F2 Issues:
- High credit usage
- Seeking Credit
- Short account history (current mortage June 2021)
- Accounts with balances
Is it 90% or 3%? Once each card is $0 balance and 1 reports is when they'll see a nice score rise. Since they're apping. Its time for AZEO. No special way to do whichever first. Pay the higher interest first to save $. You dont pay off interest on cards just balances. Wish them good luck.
Im trying to grasp how there are card/s with 90+% that havent been paid and only have 3% overall. Must have a huge total credit line. The 90+% is maxed out and thats a pretty good hit.
The biggest thing that jumps out at me is this:
"Many personal CC with balance, many 90%+ utilization."
It's bad enough to have *one* card reporting at 90%, but MANY?! That's a death knell right there. You're not going to see improvement of any significance until those balances get down to acceptable levels. Conventional wisdom says 30% or less; in reality, the smaller, the better.
@MsMoneypeso wrote:We've been trying to increase someone's score swiftly to refinance Mortgage before the rates rise again.
No BK, no DQ, no collections. Just a bunch of accounts with balance - mostly CC.
It's been 2 1/2 weeks, we paid off all CC that were coming due so far. A handful of them posted already but with a small balance for the accrued interest.
The score increase has been painfully slow. I thought it would have jumped up by now, but some of the ones we paid haven't posted yet.
Any suggestions, besides:
- Paying off the other CCs until we at least get to the score we wanted?
- Pay off the interest from the recently-posted cards?
- Don't make any other changes, don't sign up for EX Boost, don't close any accounts?
Mortgage scores are significantly affected by the number of accounts with balances. It is preferable to have as many zero balance accounts as possible (except that one account should report a balance). So for those accounts which are incurring interest, the borrower should overpay the account before the statement cuts, by an amount sufficient to eliminate the anticipated interest charge.
Pay down any high utilization accounts below thresholds. 2 vital thresholds are 48% and 28%; i.e. try to make sure no accounts report a balance greater than 28% of the credit limit.
Definitely do not apply for anything, and don't sign up for EX boost.
I would NOT close accounts, because the more zero balance accounts the better and the lower utilization percentage the better.
