Need quick score increase

Anonymous · ‎06-14-2008

Hello All

I would like to get my score up as quick as I possibly can in one month. I have 2000 to pay towards by credit cards. How much should I pay to each one?

Household CL 2000 balance 1887

Hooters 1000 balance 582.88

Patelco 2500 balance 224.36

JC Penney 150 balance 0

Lowes 500 balance 386

Firestone 1000 balance 489

my Experian fico is 615

any info would be helpful

Thanks

Anonymous · ‎06-14-2008

Household CL 2000 balance 1887
Hooters 1000 balance 582.88
Patelco 2500 balance 224.36
JC Penney 150 balance 0
Lowes 500 balance 386
Firestone 1000 balance 489
---------------------------------------------------------------
I would suggest paying off Lowes for $386

Pay off Patelco for $224.36

Then split the rest to Hooters and Household to get their utility under 50% because that really hurts! Firestone is just under 50% already so I skipped that one.

It helps to only have 1/2 your cards reporting a balance which is why I suggested PIF'ing the two...

That is my suggestion.

Message Edited by 1111mel on 06-14-2008 07:28 PM

llecs · ‎06-14-2008

southernboy wrote:
Hello All

I would like to get my score up as quick as I possibly can in one month. I have 2000 to pay towards by credit cards. How much should I pay to each one?

Household CL 2000 balance 1887
Hooters 1000 balance 582.88
Patelco 2500 balance 224.36
JC Penney 150 balance 0
Lowes 500 balance 386
Firestone 1000 balance 489

my Experian fico is 615

any info would be helpful

Thanks

If bet you'd see a 30-40 point bump by paying off your CC debt to under 10% utilization. You are at 50% right now. Also let half of your CCs report $0 for max effect.

llecs · ‎06-14-2008

1111mel wrote:
Household CL 2000 balance 1887
Hooters 1000 balance 582.88
Patelco 2500 balance 224.36
JC Penney 150 balance 0
Lowes 500 balance 386
Firestone 1000 balance 489
---------------------------------------------------------------
I would suggest paying off Lowes for $386

Pay off Patelco for $224.36

Then split the rest to Hooters and Household to get their utility under 50% because that really hurts! Firestone is just under 50% already so I skipped that one.

It helps to only have 1/2 your cards reporting a balance which is why I suggested PIF'ing the two...

That is my suggestion.

Message Edited by 1111mel on 06-14-2008 07:28 PM

Sorry, I am a SSSSLLLLLOOOOOOOOOWWWWWWWWW typer. Doesn't help that my fingertips are larger than the keyboards keys.

Yea, what Mel says...................

Message Edited by llecs on 06-14-2008 10:35 PM

Anonymous · ‎06-14-2008

Thanks..will be paying these on Monday..

Anonymous · ‎06-14-2008

Excellent advice. Paying down CC balances, by the way, is the fastest way to boost your FICO score. You get maximum impact when reducing utilization from 100% to 60-70%. You get substantial impact going down to 50%, a fair amount of increase between 50% to 30%. Going from 30% to 9% will help, but not as much as reducing 90% to 69%.

mrlimo · ‎06-14-2008

there could be other things on your report causing your scores to drop other than utilization. If you have and lates, c/o, etc.

keep this in mind...

Anonymous · ‎06-15-2008

Like everybody else is saying, pay down the current debt! I would take all the credit cards out of your wallet and sock drawer them. It is a quick way to really pay down debt. I would also work on a budget to get them paid off faster.