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Pay down 2 cards close to max now?

New Visitor

Pay down 2 cards close to max now?

So I am close to $4k max on one card, and $500 down on 2nd card from $3500 limit, both current. Question is, will getting 3rd card for $3k and paying down 2k on first and 1k on 2nd substantially improve my rating? It’s at 583 now?
Message 1 of 3
Valued Contributor

Re: Pay down 2 cards close to max now?

Welcome to My Fico.. Welcome.gif


To answer your question, YES it will via over all uti, however, you may have a tough time getting another card prior to paying that uti down.

I would pay them both down to under 30% uit or even better 10% and then apply.

In fact check prequals first & apply from there. 


Good Luck


Message 2 of 3
Legendary Contributor

Re: Pay down 2 cards close to max now?

I would agree that with a score under 500 and two cards close to max, a risk analysis is not likely to result in grant of new credit at a level capable of paying off a substantial portion of the existing debt.  It may even cause a drop in score by adding an inquiry.


Even if you were to obtain a new card, would you have the discipline to use it ONLY to pay other, existing debt, or would you be tempted to use it to actually increase your existing debt, and thus possibly the risk of becoming delinquent?

High current % util on all cards usually demonstrates overuse of discretionary revolving credit, with substantially increased risk of default.



Message 3 of 3
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