Quick Score Boost - Pay CC or LOC?

[Anonymous]

I have about 8k to play with here, would it be better to pay the CC's down to 50% or pay the LOC only down to 50%?

CC's

CITI Balance 5160 CL 5300 Int Rate 14.9

WAMU Balance 2212 CL 3000 Int Rate

WELLS Balance 6433 CL 6500 Int Rate 19.1

Line of Credit

WELLS LOC Balance 16300 CL 16500 Int Rate 13.5


Would it be best to get the CC's down to 50% and leave the LOC alone, or pay on the LOC only and leave the cc's alone? What does FICO look at more, a LOC or CC's when calculating scores? Or spread it all out equally?

Thanks all!

[Anonymous]

CCs count for 35% of your FICO scores. Other loans only count 10%     Pay the CCs

[Anonymous]

Is the LOC being included in your revolving utilization?

Message Edited by sidewinder on 08-15-2008 02:10 PM

[Anonymous]

How do I know if the LOC is being included in the Revolving credit??  I think it probably is since it's listed as "Revolving on my Credit Report" and not "Installment".

The reason I want the score boost is because I plan on financing a few things (furniture, fridge etc.) in the next few months and want to qualify for the "no payments - no interest" options that are out there.

Message Edited by K-Dub on 08-15-2008 03:58 PM

[Anonymous]

If it is included on your revolving credit, then the same effect would come from paying either it or your CC, from my understanding.

Let me do some searching around and double check this.

[Anonymous]

If you pulled your reports from this site.......use the score simulator. One of the options it gives is to pay down revolving balances.

Does that balance reflect the LOC?

You can only do this for the EQ and TU reports.

[haulingthescoreup]

You can also see this on the Credit-at-a-Glance screen, in the section called Total Balances. I mention this because sometimes the TU sim gets a bit wacky in displayed total balances.

My Credit-at-a-Glance screen looks like this (this is TU):

Total balance of
Your revolving accounts [?] $4,900
Your mortgages [?] $109,369
Your installment loans [?] $10,876

On that first line, you can see if the LOC balance is included (it should be.)

[Anonymous]

It is listed as a revolving account and not an installment account. I've taken your advice and have been playing with Identity Monitors score simulator. How accurate are these simulators? Seems that paying the CC's down will have a bigger impact and paying just the LOC.

Also, will my score drop once I close on my FHA mortgage on October 1st?

[Anonymous]

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K-Dub wrote:
It is listed as a revolving account and not an installment account. I've taken your advice and have been playing with Identity Monitors score simulator. How accurate are these simulators? Seems that paying the CC's down will have a bigger impact and paying just the LOC.

Also, will my score drop once I close on my FHA mortgage on October 1st?

---

I am not familar with the Identity Monitors score simulator, is that a different website?

If so, likely it is a FAKO score using a different score formula than FICO, so it may not be accurate at all.

Have you any reports pulled from this website?

[Anonymous]

I never really looked into pulling my info on this site. I just signed up and found that this site offers much more for the price compared to what I was using, plus my fico is about 50 points higher than my FAKO score. Thanks for the heads up!

I think paying down the CC's will be the way to go for now.