Selective or across the board payments?

[NC_Sue]

New to the boards, but have spent some time reading the past two weeks and already got some results.   Oldest - 13 yrs, except EQ -10 yrs.   Newest - 2 yrs ago.

Inquiries - I was successful in getting 5 inquiries removed from EQ (recently moved and rental, cable, utilities were posting as hard inquiries).   Yeah!    Still working on 2 hard pulls (same type) on TU.     EX shows 0 inquiries.

Lates -  GMAC Mortgage - had an true incorrect 30 day late in 09/06 which they removed, but I paid off my mortgage in 2/08 - so nothing really gained?   Credit Mix changed?

              WaMu - 1 30 day late 1/08, CareCredit - 60 day late 1/06.   Sent GWs -fingers crossed.

Installments - showing as 80%.    $22,266/18,302 remaining.    2 years old.    Perfect history.

Revolving -  10 accounts - 39% debt ratio     28,000/10,374

                     Amex                                 0       2620              (showing as revolving? Amex Green)

                     BOA                             2500           0      0%

                     Carecredit                   5800     4838     83%

                     Dell                              3500       900     26%

                     Discover                      6700       405       6%

                     HSBC                                0          0                 (showing as open, inactive, never used)

                     Sears                             500          0        0%

                     HomeDepot                7000          0        0%

                     WaMu  Visa                 2000     1611    81%

                     WFNB (DutyFree)             0         0        0%    (showing as open, inactive, CL-3000)

I would like to purchase a home in June.  Outside of those GWs being successful (which would probably boast score by 50pts), what is the best way to handle debt ratio - pay across the board, or hit the high ones first (Carecredit, WaMu)?  Or should I pay the small ones to reduce the overall number with 0 balances?  

I am also thinking of getting my WFNB reactivated to put add to my overall credit reducing debt ratio - would the 'hard pull' offset the benefit derived?

This forum has the best advice and looking to you for advice re: the optimum strategy!

Message Edited by NC_Sue on 04-20-2008 04:05 PM

[Anonymous]

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NC_Sue wrote:

I would like to purchase a home in June.  Outside of those GWs being successful (which would probably boast score by 50pts),

The late from 2+ years ago being removed probably won't help much, but the one from this past January will.

 what is the best way to handle debt ratio - pay across the board, or hit the high ones first (Carecredit, WaMu)?  Or should I pay the small ones to reduce the overall number with 0 balances?  

If I remember correctly, FICO likes seeing less than half your cards carrying a balance. Plus you want to decrease your overall util, paying any of the cards will do that. I would try to pay on the cards you are paying the most in interest on first. This will save you more money and allow you to apply that to another card.

I am also thinking of getting my WFNB reactivated to put add to my overall credit reducing debt ratio - would the 'hard pull' offset the benefit derived?

This forum has the best advice and looking to you for advice re: the optimum strategy!

Message Edited by NC_Sue on 04-20-2008 04:05 PM

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[Anonymous]

Paying down the high-balance cards and getting that 30-day late removed would provide the best boost to your score.

Getting that old account reactivated would probably have a negligible effect, so I wouldn't bother.