Utilization question

[Red1Blue]

Congratulations @ronniejr 

[ronniejr]

Thankyou. I am 51 and don't own a car or house.  Literally I rent a space to live in my tent and ride a bike.  Total sacrifice but now I am looking at a small motor home!

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@Red1Blue wrote:

Congratulations @ronniejr 

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[FireMedic1]

@AnonymousAfter reading some more. Quit using your cards all together until they are paid way down. Your paying interest on groceries. Bad enough the price of foods isnt going down anytime soon. Interest is for emergencies.

[CreditInspired]

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@ronniejr wrote:

I just paid off all my CCs and literally one month my scores skyrocketed 

EX 690--->790, 
EQ 682 --> 794

TU 700 --> ? Not yet

paid off my AMEX ($1000 to $2.00) and Care Credit ($7000 to $1.00).  So basically total available credit is 7997 out of 8000.  

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Kudos to you!!!

[SouthJamaica]

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@ronniejr wrote:

I just paid off all my CCs and literally one month my scores skyrocketed 

EX 690--->790, 
EQ 682 --> 794

TU 700 --> ? Not yet

paid off my AMEX ($1000 to $2.00) and Care Credit ($7000 to $1.00).  So basically total available credit is 7997 out of 8000.  

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Congratulations. 

[SleeplessinMA]

@ronniejr 

Congratulations!

[Anonymous]

Congrats!! tThat is quite a jump. 

I gather that this is also a result of having a mature CC profile with no inquiries, no new recent accounts, no derogs, no late payments, and no high loan amounts. This is important for us to keep in mind so they can temper our expectations when we PIF our CCs. These other variables factor in how much of an increase we should expect.  

[Ethan0vegano]

Hi South Jamaica,

Regarding your reply to the original post, you concluded with this observation & recommendation,

.. whereas properly placed payments to credit card accounts could work wonders, depending on what's in your profile.

With that approach also in my mind, do you have any opinion on Bright and Gauss specifically & other similar credit professionals?

[SouthJamaica]

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@Ethan0vegano wrote:

Hi South Jamaica,

Regarding your reply to the original post, you concluded with this observation & recommendation,

.. whereas properly placed payments to credit card accounts could work wonders, depending on what's in your profile.

With that approach also in my mind, do you have any opinion on Bright and Gauss specifically & other similar credit professionals?

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Sorry, I don't know what you mean

[RSX]

i am guessing you want to maximize your score by paying down CC amounts - so that you can get a better loan to deal with all your debt - which will also lower your monthly cost for all debt

so - spread the payments across them all to get them under 87% - and anything you can get under 67% as well and the one you think you can fully payoff

then - don't use those CC's at all

wait 1-2 months and when your score bumps over 700, then get a consolidation loan for all your debt

then start crushing the payments on that one loan

good luck to you