No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
As the title inquires, I'm curious, but think I may know the answer. Just want to get others opinions.
Do the bureaus give more +points for:
A. Paying down 1 95% Utilization balance down to 10% on a high 4fig line?
Or
B. Paying down the 95% Utilization balance on the high 4fig line to 75% and then paying off x3 other 25% to 60% Utilization balances to 0 on low to mid 4fig lines?
I'm guessing B gives more +points, but figured I would ask to be sure.
Just trying to flesh out a 30 to 45 day quick point boost strategy that would benefit me the most in the short term. All the Apy's are relatively the same on all 4 cards, so that's not really a factor.
Thoughts?
@Drifter73 wrote:As the title inquires, I'm curious, but think I may know the answer. Just want to get others opinions.
Do the bureaus give more +points for:
A. Paying down 1 95% Utilization balance down to 10% on a high 4fig line?
Or
B. Paying down the 95% Utilization balance on the high 4fig line to 75% and then paying off x3 other 25% to 60% Utilization balances to 0 on low to mid 4fig lines?
I'm guessing B gives more +points, but figured I would ask to be sure.
Just trying to flesh out a 30 to 45 day quick point boost strategy that would benefit me the most in the short term. All the Apy's are relatively the same on all 4 cards, so that's not really a factor.
Thoughts?
I would say your best bet is to get them all down to 48% if you can, then get as many as possible down to 28%.
@Drifter73 wrote:As the title inquires, I'm curious, but think I may know the answer. Just want to get others opinions.
Do the bureaus give more +points for:
A. Paying down 1 95% Utilization balance down to 10% on a high 4fig line?
Or
B. Paying down the 95% Utilization balance on the high 4fig line to 75% and then paying off x3 other 25% to 60% Utilization balances to 0 on low to mid 4fig lines?
I'm guessing B gives more +points, but figured I would ask to be sure.
Just trying to flesh out a 30 to 45 day quick point boost strategy that would benefit me the most in the short term. All the Apy's are relatively the same on all 4 cards, so that's not really a factor.
Thoughts?
Fico looks at utilization of individual cards and scores based on the card with the highest utilization %. Although Fico also looks at % of cards and # of accounts with balances, that metric has minimal impact with Fico 8 and 9.
Get all cards under 49% utilization. Then, if you don't have enough funds to get all cards below 29%, take one or 2 lower balance cards to $0. The Fico scoring algorithm also looks at aggregate utilization % and to a small extent aggregate balance in $.
Card utilization % is scored independent from the card's credit limit.
Looks like the advice is consistent.
Thanks to you both.
I'll implement your advice this cycle.
😉