need jump in score

[busyone]

I currently have maxed out my Chase personal card and another card from

the state credit union. Total 16 K.  My question is I have up to 14K I can throw

at these accounts. If I pay the chase 1k that will pay it off in full,and 1 k to the credit

union card brings it just under the 30 %. So is this the best to do it and if so will have

to wait till March to see a jump (I plan to do this early next week) around the 5th or 6th.

Or is a good possibility that I could see a jump in scores before the end of Feb.?

Thanks in advance.

[haulingthescoreup]

Did your numbers type right? ($1K, $1K, $14K.) If these are the only two cards you have, you might want to look at letting only one report. I would pay off the Chase card (I assume that it has a $1K limit), and then pay down the CU card to under 10%, rather than under 30%.

If you make these payments before your statement drops (NOT the due date, but the date that the statement "posts" or appears), the new balances should report on those dates. Then it's just a matter of waiting for the CRA's to update their reports. This could take 4 days, or it could take several months, as TU especially has been in some bizarre fog recently.

Some accounts do not update on their statement dates, notably AmEx and HSBC.

[busyone]

I'm sorry I did have a typo. I currently owe 13,480 on a $13,200 credit limit Chase card. I also have a state credit union card that is also maxed out at $3500 on a $3550 credit limit. As I said before my intentions are to pay as much as possible to both. If I can put 12-13 K on the Chase and at least1 K on the credit union card by 2/6 or 2/7 could I possibly see a jump in my score before the end of Feb.?

[haulingthescoreup]

If they will post the new balances by then, and if the CRA's will then update the reports in time --those are the things that you have to hope will go through smoothly.

In my experience, I have gotten the best results by having only one card report a balance. If you were to do that, it would mean paying off the Chase and putting everything else on the CU card. Others would say get both under 10%, or 20% if you can't do the lower figure.

Either approach will give you much better scores than with two over-limit cards. I don't know what else you have going on, so I never try to guess at figures for score changes. Good luck!

[busyone]

Thanks for the response. These are actually the only things I have going on. I have 2 inquiries from Nov.07 and 1 from Dec.07 when I was contemplating a new credit card. I also have an inquiry just added in Jan.08 but that was for getting a new credit card processor at my business. I just changed companies(processors) and for some reason they checked my credit?? Other than that just the 2 cards I mentioned plus one other that has a $2500 balance on a 7k credit limit.Unfortunately I maxed out the big card right at the end of Jan. so I'm hoping they report the previous balance and not this new balance yet. The new statement I just received reflects the old bal. and says due date is 2/22. So I'm hoping if I pay it off before the 22nd,which I'm going to do,they will report at the end of Feb. and I could get the jump I want in March! 

[haulingthescoreup]

Well, it might be more like early March. Typically, the credit card companies report to the credit bureaus on that statement date, and you said that you just got a statement. So the CU card probably won't report again until the next statement date, and then of course, there's the waiting on the CRA's to update.

Do you have a specific deadline you're trying to beat? I'm guessing that your statement dropped on maybe 1/29? So probably the February statement will drop on 2/28 or 2/29 (many statement dates wander around a bit.) If so, and if the CRA's behave themselves and do their jobs, you might well have the new balances posted by March 7-10 or so.

Do you have a 3-in-1 credit monitoring service like TrueCredit that allows daily pulls, which will let you see when all your accounts are updated on all three reports? When you're chewing your fingernails, waiting for important changes, it can be a really useful product. Nothing worse than pulling (and paying for) your scores before everything hits!

[busyone]

Well my statement that ended 1/22 showed a 8 k balance, but the last week of March

the other 5 k showed up as recent activity and the new statement that ends 2/22 shows

the 13 k balance. I'm just hoping the 8 k balance shows up to cra's for Feb. like in

the next week or so. Then after paying off the card before 2/22 my score will hopefully

shoot up more in March....at least I'm hoping so providing the cra's play along!!

   Also I don't have True credit report 3 in 1 monitoring. Isn't that what they call fako's?

Can you actually see all 3 real scores?  I'm learning, can ya tell  Thanks.

[haulingthescoreup]

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@busyone wrote:
Also I don't have True credit report 3 in 1 monitoring. Isn't that what they call fako's?

Can you actually see all 3 real scores? I'm learning, can ya tell Thanks.

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You don't get it to see all three (FAKO) scores; you get it to see all three reports. The scores are worse than worthless, unfortunately. But when you are waiting for reports to hit, as you are, it's really handy to be able to check the three reports to see if the payments have finally posted, etc. But no, not the scores, no no no no.... (this is not an obsession of mine, or anything!)