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A few questions:
Where are you getting your scores from?
Do you have any cards that are at....
greater than 88.9% utilization?
greater than 68.9% utilization?
greater than 48.9% utilization?
Do you have any derogs? (lates, collections, chargeoffs, etc.)
Do you have any tools for pulling your reports? (Different from your scores.)
PS. Lightstream is a lender that caters to people with high credit scores. Yours are too low for them (I would expect) though you might be able to raise your scores.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@Anonymous wrote:A few questions:
Where are you getting your scores from?
Do you have any cards that are at....
greater than 88.9% utilization?
greater than 68.9% utilization?
greater than 48.9% utilization?
Do you have any derogs? (lates, collections, chargeoffs, etc.)
Do you have any tools for pulling your reports? (Different from your scores.)
PS. Lightstream is a lender that caters to people with high credit scores. Yours are too low for them (I would expect) though you might be able to raise your scores.
BBT: BALANCE 3700 LIMIT: 5500 (67%) WILL BE PAID OFF SOON
BLISPAY: BALANCE: 1000 LIMIT: 5800 (18%) WILL BE PAID OFF SOON
DISCOVER: BALANCE 11200 LIMIT: 21900 (51%)
NAVY FEDERAL: BALANCE: 8500 LIMIT 21500 (40%)
NAVY FEDERAL: BALANCE 13300 LIMIT: 15000 (90%)
VIRGINA CREDIT UNION: BALANCE 2215 LIMIT 8500 (26%) WILL BE PAID OFF SOON
WELLS FARGO: BALANCE 1520 LIMIT: 4000 (38%) WILL BE PAID OFF SOON
BOA: BALANCE 3579 LIMIT: 8000 (45%) WILL BE PAID OFF BY JUNE (THIS ACCOUNT IS CLOSED W/ BALANCE)
NO DEROGS OF ANY KIND
Don't apply, bring the utility down a bit on those above 48%, there should be a boost in score for you to consolidate the rest.
Edit: Go ahead and zero out those with the lowest utilities also
@Anonymous wrote:Don't apply, bring the utility down a bit on those above 48%, there should be a boost in score for you to consolidate the rest.
Edit: Go ahead and zero out those with the lowest utilities also
That was the plan to pay down as much as possible and not app until like the end of next year. Thank so much for the advice.
Paying off smaller balance cards should be a lower priority than paying down cards with a very high utilization. VHU cards can be a cause for the CC issuer to classify you as high risk and to begin "balance chasing" you. And of course they hurt your score.
Personally I would make as your top priority getting all VHU cards to under 67%.
@Anonymous wrote:Paying off smaller balance cards should be a lower priority than paying down cards with a very high utilization. VHU cards can be a cause for the CC issuer to classify you as high risk and to begin "balance chasing" you. And of course they hurt your score.
Personally I would make as your top priority getting all VHU cards to under 67%.
Only one is over 67% and thats my Navy Federal which was a balance transfer
As far as the individual utilization penalty goes, FICO looks at the card with the highest utilization. Whether you have three cards at that level or one doesn't matter. It's therefore in your interest to get that card to under 87% as swiftly as possible. (If it is at a 0% interest rate, then getting it to under 88.99% is enough.)
Then strive to pay it down to under 68.99%. And so on.
The breakpoints in the FICO models for individual utilization appear to be 89%, 69%, 49%, and 29%. For total utilization they appear to be the same except that there is an additional bonus at 9%. Remember you need to get under each breakpoint. Thus they are often rendered 88.99%, 68.99%, etc.
There is some debate about whether 9% might also be a breakpoint for individual utilization at 1-2 of the three bureaus. If it is, the scoring advantage is extremely small.