Calling Score Experts--I Have 2 Options In Mind

[ItsCASHual]

I'm wondering what would increase my FICO score the most with the next monthly reporting/update in early May....

Option 1--Pay off both of my only 2 charge off credit cards I have. One hasn't reported/updated since 12/2017 (reported 171% UTI OUCH). The other one reports /updates monthly (reporting 143% UTI). Both are on all 3 credit bureau reports.

Option 2--Pay down my daily revolver NFCU credit card to 20% UTI. It is currently at 65% UTI. Card is 6 months old and always paid at least 3 times the monthly minimum payment each month. Never late. 100% on time reporting. Reports to all 3 credit bureaus.

[Girlzilla88]

If you are expecting an update/jump for next month getting the NFCU card under 30% will have a more 'instant' jump but paying off the Charge/Off and getting them removed I think will get you a higher result, BUT sometimes that doesn't report right away if it can be removed.   Ymmv but my 2 cents

[ItsCASHual]

To Clarify:

I'm not needing a score bump for an upcoming purchase, new app or anything. Just looking for the best solution in continued rebuilding efforts to increase scores for the long haul (but also like the instant boost that comes with the options I listed).

[RSX]

in that Case go with Option 1

with your 3x min payments, the CC will come down in Util month over month, and you will likely see points at each threshold

but if you have the $ to get rid of those Charge Offs, that is best for you near term and long term scoring

[Girlzilla88]

Removing CO will get you the best results, but it's always a good rule of thumb to be under 30% on your card too that will show a boost as well.     Higher boost will likely be from Removing the CO though (sometimes can take 1-3 months to get removed)

[Girlzilla88]

Keep in mind Paying it off and Removing it though are two different things it can still report as Paid or Satisfactory etc but still report.