Help with Utilization

[GOLF81]

Ok so here's what I have in terms of revolving credit...

Auto Loan - Never late and I pay more than the loan amount.

Capital ONE Secured Card - Bal $386 / Limit $400

Orchard Bank - Bal $114 / Limit $300

Merrick Bank - Bal $357.06 / Limit $500

Bank of America Visa - Bal $2500 / Limit $2800

Fingerhut - Bal $175 / Limit $400

So here my deal I have around $3500 to use top pay down debt.  I'm thinking I pay off Cap One, Orchard, Merrick, Fingerhut =  aprox. $1100.  Now with the other $2400 would it be better for me to pay down the BOA card a little and add more CL to the secured Cap One (+1900) or pay off the BOA card completely.  I'm pretty sure paying off the small balances is the right thing to do.  I'm just not sure how to manage the BOA account an or increasing the Cap One secured account.  I plan on keeping all these cards once paid off however I'll only use "1" and the rest will be in the sock draw.

Thanks!!

[dodfire]

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GOLF81 wrote:

Ok so here's what I have in terms of revolving credit...

Auto Loan - Never late and I pay more than the loan amount.

Capital ONE Secured Card - Bal $386 / Limit $400

Orchard Bank - Bal $114 / Limit $300

Merrick Bank - Bal $357.06 / Limit $500

Bank of America Visa - Bal $2500 / Limit $2800

Fingerhut - Bal $175 / Limit $400

So here my deal I have around $3500 to use top pay down debt.  I'm thinking I pay off Cap One, Orchard, Merrick, Fingerhut =  aprox. $1100.  Now with the other $2400 would it be better for me to pay down the BOA card a little and add more CL to the secured Cap One (+1900) or pay off the BOA card completely.  I'm pretty sure paying off the small balances is the right thing to do.  I'm just not sure how to manage the BOA account an or increasing the Cap One secured account.  I plan on keeping all these cards once paid off however I'll only use "1" and the rest will be in the sock draw.

Thanks!!

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Auto Loan - Never late and I pay more than the loan amount.

Capital ONE Secured Card - Bal $386 / Limit $400 = 97%utl

Orchard Bank - Bal $114 / Limit $300 = 38% utl

Merrick Bank - Bal $357.06 / Limit $500 = 72%utl

Bank of America Visa - Bal $2500 / Limit $2800 =89%utl

Fingerhut - Bal $175 / Limit $400 = 44%utl

PAY OFF:

Cap One $386

Orchard $114

Merrick $357

Finger Hut $175

BoA $2400

Total Payments $3432

Leaving all cards with 0 balance except BOA with a balance of $100 and a UTL of 3.6%

Watch your score jump !!!!!

[GOLF81]

So instead of leaving a balance on the BOA and increasing my CL on my Cap ONE secured card, I sould pay down the BOA.

[rckstrscott]

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@GOLF81 wrote:

So instead of leaving a balance on the BOA and increasing my CL on my Cap ONE secured card, I sould pay down the BOA.

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100000 percent yes.  Exactly what was mentioned above will give the most score bang for your buck.

-scott

[dodfire]

In my opinion yes.... IF you are trying to raise your credit score. You need to lower your UTL on that BOA. Focus your work on the cards that are going to grow with you instead of a secured card that you are dumping money into that could be better used some place else.

[rckstrscott]

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@rckstrscott wrote:

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@GOLF81 wrote:

So instead of leaving a balance on the BOA and increasing my CL on my Cap ONE secured card, I sould pay down the BOA.

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100000 percent yes.  Exactly what was mentioned above will give the most score bang for your buck.

-scott

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Not only that, leaving a balance on the BOA means you are paying interest on it...

-scott

[dodfire]

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@rckstrscott wrote:

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@rckstrscott wrote:

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@GOLF81 wrote:

So instead of leaving a balance on the BOA and increasing my CL on my Cap ONE secured card, I sould pay down the BOA.

---

100000 percent yes.  Exactly what was mentioned above will give the most score bang for your buck.

-scott

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Not only that, leaving a balance on the BOA means you are paying interest on it...

-scott

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Yes sir, thanks Scott

[GOLF81]

WOW... Love this forum!!

Thanks for all the help.  I'll be paying exactly what was described above.

Thanks!!