Paying down CC $, but scores dropping, too. What am I doing wrong?

[AllZero]

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@Anonymous wrote:

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Hi everyone. I'm looking for confirmation of my thinking here as I work to pay down CC debt to achieve a higher MMS. For my next big move, I have about $5k available to make immediate payments to my cards.  Wanted to make sure I'm doing this in the most optimal way.  I plan to split the money to get my highest CC to <48% and my next highest to <28%.  Together, that will also lower my aggregate utilization to <28% for the first time in a long time! I have one more CC that has a balance <25% of individual utilization.  I could shift some money to lower that to <8%  but from what I've read in these forums, it seems I would get more impact by lowering the individual utilizations for  the 2 higher CC balances to the next thresholds. Anyone feel differently (looking at you @AllZero )! Am I missing a move that would potentially deliver points toward my mortgage score? I don't think I'll get to AZEO (or AZE2/3) soon, but still working toward. Latest balances and scores below. 

@Anonymous  Your logic is sound. Reducing those two Chase cards to 48% and 28% should gain you a few points. Crossing 28% aggregate utilization should be a little bigger. You are on the right path.

[FishingGuy]

Yes you're on the right track on bringing down your utilization..... there's something else I would watch re: "timing" of your mortgage.... When my car lease was near it's end..... I bought the car and financed through the dealer since the mileage was low.  With the car lease paid in full, (which was my oldest line at the time) and a new loan opened (with no other loan)..... my score took a substantial,  but temporary hit.

You may want to get your utilization down, and get into a mortgage before the end of that lease.....  when the amount owed is at it's lowest,  and mostly paid off, try to get into your home, prior to a new car lease..... but I'd like to see what other contributors feel about that,  please others provide comments.

[Anonymous]

Great advice @FishingGuy . I've been concerned about needing to purchase a house and car at the same time. I'm hoping to get the home done first.  Appreciate feedback from @AllZero as always.