Utilization Question

[aurelie00]

Hello All.  Quick question on utilization. 

I have an Open Discover that I have a balance of about $900/$1800 on and a Closed Chase Freedom that I have a balance of $800/$1100 on....should I be throwing extra money at the open account to get my utilization down...or at the closed account?

Thanks in advance!

[InvincibleSummer3]

Without looking up your past posts - are you looking to app for anything any time soon? What's your priority - better score or paying off debt?

[aurelie00]

Improved score.  My score today is sitting between 580 and 615 and we will be looking for a mortgage next spring. What I mentioned in this post is all of the revolving debt I have.  I have the open Discover and an open DFS line of credit ($0/$2500)...but perhaps adding more revolving will help increase, too.

I have student loans with Sallie Mae that have a few lates that I'm working on getting eliminated. SM aquired my loans from another lender about the same time I was starting deferment and the time they reported the lates...so far they've been understanding...but not finalized. 

I opened an auto loan with FMC in March 2013 for $20K, 3.9%   

I have 4 PIF collections that I've been GW'ing the crap out of.  No luck yet, but keeping at it.  One will fall off in Feb 2014.

Handfull of lates that I'm also GW'ing.

No CO's, Judgements, BK

I really appreciate your help and advice!

[Anonymous]

Since they both are factored into your utilization, the closed one is around 73%, the open one 50%. 

I would work on the closed one first.  Once it is 0 it will no longer factor into your utilization. 

[InvincibleSummer3]

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@Anonymous wrote:

Since they both are factored into your utilization, the closed one is around 73%, the open one 50%. 

I would work on the closed one first.  Once it is 0 it will no longer factor into your utilization. 

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Agreed. Plus a mortgage next spring is still a ways out, so unless you're planning a "credit event" in the next 30 days, definitely the Chase.

[aurelie00]

Great, thanks you two for your help!