643 credit score. Looking to go up 100 points as quickly as possible (and then sustain it long term)

[helpmeifyoucan]

Hi everyone.

I am looking to get my credit up at least 100 points as quickly as possible. I have a 643 Experian/627 Equifax/665 Transunion score, just refreshed today.

Here is how my accounts stand: 

American Express:

Balance: $3,076

Credit Limit: $2,400

28.99% APR

American Express: 

Balance: $1,146

Credit Limit: $1,600

28.99% APR

Capital One

Balance: $0

Credit Limit: $1,000

Discover

Balance: $9,284

Credit Limit: $10,000

16.99% APR

JPMCB Card

Balance: $0

Credit Limit: $2,200

Personal Loan - Happy Money

Balance: $4,093

Credit Limit: $8,000

17.67% APR

I can free up approximately $1,000 - $1,500 a month which I was using for retirement and investing to attack this credit debt quickly. Thank you!

[helpmeifyoucan]

Forgot to mention: no chargeoffs, no collections. 

My idea is to pay the lesser of the two American Express accounts in full as a first step. 

[Creditwiser]

For sure get the Amex paid down below your CL.  You should see good score progress as you pay down the debt and reduce your very high UTL

[Varsity_Lu]

Pay off AmEx fully ASAP (3 months), then Disco (3-4 months) to below 30%, then knock out Disco and the personal loan. This of course assumes you are not adding any more debt to these cards.  If you do use the Chase or Cap One cards, you must pay in full preferably before your statements cut. Probably shouldn't even use Chase since they report mid-month. You could significantly improve your score in 6-8 months.

[JoeRockhead]

I'd recommend the avalanche method by paying off the highest balance/highest APR accounts first

1. The maxed out Amex card first
2. The other Amex next
3. Start working that Disco balance down after the first two are squared away. 
4. Personal loan 

[Jnbmom]

As others have said get that utilization down especially OTL card, won't be fast unless you can get them down quickly .

[helpmeifyoucan]

Thank you so much!

Forgive my ignorance but what does OTL mean in this context? 

[Jnbmom]

Over the limit 

[Thomas_Thumb]

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@helpmeifyoucan wrote:

Hi everyone.

I am looking to get my credit up at least 100 points as quickly as possible. I have a 643 Experian/627 Equifax/665 Transunion score, just refreshed today.

Here is how my accounts stand: 

American Express:

Balance: $3,076

Credit Limit: $2,400

28.99% APR

American Express: 

Balance: $1,146

Credit Limit: $1,600

28.99% APR

Capital One

Balance: $0

Credit Limit: $1,000

Discover

Balance: $9,284

Credit Limit: $10,000

16.99% APR

JPMCB Card

Balance: $0

Credit Limit: $2,200

Personal Loan - Happy Money

Balance: $4,093

Credit Limit: $8,000

17.67% APR

I can free up approximately $1,000 - $1,500 a month which I was using for retirement and investing to attack this credit debt quickly. Thank you!

---

End of the day you need to get all revolving accounts with balances under 29% utilization. Start by paying down any cards over 70% UT to under 70% to reduce adverse action  (balance chasing) risk. Tackle AMEX over limit card 1st. Then Discover card.

Next take cards to under 49% UT starting with those having highest APR. Once all cards are below 49%, payoff the AMEX cards. Then work on getting the remaining cards under 29%.

After that, I'd focus on paying down the PL to 9%.

[FicoMike0]

Ditto @Thomas_Thumb 

Wow, with one above 100%, one at 93% and another at 72%, you are really tempting balance chasing. You want to reduce those below 70% with a single payment each. You don't want to see a reducing credit limit spiral.

Best of luck.