@ThomasJNewton wrote:Given one has three revolving accounts:
1: Credit Limit of $3,600 current balance of $1,734 for a utilization of 48.16%
2: Credit Limit of $4,500 current balance of $356 for a utilization of ~8%
3: Credit Limit of $7,500 current balance of $5,059 for a utilization of 67.45%
With an additional $1,000 to allocate before reporting, would the user be better served by:
1. paying the $7,500 down to ~54% (using all $1,000)
2. paying the $3,600 down to ~20.4% (again using all $1,000)
3. spliting the money between the two accounts.
Goal is to maximize FICO score.
You didn't specify which FICO scores.
Probably best bet would be to put it on number 3, but it would be great if you could throw another $400 into that one.
@ThomasJNewton wrote:Given one has three revolving accounts:
1: Credit Limit of $3,600 current balance of $1,734 for a utilization of 48.16%
2: Credit Limit of $4,500 current balance of $356 for a utilization of ~8%
3: Credit Limit of $7,500 current balance of $5,059 for a utilization of 67.45%
With an additional $1,000 to allocate before reporting, would the user be better served by:
1. paying the $7,500 down to ~54% (using all $1,000)
2. paying the $3,600 down to ~20.4% (again using all $1,000)
3. spliting the money between the two accounts.
Goal is to maximize FICO score.
Get the 54% below 48.9%. Pass a threshold. The other 2 are within lower brackets.
As others have said, definitely get #3 below 48.9% and I would also PIF on #2 for sure. Less cards with balances makes a big difference. Then try to get #1 under 28.9%.
I think PIF on #1 and #2 would raise your score faster than having #1 & #3 under 28.9%, but I could be wrong.
