This is a bit academic, as my file is SO dirty that it is not subject to the typical changes one might expect when crossing thresholds.
That being said, if I can eek out a couple points, it may help on a Mortgage rate in the next 6 months. And academically I wonder what some suggestions are.
If you only had 1300 to apply against any balance(s) below, how would YOU do it to maximize effect on mortgage specific scores. There is an un-used 0 balance charge card not included below.
CareCredit 0 15000 0.00% VISA 1 0 4000 0.00% MC 1 0 4000 0.00% MC 2 0 9500 0.00% Retail 1 0 500 0.00% MC 3 0 5300 0.00% Discover 0 4000 0.00% MC 4 0 1050 0.00% Retail 2 2200 6000 36.67% Amex 1 900 6000 15.0% MC 5 800 5000 16.0% VISA 2 2150 7500 28.7% VISA 3 6000 9300 64.5% VISA 4 500 11000 4.5% TOTAL 12550 88150 14.24%
Again, my experience says there will be minimal effect, but I am curious what the wisdom is.
@simplynoir wrote:Is this a one time use of $1300 or this how much you can throw at the balances monthly between now and six months down the line?
I suppose I should have been more clear on the academic question:
What would be the optimal potential allocation for one time payment(s) totaling 1300 against existing balances?
@BallBounces wrote:
This is a bit academic, as my file is SO dirty that it is not subject to the typical changes one might expect when crossing thresholds.
That being said, if I can eek out a couple points, it may help on a Mortgage rate in the next 6 months. And academically I wonder what some suggestions are.
If you only had 1300 to apply against any balance(s) below, how would YOU do it to maximize effect on mortgage specific scores. There is an un-used 0 balance charge card not included below.
CareCredit 0 15000 0.00% VISA 1 0 4000 0.00% MC 1 0 4000 0.00% MC 2 0 9500 0.00% Retail 1 0 500 0.00% MC 3 0 5300 0.00% Discover 0 4000 0.00% MC 4 0 1050 0.00% Retail 2 2200 6000 36.67% Amex 1 900 6000 15.0% MC 5 800 5000 16.0% VISA 2 2150 7500 28.7% VISA 3 6000 9300 64.5% VISA 4 500 11000 4.5% TOTAL 12550 88150 14.24%Again, my experience says there will be minimal effect, but I am curious what the wisdom is.
I would apply it to Visa 3. You want to focus on trying to wrestle that one down to 4500 or less. Once you're at 49% there you'll pick up some points.
Then I would focus on getting that one and Retail 3 down to 28%; you'll pick up some more points when you do that too.
So interestingly, I moments ago got a 2000 CLI on VISA 3 (I wish I would have known about this lender's CLI policy earlier) which changes the equations to this, because of some other minor allocation changes and the CLI:
CareCredit 0 15000 0.00% VISA 1 0 4000 0.00% MC 1 0 4000 0.00% MC 2 0 9500 0.00% Retail 1 0 500 0.00% MC 3 0 5300 0.00% Discover 0 4000 0.00% MC 4 0 1050 0.00% Retail 2 2200 6000 36.67% Amex 1 1000 6000 16.7% MC 5 0 5000 0% VISA 2 2900 7500 38.7% VISA 3 6000 11300 53.1% VISA 4 450 11000 4.1% TOTAL 12550 90150 13.92%
I think I will pay VISA 3 to under 49%, and see what happens. Then pay Retail 2 to under 29% and see what happens. Finally paying VISA 2 to under 29% and see what happens. All of those together will NOT put total utilization under 10%, so that could be the fourth test.
(I know you guys will disagree, but I bet I will see 0-1 point movement for each of the three tests. It is amazing what 20+ old lates and three Paid CO will do to an otherwise stout credit report. Being at the ceiling of this bucket, points don't come where you otherwise would see them.)
EDIT TO ADD: The real question is whether mprtgage scores will see a larger change than FICO 08s. I doubt that too.
@BallBounces wrote:So interestingly, I moments ago got a 2000 CLI on VISA 3 (I wish I would have known about this lender's CLI policy earlier) which changes the equations to this, because of some other minor allocation changes and the CLI:
CareCredit 0 15000 0.00% VISA 1 0 4000 0.00% MC 1 0 4000 0.00% MC 2 0 9500 0.00% Retail 1 0 500 0.00% MC 3 0 5300 0.00% Discover 0 4000 0.00% MC 4 0 1050 0.00% Retail 2 2200 6000 36.67% Amex 1 1000 6000 16.7% MC 5 0 5000 0% VISA 2 2900 7500 38.7% VISA 3 6000 11300 53.1% VISA 4 450 11000 4.1% TOTAL 12550 90150 13.92%I think I will pay VISA 3 to under 49%, and see what happens. Then pay Retail 2 to under 29% and see what happens. Finally paying VISA 2 to under 29% and see what happens. All of those together will NOT put total utilization under 10%, so that could be the fourth test.
(I know you guys will disagree, but I bet I will see 0-1 point movement for each of the three tests. It is amazing what 20+ old lates and three Paid CO will do to an otherwise stout credit report. Being at the ceiling of this bucket, points don't come where you otherwise would see them.)EDIT TO ADD: The real question is whether mprtgage scores will see a larger change than FICO 08s. I doubt that too.
I predict you will see larger gains than that, and that your mortgage scores will share in the glory.
@SouthJamaica wrote:
I predict you will see larger gains than that, and that your mortgage scores will share in the glory.
Not so far. In fact per my other thread, quite the opposite with a 20 point drop not seen in years! FWIW, that AU card listed in the other thread is not one of the cards above ... because it was 0 balanced in January and long disregarded by me.... but thats another topic.