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Used some of my refund to get a handle on some of this debt, how much of an increase can I expect?
1. CC 6660/7600, now 6078
2. CC 3108/3500, now 2767
3. CC 3083/3500, now 2788
4. CC 1314/1800, now 985
5. Loan 1050, now 899
6. CC 724/1000, now 688
7. CC 810/1000, now 681
8. CC 314/800, now 278
Ultimately, besides becoming debt-free, I'm looking to refinance my auto (currently at 9.250%) for a better rate. I still have about $1000 I could use to pay on something, but my savings is virtually non-existent so I'd like to keep that, UNLESS it would make a serious increase in my scores. Any info you can give would be very helpful.
@OntheHorizon wrote:Used some of my refund to get a handle on some of this debt, how much of an increase can I expect?
1. CC 6660/7600, now 6078
2. CC 3108/3500, now 2767
3. CC 3083/3500, now 2788
4. CC 1314/1800, now 985
5. Loan 1050, now 899
6. CC 724/1000, now 688
7. CC 810/1000, now 681
8. CC 314/800, now 278
Ultimately, besides becoming debt-free, I'm looking to refinance my auto (currently at 9.250%) for a better rate. I still have about $1000 I could use to pay on something, but my savings is virtually non-existent so I'd like to keep that, UNLESS it would make a serious increase in my scores. Any info you can give would be very helpful.
You've gone from 83% utilization to 74%. It's always good to reduce debt but I'd guess any score increase would be small. 74% is still very high. The reduction in the loan balance from $1,050 to $899 does not factor into revolving utilization. Plus FICO looks at individual card utilization as well as overall utilization.
You also are being hurt by having too many accounts with balances. FICO gets nervous about that. Try and get to the point where less than half your CC's are showing a balance and remaining cards only report 1-9% utilization each month.
Optimal credit utilization for FICO scoring purposes seems to be:
Total revolving utilization > 0 and < 9%, the lower the better, and
Reporting a balance on less than half of your revolving TL's, and
Reporting a balance on half or less of all TL's.
Don't drain your savings. Keep it for emergencies not related to debt. Put as much extra money as you can each month into balance reduction. I would concentrate on the cards with smallest balances first to get those to zero fastest. You'll get other opinions about this. Use what you think will help you the most. Remember that there is often no quick solution but if you keep at it you can get those balances down.
Good luck to you.
From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
You can do the same thing with hard work.
A quick approximation shows me that you paid roughly $2,000 in debt. IMO, you would've gotten more bang for the FICO buck by paying off 6, 7, & 8 with those dollars. Individual util does count.
OntheHorizon wrote:
Used some of my refund to get a handle on some of this debt, how much of an increase can I expect?
1. CC 6660/7600, now 6078
2. CC 3108/3500, now 2767
3. CC 3083/3500, now 2788
4. CC 1314/1800, now 985
5. Loan 1050, now 899
6. CC 724/1000, now 688
7. CC 810/1000, now 681
8. CC 314/800, now 278
Ultimately, besides becoming debt-free, I'm looking to refinance my auto (currently at 9.250%) for a better rate. I still have about $1000 I could use to pay on something, but my savings is virtually non-existent so I'd like to keep that, UNLESS it would make a serious increase in my scores. Any info you can give would be very helpful.