@Anonymous wrote:Hi everyone, long time lurker here..
I'm trying to get my scores back on track after a huge dip several years ago.
long story short. My fico 8 scores are as follows:
TU-612
EQ-586
EX-597
last updated 4/22
i have 3 open credit cards. Cap one, dell and discover. All three cards, as of this week, are all at or just under 50% utilization.
1.5yrs ago I enrolled in DMP to get my life back on track and many accounts have been closed as a result. I have been paying on time since, but do see that several of the closed accounts still have relatively high utilization. My question is, how much does it impact my score to have these closed accounts showing such high utilization? If there is a large impact, I can get them all under 50% in the next weeks. However I want to make sure that this is a wise move, otherwise I'd rather get my true active accounts all at 0 utilization.
Other reasons for my low scores are some collection accounts, which are being disputed.
They have a huge impact. You need to check how each of the closed accounts is reporting. Sometimes closed accounts get reported as 100% utilization. Any reporting that way should be paid down ASAP.
If all of them are continuing to report normally, then the balances there are no better or worse than your balances in the open accounts.
@Anonymous wrote:Let me know if this link works. These are all the closed accounts. I have some cash reserves i can spread to get these all down. Reminder these are all in the DMP plan, so this would be an additional payment.
Your highest priority should definitely be paying down the maxed out accounts.
And as stated above, you then need to check if there are any which are reporting as maxed out because the credit limit is reported as lowered. And you need to pay those down as well.