@Anonymous wrote:Your total utilization right now is 9.8%. Did you see how I got that number?
FICO rounds all percents up. Thus, even if your utilization was 9.01%, FICO would round that up to 10%. You want to have a total utilization of 9% or less. That means in practice a utilization of less than 8.99%.or less. So....
800 + 500 = 1300.
1300 x 9% = $117
So you want a total debt of $116 or less.
Tell me if that makes sense. Given your current profile, you will get maximum scoring points with one card showing $0 and the other card showing somewhere between $5 and $116. (Ultralow balances, like $1-3, can sometimes get reported as $0.) You can still use your credit cards a lot. They just need to report with those balances.
That's for the short term. In the medium to long term, there are other ways to improve your credit score.
Thanks for the explanation. Makes perfect sense!
After my payment on 3/2 the balance will drop to $107.
@Anonymous wrote:Do you have any open installment loans?
I have a Student Loan that I'm paying on. Isn't that an installment loan?
@Anonymous wrote:It sure is. Is it your only installment loan? Do you mind me asking how much your owe now and what the original amount of the loan was for?
There might be a way to raise your score by quite a little bit.
The original loan amount was $8,113 & I now owe $7,007.52; Yes, that's my only one. It also looks like my child support is listed as an installment, too. But not sure if CS counts.
Also, I do have a few medical collections that I'm working to remove via HIPPA Process.