@Anonymous wrote:Hi,
I ran up some credit and now I am ready to pay it off. I am trying to get the best scenario where my score gets a nice jump. Current score is 644. From reading it might drop some (hopefully not) but what do you think about this payoff scenario and possible outcomes based on these balances:
Nordstrom Visa-CL: $7,000 Bal: $7,000
SYNCB/PPC: CL: $3197 Bal: $2982
Bank Card: CL: $2500 Bal: $2450
Best Buy: CL: $2000 Bal: $1136
Target: CL: $2800 Bal: $1098
Bloomies: CL: $1200 Bal: $1003
Nordy Retail: CL: $2100 Bal: $722
Discover: CL: $1400 Bal: $671
BoFA: CL: $500 Bal: $0
Kohl's: CL: $700 Bal: $34
Amex: not sure why this is still showing but I was an authorized user on an account years ago and then removed. It is just reporting as on time.
Home Depot: CL: $1000 Bal: $0
I have a car lease with BMW, no lateness and all on time
I have a mortgage for $242,000 Balance but selling this property for a good profit within the next month.
I know the usage is high hence why I want to pay it down, so don't be too harsh on me. I just want to know for the revolving credit, should I pay it down all at once and by October I should be good or is there a different strategy I should be deploying here. Thanks in advance.
P.S. I am trying to get a new property in October/November so trying to present the best credit report by then.
If you can pay it down all at once, then definitely pay it down all at once. Nothing to even think about.
For the AU account, if you are certain you have been removed from the acct as an AU, a simple dispute with the CRAs should get it removed. I've seen it mentioned before that for some reason an AU acct can 'stick' even after you've been removed as an AU, and a dispute is what will force it off. Remember, if it's your only AU account, and the balance reports at $0, there's a separate all zero 'penalty' for that. If you're going to leave it on your reports, you want it to report a small balance.
As for your revolvers, there's no benefit for score to paying them down slowly, and, as previously mentioned, one or more of your creditors could lower your credit limit due to high utilization on the other accounts if you do. If you're financially able, I'd pay them all off except your Discover. I'd leave a balance of $50 or so to report on your Discover for AZEO, and you should be at your max scores for revolving utilization.
