@Anonymous wrote:If I pay off ~$6k off credit debt, is there any point to putting any of it towards the Chase Freedom Unlimited card? Do you see any sort of FICO benefit for having 70% utilization vs 97% utilization? Should I focus on the Chase Freedom card, and if so how much of a difference does it make to get the utilization to 29% vs 9% vs 0? Is there any other actions I should be be taking to bump my scores?
Thanks for your help!!!
Below are benchmarks for FICO 8. Scores lenders use for mortgage are EX2, TU4, EQ5; should react similarly.
Remember these aggregate utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%
Remember these individual utilization thresholds: 28.9%, 48.9%, 68.9%, 88.9%
If you're not crossing a threshold, you won't be getting points.
Aggregate: 10-15 points for aggregate crossing a threshold.
Individual: ~5 points points for individual crossing a threshold.
If you want to fully optimize your score, look into AZEO Technique. All Zero Except One card reporting a small balance e.g. $5-$10. Use a bank card. Do not use a store card. Get your CC aggregate utility at or below 8.9%. Scores will react positively with one revolving credit card reporting a balance.
You might want to address any derogatory you have; delinquency, charge off, collection, etc. If they are updating monthly, it'll keep your scores suppressed.
@Anonymous Welcome to the forum.
EX2 + 3 Bureau report for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.
TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?
EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
@Anonymous wrote:Thank you!!!
You're welcome.
@AllZero wrote:
@Anonymous wrote:Thank you!!!
You're welcome.
You're the Lord of the links. I for one appreciate it. I've read thousands of post and can recall what I've learned but can seldom fine the post that supports it or at what least convinced me although I search what I know to search.
Thank You!
@Trudy wrote:
@AllZero wrote:
@Anonymous wrote:Thank you!!!
You're welcome.
You're the Lord of the links. I for one appreciate it. I've read thousands of post and can recall what I've learned but can seldom fine the post that supports it or at what least convinced me although I search what I know to search.
Thank You!
You're welcome. I've saved them into my macro so it's easy to pull up the most popular ones.
@Anonymous wrote:Hi everybody! Here's my situation: sometime in the next few months I am going to try to refinance my mortgage on a rental property. My credit score is not where I'd like it to be, and I know a huge part of that is my poopy levels of credit utilization.
My wife developed health problems last year, and I was forced to leave my job to help care for her. Since then we've been living off savings, putting things on credit cards, borrowing money from family, and taking money out of our HELOC for medical expenses. Currently we have $55,535 used on a $98,401 credit limit (and off the books, about 40k in money borrowed from family members). Luckily, there is some light ahead: our tax return will be about $4k, we'll get $2.4k on Monday for the Covid payments, $2k in the next few weeks for home insurance payouts, then in July I'll get a royalty check for ~$70k, which will be a massive relief. We also moved from western NY to Washington last year, and once they lift the lockdown in NY we can sell our house there, which we own outright. But the refinance markets are crazy, and I don't know if these staggeringly low rates will still be around then. I'm hoping people might have suggestions for what my highest impact actions might be with my refund and Covid money.
Experian FICO8 is 729, Equifax is 691, Transunion is 698. According to Experian I've never missed a payment on a credit card, but the latter two both claim I was 30 days late on a Citi card in 12/2018.
Credit accounts are:
Albina : bal $0 / CL $1,000
AMEX: bal $47 / CL $14,700
Best Buy: bal $0 / CL $2,001
Citi: bal $169 / CL $18,000
HELOC: bal $29,298 / CL $30,000
Chase Freedom: bal $5,709 / CL $6,000
Chase Freedom Unlimited: bal $20,112 / CL $20,700
Care Credit: bal $0 / CL $6,000
Affirm loan: bal $711 / CL $949
Car loan: bal $9,708 / $17,212
Mortgage: bal $306,015 / $333,000
I have four inquiries, but that's probably about to go up to five: I signed up for a Discover card a few weeks ago, it's been approved and activated but isn't showing up on the report yet (0 bal on $6,000 CL when it does).
The credit cards with small balances have been zeroed out. The two Chase cards both have 0 APRs.
If I pay off ~$6k off credit debt, is there any point to putting any of it towards the Chase Freedom Unlimited card? Do you see any sort of FICO benefit for having 70% utilization vs 97% utilization? Should I focus on the Chase Freedom card, and if so how much of a difference does it make to get the utilization to 29% vs 9% vs 0? Is there any other actions I should be be taking to bump my scores?
Thanks for your help!!!
The ones in red are considered maxed out. Or over 89%. They are killing you. Plus FICO likes 1 loan at least. The Affirm loan can be paid off since you already have other installment loans. There ya go in 1 post.
