Looking for opinions again...

[PCR20]

I'm seriously working on my FICO/FAKO Scores in preparation for a major purchase in about 6 months.

I have built a Credit Spreadsheet with all my current data on Google Docs.

My Current Debt

(I adjusted the numbers slightly and changed some of the names for security reasons, but they are very close to reality)

The Payments I listed under CR PAYMENTS are what shows on my Credit Reports, not what I'm actually paying.

I have about $1,500 extra per month that I apply to the payments.

The low interest rates on rows #4 and #6 are promotional rates that will expire in about 8 months, then both cards will revert to about 17%.

I expect to have them close to "Paid in Full" by then.

This all leads to a couple of questions.

I'm only looking for opinions here, I understand they are just "best guesses" and no guarantees are made.

It just seems to me this is the best forum to get opinions on how to proceed.

A couple of questions come to mind.

#1 - Where would you think I'd get the most FICO improvement for my extra payment the soonest?

#2 - I fell prey to Discover sending me "Pre-Approved" letters last month.

I thought I'd get a much better card than $2500 limit at 23%, even though it is a 0% card for 15 months with 5% Cash Back on some purchases.

The impact that card has on my AAoA  is it goes down from 5.41 Years to 5.02.

I'm thinking about closing it.

With a CL of only $2500.00, I don't need the card and it has very little impact on my Utilization.

#3 - My credit report is absolutely clean, with no "Baddies" at all ever.

The earliest account I have is from 1986, a store Credit Card.

Am I being realistic in thinking I can achieve a +800 Score?

Any suggestions or comments are welcome.

[marty56]

In terms of FICO scoring, you need to reduce the # off CC reporting a balance and pay down the % util on those that having high util first.  You need to attack your Barclays and Discover first and then the US Bank one.  PIF Barcalys first

[IOBA]

Just a quick glance at your numbers.

1.  Pay down the cc's to a utlization of 9% or less.  Then work on paying off an installment loan.   The best bang for your buck, I think, will be reducing the utilization.   The second bang for your buck is to pay off an installment loan.  (When I did this -- and keep in mind the details vary with everyone -- paid off an installment loan, my credit score dropped a little bit and then rebounded less than 30 days later to a new higher FICO score.  I get my FICO score every month.  I also receive FAKO scores each month.  I found that my FAKO scores have been a match for my real FICO scores pulled from financial institutions.  Again, it's different for everyone.)

2.  Do not close the Discover card out.  It helps your overall utlization.   And if you aren't using it, no big deal - the interest rate wont' hurt you.

3.  Yes, you can achieve an 800 score.  I have been there with just cc's and paid off installments.  Right now, I am sitting at 797 - just waiting for a cc to report a zero balance and my score should speed past 800.  

[PCR20]

Thanks for the opinions, always appreciated.

On paying off one of the Installments, with what I'm doing now I only have 3 payments left on the car loan "Auto #1", using some of the $1500 plus its payment, so that should help.

I was thinking I'd pay the "USBank" down to 20% now, then go maybe $100+minimum on it then do the same with "Barclays".

Then I'd go to work on the "Citi" card.

Using the $800 from the paid off car + the $1500 I already use, I can knock the "Citi" card down to under 15% Utilization before I pull another set of real FICOs from here in six months.

My reasoning in doing it this way, I'll have one less Installment, my overall Utilization will be about 12% and I can take full advantage of the Zero percent Interest on the "Citi" card until the promo is up.

Thanks to the opinion from IOBA, I'm going to work up a spreadsheet and see how it works out that way.

Would the consensus be one card with about 20% on it and two cards with less than 9% is

better than three cards with around 12% ?

(Overall Utilization would be the same.)

Now if I could just find a decent "FICO/FAKO Score Simulator"....

[PCR20]

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@marty56 wrote:

In terms of FICO scoring, you need to reduce the # off CC reporting a balance and pay down the % util on those that having high util first.  You need to attack your Barclays and Discover first and then the US Bank one.  PIF Barcalys first

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Since I can't quite pay all of them off 100% before I need to make a big purchase, 

Do you think it's better to have one card holding all of the utilization, or spread across three? (or two)

Do you think  the number of cards showing a balance factors in the FICO Score?

[PCR20]

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@TCarson wrote:

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Since I can't quite pay all of them off 100% before I need to make a big purchase, 

Do you think it's better to have one card holding all of the utilization, or spread across three? (or two)

Do you think  the number of cards showing a balance factors in the FICO Score?

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Nevermind, I see that jello77 made a post in this same fourm that clearly answers this one.

How # of cards with balance can effect FICO score

Thanks jello77, very nice post