Pay down to get highest FICO gains?

[Anonymous]

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@Anonymous wrote:

I'd go like this:

Orchard - pay off $250 to leave just under 5%

WalMart - pay off $85 to leave just under 5%

Cap One - pay off $350 to be well under 50%

Wamu - throw remaining $215 at this to be well under 50%

Part of me would like to tell you to throw the $215 from Wamu at CapOne instead, but there is the scary chance that Wamu could suddenly report at any time, and you are bordering on 50% util with them. How long since you received the Wamu card?

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We've had them about a month -- maybe a tad less. I've been told that they report on the statement date, though, and we'll have them well paid off by then!

WaMu scares me, too. They're our first prime card and we don't want to make them regret trusting us!!

[Anonymous]

Okay, I did the bills again and I do have to leave in a "fudge factor" for the most part (Sable -> dying a horrible death).

I can pay $900 now, and roughly $1K next 11th. We've got an "extra" paycheck coming up so that'll take care of Christmas!

So with $1900, we should get a decent boost, right? As it is right now, WaMu should FIRST start to report on 12/12. So, really, I could afford to pay off ALL the cards today (with the exception of WaMu). THEN, pay THEM off (or lower the balance significantly) on the 10th. That'll leave a balance of roughly $400 on WaMu and $0s on the others.

Is that what you would do? We just REALLY want to get the max FICO points by this time next month! I can hold DH off on apping for the unrestricted card for that long -- but no longer, I don't think.

If Citi would check TU or EX, it'd be no problem. They're both hovering at the 680 mark. It's just EQ that hates us.

[haulingthescoreup]

I'd pay off the three smaller ones and then go after WaMu. You'll lower your util, you'll only have one CC with a balance, and all your attention can be focused on the WaMu.

Surgical strike!

btw, you won't believe how good it feels to get only the one card with a balance, and to know that it's next. There's nothing like being in control of your money!


eta: cna't splel

Message Edited by haulingthescoreup on 11-18-2008 11:09 AM