Paying down CC utilization

[Anonymous]

What is the best way to approach CC debt? I don't have a ton. A little more than $900. I'm wanting to pay 1/3 of it down today.

What is the best way to do this to maximize score gains?

[Anonymous]

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@Anonymous wrote:

What is the best way to approach CC debt? I don't have a ton. A little more than $900. I'm wanting to pay 1/3 of it down today.

What is the best way to do this to maximize score gains?

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Not enough info.  You would have to list your cards, limits, and current UTI.

[Anonymous]

Pay down by thresholds. 

Individual cards below 28.9%, 48.9%, 68.9%, and 88.9% and aggregate thresholds are the same plus an additional at 8.9%. 

Paying below thresholds will have noticeable score gains if you get all cards under each one. 

[Anonymous]

Capital One Secured: $129.32/200 (THINKING ABOUT CLOSING AFTER $0 BALANCE) - UTI: 64.66%

Capital One Platinum: $181.04/300 - UTI: 60.35%

Amazon Secured: $87.99/100 - UTI: 88%

Merrick Bank: $235.47/700 - UTI: 33.64%

Walmart CC: $133.79/200 - UTI: 66.90%

Indidgo: $226.06/300 (FOR SURE CLOSING AFTER $0 BALANCE) - UTI: 75.35%

I also have an account through MDG. I got a PS4 through them last year. Not sure if it is reporting like a credit card. It says revolving like all of my credit cards on experian.

MDG: $292.15/1,500 - UTI: 19.48%

[Anonymous]

Thank you!

[M_Smart007]

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@Anonymous wrote:

Capital One Secured: $129.32/200 (THINKING ABOUT CLOSING AFTER $0 BALANCE) - UTI: 64.66%

Capital One Platinum: $181.04/300 - UTI: 60.35%

Amazon Secured: $87.99/100 - UTI: 88%

Merrick Bank: $235.47/700 - UTI: 33.64%

Walmart CC: $133.79/200 - UTI: 66.90%

Indidgo: $226.06/300 (FOR SURE CLOSING AFTER $0 BALANCE) - UTI: 75.35%

I also have an account through MDG. I got a PS4 through them last year. Not sure if it is reporting like a credit card. It says revolving like all of my credit cards on experian.

MDG: $292.15/1,500 - UTI: 19.48%

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since the $dollar amount is not that much, I would start off with your Highest Util. Card @88% (try to pay that to $0)

Then  try to Get #2 & #3 to Zero or to just under The Thresholds at least.

at least try to bring them equaly down as Saeren Stated.

you will likely get a variance of opinions.

"Pay down by thresholds.

Individual cards below 28.9%, 48.9%, 68.9%, and 88.9% and aggregate thresholds are the same plus an additional at 8.9%.

Paying below thresholds will have noticeable score gains if you get all cards under each one."

Edit: One more thing, try to keep your oldest Card open if No Annual Fee. and put a small charge on it every 6 months to keep it Active.

[Anonymous]

Your best move is to get all accounts below 48.9%. You’ll gain points for that. 

Your aggregate is 58.34% (all revolving accounts factor into this) so by making sure that all cards are under 48.9% you’ll drop below 48.9% aggregate by default and you’ll get at least 10 points just for that (more likely 20+ but I don’t want to promise the moon and have it fall short but you have a card at 88% which is insanely close to maxed out so it should be a sizeable gain). 

[Anonymous]

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@Anonymous wrote:

Your best move is to get all accounts below 48.9%. You’ll gain points for that. 

Your aggregate is 58.34% (all revolving accounts factor into this) so by making sure that all cards are under 48.9% you’ll drop below 48.9% aggregate by default and you’ll get at least 10 points just for that (more likely 20+ but I don’t want to promise the moon and have it fall short but you have a card at 88% which is insanely close to maxed out so it should be a sizeable gain). 

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Is that including the MDG account?

[Anonymous]

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@M_Smart007 wrote:

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@Anonymous wrote:

Capital One Secured: $129.32/200 (THINKING ABOUT CLOSING AFTER $0 BALANCE) - UTI: 64.66%

Capital One Platinum: $181.04/300 - UTI: 60.35%

Amazon Secured: $87.99/100 - UTI: 88%

Merrick Bank: $235.47/700 - UTI: 33.64%

Walmart CC: $133.79/200 - UTI: 66.90%

Indidgo: $226.06/300 (FOR SURE CLOSING AFTER $0 BALANCE) - UTI: 75.35%

I also have an account through MDG. I got a PS4 through them last year. Not sure if it is reporting like a credit card. It says revolving like all of my credit cards on experian.

MDG: $292.15/1,500 - UTI: 19.48%

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since the $dollar amount is not that much, I would start off with your Highest Util. Card @88% (try to pay that to $0)

Then  try to Get #2 & #3 to Zero or to just under The Thresholds at least.

at least try to bring them equaly down as Saeren Stated.

you will likely get a variance of opinions.

"Pay down by thresholds.

Individual cards below 28.9%, 48.9%, 68.9%, and 88.9% and aggregate thresholds are the same plus an additional at 8.9%.

Paying below thresholds will have noticeable score gains if you get all cards under each one."

Edit: One more thing, try to keep your oldest Card open if No Annual Fee. and put a small charge on it every 6 months to keep it Active.

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Thank you. When paying down say to 28.9% should I include the upcoming payments for smaller payoff amount?

Example Indigo would ve 180.06 afte the payment this month. Should I pay the $180 or $220?

I think I may go by threasholds though.

[M_Smart007]

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@Anonymous wrote:

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Thank you. When paying down say to 28.9% should I include the upcoming payments for smaller payoff amount?

Example Indigo would ve 180.06 afte the payment this month. Should I pay the $180 or $220?

I think I may go by threasholds though.

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try to go below due to any interest pushing you back over. The more the merrier

so yes, if you can pay $220, i would do it.