Paying down CC utilization

Anonymous · ‎08-02-2019

@Anonymous wrote:
@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).
Is that including the MDG account?

Yes it does. That’s a revolving account so it’s counting towards your utilization.

Anonymous · ‎08-02-2019

@Anonymous wrote:
@Anonymous wrote:
@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).
Is that including the MDG account?
Yes it does. That’s a revolving account so it’s counting towards your utilization.

Thank you.

Anonymous · ‎08-03-2019

OP, I'm not sure if you said the reason above and I missed it or if you didn't say, but is there a reason that you're looking toward score maximization from your balance paydown(s) rather than paying as little interest as possible? Perhaps you have an upcoming app or something and the score gains are more important than extra interest? If not, possibly re-thinking your approach to minimize interest paid may be a worthwhile consideration.

SouthJamaica · ‎08-03-2019

@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%

If I were you I would use the snowball method:

1. Stop using the cards.
2. Pay off smallest balance first, then next smallest, and so on.
3. On other cards pay minimum + something each month.
As each balance turns to zero, that will free up your remaining monthly cash to apply to the next smallest balance.

Don't cancel any cards until you get all of them zeroed out. Then cancel the Indigo card.