Quick question on how to effect score

[llecs]

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JR2475 wrote:
Ok, back for one more. If I were to only be able to pay off around 50% of my total debt, I know revolving accounts would be better to pay down than installment loans, but would it be better to zero out as many accounts as possible or pay all of them down? Currently I have 11 CCs that are carrying balances.

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In general, you'd want half of your cards at $0 with the other half under 10%. If that isn't do-able, then focus on getting all your CCs under 50%, then work down from there.

[Anonymous]

Sounds good. I think I am starting to get the idea. I want to thank you all for the awesome information here.

[Anonymous]

Wanted to give a quick thanks to all of you for the awesome advice. Here are my scores last month vs. this month:

TU 630(8/25)- 661(9/19)

EQ 616(8/25)- 638(9/19)

EX 616(8/25)- 668(9/19)

There are also a few more balances that I have paid off but won't hit until later because I didn't get the payments in fast enough, as well as a few small balances carried over from interested on a couple of the accounts that were PIF. I basically brought my credit usage down from 78% to 34%. Here are my only remaining problems left to fix:

-one card still at 90% usage
-one card at 45% usage
-4 cards still showing $10 or less due to interest carried over that didn't show till the new statement hit.
-7 cards still showing balances that have been PIF

With just the cards that do not yet show PIF but are, along with getting rid of the small balances from interest being paid, I am fully expecting at least another 20-40 points. If you all would like some more specific details feel free to ask, but big thanks to all of you for the good advice.

Message Edited by JR2475 on 09-19-2008 07:51 AM

[Phoenix-rising]

Congratulations on your progress so far JR!  It's amazing how much Util can hurt you or help you.

Good luck with the house loan.