You will need to list individual and aggregate utilization %. APR with associated account may be helpful too for member feedback.
Remember these aggregate utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%
Remember these individual utilization thresholds: 28.9%, 48.9%, 68.9%, 88.9%
If you're not crossing a threshold, you won't be getting points.
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20
@crowepti wrote:I apologize I am new to the threads. My balances are as follows. I have $3700 to pay on my cards right now. I was thinking to knock out my discover to zero then take my HD ($350 payment) and Petal ($350 payment) cards down to 85% and knock followed by taking my care credit card ($ 600 payment) and citi cards ($800 payment) to 49%. This would drop me to around a total 50% which i would try to squeeze some extra in to be at 49%
2700 / 1590 Discover 2019
4100 / 3800 Petal. 2019
5000 / 4835 Home Depot 2014
4000 / 2600 Care Credit 2019
3000 / 2400 Citibank 2019
600 / 0 Amazon 2019
200 / 0 Walmart 2019
250 / 0 PNC secured starter 2014
300 / 0 Capital One starter secured 2014
300 / 0 open skycc secured 2014
2500 / 0 rooms to go 2019
@crowepti That sounds like a good plan. 88.9% utilization and over is maxed out. So getting those cards under it would be a good first step. Then, you can proceed with 68.9%, and etc. Be mindful of accrued interest which may push you over the thresholds.
@crowepti wrote:Thank you . Would it be better to do it the way I planned or should I take all the cards to under the 68.9 now by reversing and going heavier on the larger balances? My thought on my plan was accomplishing paying off one card and then paying off another quickly. But if I take them all under 68.9 now then maybe I could snowball and start paying off the smaller ones. Should I cancel the three secured cards? I just paid all of the annual fees so I could wait 10 months and avoid them while keeping age and availability.
What are the APRs per card? That may be a factor that helps you decide which course of action to take. e.g. tackle high APR first.
For those secured cards. Have you inquired if they will ever gradudate?
If there are no other fees, as you mentioned, since you paid the annual fees, keep them and re-evaluate your credit situation when the time nears.
@crowepti wrote:I have 5 cards that I have all let get over 80%. My error in judgement and a couple trips to the ER with our dog helped with this scenario. ANyway I have cards with balances of $1590.00/ $2400.00/$4900.00/$2600.00 and want to make a couple large payments. Would it be best for me to spread $4000 over the 4 cards or would it be best for me to pay off my lowest card and a big chunk on the next lowest card?
From a scoring perspective best to try getting them all down on the same level to breakpoints: e.g. 68%, then 58%, then 48% and so on.
Once you've got them all down to 28% or less, then try to zero out the one with highest interest.
