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My scores were around 570 with utilization of 85%.. I paid off a ton of card balances... when it hit 32%.. the score jumped overnight to 591... I've heard that the goal is to be below 30% (and most credit sites say it).... If I get it below 30% can I expect another jump in score? Also, if I get it down to like 8-9% will it make even more difference or am I talking only a few points or so?
I have some baddies that I'm working to pay off.. that I'm hoping will boost me up into the mid 650s....
Just getting eager... been a long climb from the cellar (480-500 scores)... and I'm trying to make everything right so I can buy a house next year.
CapOne QS $10,250 | AMEX Delta Gold $15,000 | AMEX BCE $5,000 | AMEX BCP $1,000 | AMEX HHonors $1,600 | Discover it $2,000 | EQ: 648 TU: 654 EX: 691 (as of 07/15/2017) |
The real goal for optimizing Fico scores is under 10% on one card, and zero on the rest.
Does that mean ideally never spend more than 10% of available credit on that one card, or never carry a balance of more than 10%? If I spend, say $400 on a $2K CL, but PIF that month, does my score take a hit for going over 10% for part of the billing period?
@Anonymous wrote:Does that mean ideally never spend more than 10% of available credit on that one card, or never carry a balance of more than 10%? If I spend, say $400 on a $2K CL, but PIF that month, does my score take a hit for going over 10% for part of the billing period?
As long as you pay off the balance before the statement cuts (that's usually when lenders report it to all three CRA), you'll be fine.
If you do what CAPTOOL says above, I can see your scores around 630.
Thanks for the clarification.
I think you meant the 630 comment for the OP. That would be the wrong direction for me! ;-)