Utilization moves to Improve my Score

[armywifelong03]

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@RSX wrote:

one swift move

they are different companies and different statement dates - so even if you do all the payments in one day, it will take a month or so for everything to report - so the sooner the better

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Thanks! That's how I have it set up.  All set to post in the next few days with the first reporting (or closing) the 9th.

[tayloreat713]

Wow! That was all really great detailed advise. 

I'm in a similar situation and looking to improve my UTI which will improve my score in order to qualify for a mortgage. Below are the details of my current credit cards and their balances vs. limits. Can someone provide suggestions on the actions I should take to bring my scores up? 

I've done the snowball method a bit and working my way up to the larger balances. I know there are other factors impacting my score such as payment history and I have been diligent to pay on time. For example, my Torrid card has been opened for 4 years and have paid on time for the past 32 months. My limit was higher but synchorny decreased my limit when they saw my other credit cards maxed out. Once I paid off Victoria Secret and Childrens place they closed those account which tanked my score last year.  My total credit card has been opened since Jan 2019 and I missed a 1 payment in Nov. (Complete oversight on my part). Which has hurt my score since it's only been 3 months since that missed payment. I don't want to ask for a limit increase. 

Another issue... I turned in my truck lease in Feb 2020 and left a balance for overage of miles and a couple missed payments during the lease. They are reporting my balance each month but I'm not sure if making my efforts to reduce my UTI are as impactful because of this balance and how it's being reported. Will the lenders require this to be paid before I get approved for a home or will a payment plan to Ford suffice...I have no clue. 

Any advice or guideance would help. I know my senario is messed up, please be nice when replying.

Nordstrom balance 2342 limit is 2500

Merrick balance1340 limit is 1400

First Premier balance 169 limit is 500

Total  balance 6 limit is 300

Amazon balance 0 limit is 100

Torrid  balance is 28 limit is 100

Citibank balance is 0 limit is 9100 (I'm listed as an authorized user on this account. It reports on my credit but not sure if it is making a big impact as my score are still low. 

[RSX]

first thing - life happens - so setup AutoPay on ALL accounts with at least a minimum payment

second - work on getting all cards below each threshold - 89%, 69%, 49%, 29%, 9%

Nordstrom balance 2342 limit is 2500 - pay this to $2220

Merrick balance1340 limit is 1400 - pay this to $1240

First Premier balance 169 limit is 500

Total  balance 6 limit is 300

Amazon balance 0 limit is 100

Torrid  balance is 28 limit is 100 - pay this to $0 (seems funny, but this will show as 28%)

make regular minimum payments on the others until those 2 are dropped below 89%

then make regular minimum payments on the others until the 2 below are dropped below 69%

Nordstrom balance 2342 limit is 2500 - pay this to $1720

Merrick balance1340 limit is 1400 - pay this to $960

after this step you can now decide on what path to take

all minimums except the 1 card with the highest interest - all extra money is put on this one until zero

or

all minimums except the 1 card with the lowest balance - all extra money is put on this one until zero

getting below 89% and then 69% is basically a safety net to show the lenders you know that you have to pay down balances

once they are below the 69% you can now implement the Avalanche or Snowball method, knowing you are a lot safer

Good luck

[tayloreat713]

Great! I will do those exact things and track my score improvements. 

2 things. 1. Do you think I should get my mortgage scores now just so I can have a starting point? If not, when should I begin to monitor my mortgage scores? 2. Once I work on the UTI and I've gotten the most points I could from that method what should I do with my collections, charge off or student loans? Basically which should I hit first? 

Thanks

[SouthJamaica]

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@armywifelong03 wrote:

Hi all!  First, thank you for your advice.  

Second, another question.  Do I do this over time, like the next two months or just one swift move?  

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The sooner the better as @RSX advised