Utilization moves to Improve my Score

armywifelong03 · ‎04-26-2020

Hi all! I am looking for some advice on how we can get the most bang for our bucks on paying down utilization. We are on the middle of building a house and really want to get my utilization down to get a better rate at closing in August.

How can we approach this and get the most bang for our buck?

Additional info: zero negative remarks, scores 690 and above

Thanks in advance!

Plan to get CC Utilization down
Cards at 0%
Lowe’s
JcPenneys
Capital One Quiksilver
Amex Hilton Honors
Nebraska Furniture Mart

27%
Military Star Card $2000/$7200

Below 75%
Shop Your Way MasterCard $5700/9400 (I hate this card but don’t want to close it before closing)
Chase Sapphire $7000/$10,000

Over 75%
NFCU $24,950/$27,000
NFCU $13,940/$14,000
USAA Amex $14,000/$15,000

dragontears · ‎04-26-2020

@armywifelong03 wrote:
Hi all! I am looking for some advice on how we can get the most bang for our bucks on paying down utilization. We are on the middle of building a house and really want to get my utilization down to get a better rate at closing in August.

How can we approach this and get the most bang for our buck?
Additional info: zero negative remarks, scores 690 and above

Thanks in advance!

Plan to get CC Utilization down
Cards at 0%
Lowe’s
JcPenneys
Capital One Quiksilver
Amex Hilton Honors
Nebraska Furniture Mart

27%
Military Star Card $2000/$7200

Below 75%
Shop Your Way MasterCard $5700/9400 (I hate this card but don’t want to close it before closing)
Chase Sapphire $7000/$10,000

Over 75%
NFCU $24,950/$27,000
NFCU $13,940/$14,000
USAA Amex $14,000/$15,000

How much money do you have to put towards your debt? Or are you just looking for a general recommendation?

armywifelong03 · ‎04-26-2020

@dragontears wrote:
@armywifelong03 wrote:
Hi all! I am looking for some advice on how we can get the most bang for our bucks on paying down utilization. We are on the middle of building a house and really want to get my utilization down to get a better rate at closing in August.

How can we approach this and get the most bang for our buck?
Additional info: zero negative remarks, scores 690 and above

Thanks in advance!

Plan to get CC Utilization down
Cards at 0%
Lowe’s
JcPenneys
Capital One Quiksilver
Amex Hilton Honors
Nebraska Furniture Mart

27%
Military Star Card $2000/$7200

Below 75%
Shop Your Way MasterCard $5700/9400 (I hate this card but don’t want to close it before closing)
Chase Sapphire $7000/$10,000

Over 75%
NFCU $24,950/$27,000
NFCU $13,940/$14,000
USAA Amex $14,000/$15,000

How much money do you have to put towards your debt? Or are you just looking for a general recommendation?

Sorry! That would've helped. $15-20k. We would prefer to stick around $15,000 though

HeavenOhio · ‎04-26-2020

Optimum is to have a tiny balance ($5 but not much more) on a single card with balances of zero on the rest. This balance should be on a major card (Visa, Mastercard, Discover, AMEX) with a limit below 34k.

If paying your balance down like that isn't feasible, as mentioned, we'd need to know how much money you have to put toward debt.

Anonymous · ‎04-26-2020

What are the limits of all of your cards? It would be helpful to figure out total utilization and not just individual.

armywifelong03 · ‎04-26-2020

@Anonymous wrote:
What are the limits of all of your cards? It would be helpful to figure out total utilization and not just individual.

I posted the limits for each card. Utilization/limit

seattletravels · ‎04-26-2020

@armywifelong03 wrote:
@dragontears wrote:
@armywifelong03 wrote:
Hi all! I am looking for some advice on how we can get the most bang for our bucks on paying down utilization. We are on the middle of building a house and really want to get my utilization down to get a better rate at closing in August.

How can we approach this and get the most bang for our buck?
Additional info: zero negative remarks, scores 690 and above

Thanks in advance!

Plan to get CC Utilization down
Cards at 0%
Lowe’s
JcPenneys
Capital One Quiksilver
Amex Hilton Honors
Nebraska Furniture Mart

27%
Military Star Card $2000/$7200

Below 75%
Shop Your Way MasterCard $5700/9400 (I hate this card but don’t want to close it before closing)
Chase Sapphire $7000/$10,000

Over 75%
NFCU $24,950/$27,000
NFCU $13,940/$14,000
USAA Amex $14,000/$15,000

How much money do you have to put towards your debt? Or are you just looking for a general recommendation?

Sorry! That would've helped. $15-20k. We would prefer to stick around $15,000 though

What are the interest rates? You have several maxed out - are these 0% promos?

BECU Visa : $40,000 Date Opened: 02/2020

Delta Reserve : $20,000 Date Opened: 01/2020

Amex Blue Cash Preferred : $19,900 Date Opened : 07/2013

Chase Freedom Unlimited : $19,300 Date Opened : 02/2020

Citi Double Cash : $19,000 Date Opened : 06/2015

B of A Cash Rewards : $16,000 Date Opened : 12/2013

Barclaycard Ring : $10,000 Date Opened : 06/2017

Citi Simplicity : $9,000 Date Opened : 10/2011

Commerce Special Connections : $8,000 Date Opened 04/2015

Discover It : $7,100 Date Opened : 04/2013

Marriott Bonvoy Boundless : $5,500 Date Opened 07/2013

Delta Platinum : $2,000 Date Opened : 08/2018

Last App: BECU 02-26-2020
Pronouns: He/Him/His

armywifelong03 · ‎04-26-2020

@seattletravels wrote:
@armywifelong03 wrote:
@dragontears wrote:
@armywifelong03 wrote:
Hi all! I am looking for some advice on how we can get the most bang for our bucks on paying down utilization. We are on the middle of building a house and really want to get my utilization down to get a better rate at closing in August.

How can we approach this and get the most bang for our buck?
Additional info: zero negative remarks, scores 690 and above

Thanks in advance!

Plan to get CC Utilization down
Cards at 0%
Lowe’s
JcPenneys
Capital One Quiksilver
Amex Hilton Honors
Nebraska Furniture Mart

27%
Military Star Card $2000/$7200

Below 75%
Shop Your Way MasterCard $5700/9400 (I hate this card but don’t want to close it before closing)
Chase Sapphire $7000/$10,000

Over 75%
NFCU $24,950/$27,000
NFCU $13,940/$14,000
USAA Amex $14,000/$15,000

How much money do you have to put towards your debt? Or are you just looking for a general recommendation?

Sorry! That would've helped. $15-20k. We would prefer to stick around $15,000 though
What are the interest rates? You have several maxed out - are these 0% promos?

Unfortunately, no. 17-19%

Anonymous · ‎04-26-2020

@armywifelong03 wrote:
@Anonymous wrote:
What are the limits of all of your cards? It would be helpful to figure out total utilization and not just individual.
I posted the limits for each card. Utilization/limit

What you posted are the individual limits on the cards that you have balances on. It is impossible to figure out total utilization unless you post the limits on the other cards like the JC Penny, Cap one, etc. Total UTI is more important with regards to score movement. If you have 15k-20k to throw at the debt, your answers to my question will help the people here to determine exactly how much you need to throw at it to help your scores as much as possible.

armywifelong03 · ‎04-26-2020

Ah. Sorry.

JCP-$5000

NFM-$6900

Cap One-$2000

Amex Hilton$2000

@Anonymous wrote:
@armywifelong03 wrote:
@Anonymous wrote:
What are the limits of all of your cards? It would be helpful to figure out total utilization and not just individual.
I posted the limits for each card. Utilization/limit

What you posted are the individual limits on the cards that you have balances on. It is impossible to figure out total utilization unless you post the limits on the other cards like the JC Penny, Cap one, etc. Total UTI is more important with regards to score movement. If you have 15k-20k to throw at the debt, your answers to my question will help the people here to determine exactly how much you need to throw at it to help your scores as much as possible.