What kind of bump can I expect if I get 1/3 or so of the cards I have to report $0 balance?

[Anonymous]

I have a little to a lot on all cards, at 34% now. Going to pay down to <10% but wondering if I'll get a significant real bump if I do so in a manner that keeps 3 or 4 cards at 0$

[CreditAble]

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@Anonymous wrote:
I have a little to a lot on all cards, at 34% now. Going to pay down to <10% but wondering if I'll get a significant real bump if I do so in a manner that keeps 3 or 4 cards at 0$

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 I believe that you would do best with as many balances at $0 as possible. Additionally I would want to have the remaning account balances to be no higher than 30% each. As for how much of a bump you will recieve, that depends upon your individual credit profile.

 Just paying dow an overall util of 34% to <10% will probably be a very significant bump no matter how you do it. Congrats on that achievement.    

Message Edited by CreditAble on 11-02-2008 02:53 PM

[Anonymous]

Thanks! So do you think I'd do best then to get down to 10% but keep as much on one card w the rest at $0, or the fewest # possible where I can keep each card below 30% and as many left at $0?

[CreditAble]

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@Anonymous wrote:
Thanks! So do you think I'd do best then to get down to 10% but keep as much on one card w the rest at $0, or the fewest # possible where I can keep each card below 30% and as many left at $0?

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The second choice would be my pick. As a rule of thumb (at least the thumbs on my own hand), I would try to get all balances to be below 30% as my first priority because of individual utilization. Next I would want to pay off as many cards as possible to address number of accounts with balances. I am assuming low individual utilization is more important than numbers of cards w/balances. When reasons are given for "FICO Scores are not higher in order of importance", utilization is usually given a higher rank than too many cards have balances. Others might have a different experience and, or opinion however.   

[Anonymous]

Thanks, that is the plan.  The only card that will have a 'high utilization' is my parents Amex I'm AU on.  Stupidly it is counted as Revolving. High balance is $12k, currently it is as about $7k (not mine). I'm thinking that when I go for BizCredit if that balance is still high I might pay that portion off myself.  If getting their util down to <30% can mean the difference between a high 700 and a low 800 it will be well worth it.

[Anonymous]

Why not just remove yourself as an AU on that card?

[BlueBayou]

nyccc2

What is the year opened date on that card?    Age helps.

Also, you could do a test, try removing yourself as AU, see how it affects your score, then put yourself back on...........if it didn't make any difference.

And you could also try the "score analyzer thing".  I forgot what it's called, but on your myFico report there is a section that you can utilize for what-ifs. 

Like what if I paid $300.00 down on my credit, what would my score be.

[BlueBayou]

I just checked, it's called the "Fico Score Simulator" located on the right side of the report that you just purchased.