+1
@Anonymous wrote:
Hey everyone I have a question. I am planning on asking for several credit line increases in January. I am NOT able to pay off every single Credit Card in full this month. Currently I have one card with 0% interest at a $2,600 balance out of $3000 obviously this is very high utilization. All of my other cards are either a zero and three of them have roughly 10% on them. I am taking an extra $400 and paying on them before statement close. I am wondering would it be better to pay the 10% ones down to about 1% utilization or even zero? Or would it be better to take the $400 and put it toward the $2,600 balance? Whichever one would increase my scores the most? I have a loan that will be reporting around mid January. That is the reason why I want to get my scores the best possible, before this reports and makes my credit score go down. Thank you!:-)
What would help your scores the most is getting the $2600 balance down below $1300.
@Anonymous wrote:
Hey everyone I have a question. I am planning on asking for several credit line increases in January. I am NOT able to pay off every single Credit Card in full this month. Currently I have one card with 0% interest at a $2,600 balance out of $3000 obviously this is very high utilization. All of my other cards are either a zero and three of them have roughly 10% on them. I am taking an extra $400 and paying on them before statement close. I am wondering would it be better to pay the 10% ones down to about 1% utilization or even zero? Or would it be better to take the $400 and put it toward the $2,600 balance? Whichever one would increase my scores the most? I have a loan that will be reporting around mid January. That is the reason why I want to get my scores the best possible, before this reports and makes my credit score go down. Thank you!:-)
Even if you were to pay prior to statement cut, the CLI requests are usually using SP data, which could be as much as 2 months old. If you are enjoying the 0% APR offer on the $2,600 balance, I see no reason to really accelerate that one, just keep it on a glide path to get to zero by the time that 0% expires.
Credit line increase requests are not influenced as much by scores as new apps, and even new apps are still using ranges of FICO score for approval. Since most of your cards are Capital One, they know your history and can see your habits. They are also somewhat limiting in the CLI requests granted, so I would not try to contort your budget just to think you are making Capital One more likely to get you a CLI. I think that is an unlikely way to get a CLI from them. The other credit card is Barclays, and they may or may not get a CLI. The rest are store cards, correct?
Since only one card is at high utilization, why do you need a CLI right in January? Do you think the new loan is going to make a huge impact on your scores? What type of loan? What amount of money? What APR is that at? Depending on the type of loan, your strategy might be different, so I'd not recommend paying down the CC until we know more about your overall available credit, and this new loan.
What are the limits on your other cards now?
