Which accounts to pay down for score boost?

Anonymous · ‎03-11-2017

My take on repayment, PAY OFF those with the HIGHEST APR first. It would be such a waste of that sizeable refund you will get. Unfortunately, credit scores will not go up rapidly.

newhis · ‎03-12-2017

@Anonymous wrote:
thummel, SouthJamaica, why do you guys recommend paying down the Discover ($1500) before the MC ($300)?

Discover is a good card to have. They can give you a SP CLI when your profile gets better. They can offer BT for 12/18 months at 0% with 2-3% fee.

My guess is to try to avoid a CLD or worse.

NRB525 · ‎03-12-2017

@Anonymous wrote:
thummel, SouthJamaica, why do you guys recommend paying down the Discover ($1500) before the MC ($300)?

I think they combine the two because both fit well within the $4,100 noted, and that is the order you listed them (Discover before MC). Not really any other reason.

Discover is, however, a known source of SP CLI. The Mastercard is not stated which bank, so that makes it an unknown as to what is possible from the card.

Could you list out the banks and card brand these are? That does make a difference about how to approach future growth of CL.

As to the PLOC, I don't have any insight into how that will be interpreted by a business lender.

Since your APR on the cards is not terrible, once you get the two small cards paid down, then I'd suggest working the larger limit cards down to try to lower their utilization percentages in equal measure. In mid-2015, I reached the point where each of my individual cards which were over 50% utilization, they each crossed below 50% utilization, so that I had no individual CC account over 50% utilization, and I got a very nice sequence of score bumps while that was going on.

June 1 2015 EQ 717, TU 727, EX 731, then by

July 31 2015, EQ 755, TU 775, EX 760.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎03-12-2017

VISA $20,000 - Wells Fargo Platinum credit card
AMEX $10,000 - AMEX delta sky miles credit card
Discover $1500 - Discover IT credit card
MC $300 - CapitalOne Platinum Credit Card

Closed Personals LOC - Wells Fargo personal LOC

AMEX $35,000 with $0 usage - I am an authorized signor on this personal credit card. Unsure of specific card name.