The credit monitoring service I use calculates my overall cc utilization at 63 percent. However I have 2 accounts that are closed (Tribute and Credit One) that still have balances.
If I paid those down to zero it wouldn't effect the 63 percent which is accurate for the balances on my other cards. But would paying those accounts off first create a big jump up in my scores even though my overall utilization would still be around 60 percent. (I am paying down my balances but still have to live within my budget) I have 11 accounts open (13 with the 2 closed accounts) and of the 11, I PIF 2 each month (speedway and Bank of America secured) and 2 accounts that are paid off and not used very often (kohl's and target)
Currently I have (I know I need to get them down quick but am doing the best I can)
Credit One 385.50/600 (closed)
Tribute 580/850 (closed)
Bank of America 206.24/300 (PIF each month but shows a balance--I should have this one report as zero, right?)
Speedway 235/400 (shows as zero on credit report because I also PIF each month)
Walmart 550/700
JC Penny 360/550
Lowes 370/500
Hooters 625/700
Best Buy 425/600 (no interest)
Orchard 660/700
Kay's 930/1600
Target 0/200
Kohl's 0/300
Or should I just pay everything down?
