KoryBricker Posted March 19, 2007 Report Share Posted March 19, 2007 I'm a little obsessed with maximizing my credit score (mostly just to try to reduce the interest rates on credit cards) so I was looking over my finances and wondering which of the following scenerios would be best for my credit score or if it would just end up the same anyway.I was recently looking at my credit report and score and in the analysis section it listed the two largest things affecting my score was 1st the length of my oldest revolving account which is like 5 years which I know I can't really do anything about other than just wait but the 2nd was high balances releative to maximums on my credit cards. Now all of my cards are under 50% (most around 40%-45%) but it's my understanding that for credit scores it is best to be under 35%. So this made me wonder with 8 cards would it be better to take one of those cards (which happens to have a high limit) and transfer some of the balances from other cards so that all 7 other cards were below 35% but the 8th one would be at probably around 75% or leave it as is with all 8 cards around the 40%-45% and just keep slowly paying them down?I know it will cost a little for the balance transfers etc but if it helps my score a lot then I could possibly ask those 7 cards for a better rate etc and make up that cost as well as have a better score in the long run (plus the 8th card happens to have a "promotion" for a low rate on balance transfers etc so that might end up saving the cost of the transfers etc).Transunion's score is putting me at 663 and everything else on my credit report is pretty good. I don't have any late payments or anything deragatory at all and my debt to income ratio is pretty good at around 22%. So there isn't much else I can see that would raise my score other than just waiting but as I mentioned, I'm obsessed and want to see it over 700 Link to comment Share on other sites More sharing options...
someonesomewhere Posted March 19, 2007 Report Share Posted March 19, 2007 Look in the Credit Repair and Credit Bureaus forums. There are stickys on Scores or Scoring.Also, sign up for a 30 day trial to ScoreWatch on MyFico.comThey have a FICO Score Simulator in which you can play the "what if" game and see how various things might affect your score, and by how much. Try the Simulate Best Action button to see how Fair Isaac projects your score might change for the better over a period of time.Some things are healed instantly while others take time. 1 Link to comment Share on other sites More sharing options...
skyfox2020 Posted March 20, 2007 Report Share Posted March 20, 2007 Look in the Credit Repair and Credit Bureaus forums. There are stickys on Scores or Scoring.Also, sign up for a 30 day trial to ScoreWatch on MyFico.comThey have a FICO Score Simulator in which you can play the "what if" game and see how various things might affect your score, and by how much. Try the Simulate Best Action button to see how Fair Isaac projects your score might change for the better over a period of time.Some things are healed instantly while others take time.Well said. Link to comment Share on other sites More sharing options...
Recommended Posts