Bi Business Posted January 13, 2008 Report Share Posted January 13, 2008 Posted a similar thread awhile back, but it was hijacked and is now slightly off topic. So, here's where I stand as of now. I have 5 credit cards and have recently begin paying them down. I now have 1500 to apply towards the maxed out cards. CARDS IN GOOD CONDITION:1)500 limit...balance is now 502)300 limit...balance is now 0MAXED OUT:3)1000....balance is now 9504)500...balance is now 4905)3000...balance is now 2970QUESTION NOW BECOMES: Is my score more likely to increase if I pour the entire 1500 into card number 5; OR should I simply pay off 3 & 4? In short, will my scores go up based upon the number of accounts I have w/ low balances or is it based upon OVERALL utilization? BTW, thanks guys. My scores have jumped significantly since joing this board. Link to comment Share on other sites More sharing options...
VeVe Posted January 13, 2008 Report Share Posted January 13, 2008 You were given excellent responses in your original thread (which is no different than this one). http://debt-consolidation-credit-repair-service.com/forums/showthread.php?t=279430 Link to comment Share on other sites More sharing options...
Bi Business Posted January 13, 2008 Author Report Share Posted January 13, 2008 You were given excellent responses in your original thread (which is no different than this one). http://debt-consolidation-credit-repair-service.com/forums/showthread.php?t=279430Thaanks for your input, but the question was not answered and the thread was knocked off topic. Therefore, I posted a more precise and direct thread. Link to comment Share on other sites More sharing options...
VeVe Posted January 13, 2008 Report Share Posted January 13, 2008 The question was answered, and by many people. And I'm sorry, perhaps I should have directed you to your OTHER thread on this exact matter?http://debt-consolidation-credit-repair-service.com/forums/showthread.php?p=874017#post874017Honestly, I don't know what else you're looking for. This is your THIRD thread, on the SAME forum, about the SAME specific topic. Link to comment Share on other sites More sharing options...
Bi Business Posted January 13, 2008 Author Report Share Posted January 13, 2008 The question was answered, and by many people. And I'm sorry, perhaps I should have directed you to your OTHER thread on this exact matter?http://debt-consolidation-credit-repair-service.com/forums/showthread.php?p=874017#post874017Honestly, I don't know what else you're looking for. This is your THIRD thread, on the SAME forum, about the SAME specific topic.I examined your posts and they're all quite sarcastic. Thus, I'll be adding you to my ignore list. Please don't reply to any of my threads if you have nothing positive to offer. Link to comment Share on other sites More sharing options...
momof5 Posted January 13, 2008 Report Share Posted January 13, 2008 My personal opinion is that you pay off/down the ones with the higher interest rate, regardless of score impact. That will cost you less money in the long run and will allow you to pay all your cards off more efficiently. Some FICO comments I have seen say "one or more of your cards is close to the limit".Given the fact that you have this chunk of change, you have paid down 2 cards...you can pay down the other two and shortly (if you don't use the ones you paid down), you will be able to pay off the remainder.Unless you are looking at a major purchase VERY soon, I wouldn't worry about what FICO scores are and do what is fiscally in your best interest. Link to comment Share on other sites More sharing options...
Ahntara Posted January 13, 2008 Report Share Posted January 13, 2008 FICO-based programs calculate Utilization by examining each revolving account individually AND all of them together. So, for maximum points, use what funds you have to get all below 30% UTl., then aim for between 1% - 9%. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted January 13, 2008 Report Share Posted January 13, 2008 Please put me on your ignore list, too. You can ask the question a million ways, but FICO scores do not go up overnight. I'd pay off 3&4 and put the balance on 5. Besides, any of those cards cost you more to carry than the bank is paying you for the 1500. The key, for you, seeing all of your posts, including the garnishment issue, is to get out of debt and stay that way for as long as you can. I like Mary Hunt's ideas on debt-proofing yourself. Dave Ramsey, too. Both will say: Don't dwell on the FICO. Link to comment Share on other sites More sharing options...
jetscarbie Posted January 13, 2008 Report Share Posted January 13, 2008 I would pay off #3 & #4, then as you get more money, apply it towards #5 to get that one paid off.FICO's move very slowly. Everyone's situation is different depending on the amount of other accounts or collections. Some get a huge increase while some don't get much of one.I personally think that if you paid off some of the maxed out...you should see a good increase but it may take a couple of months. Link to comment Share on other sites More sharing options...
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