Re: Re: Re: what to pay first for fico increase Butch, as far as I know, what Nestea said is correct. Although Fico looks at the total picture, it also looks at individual accts. Case in point, I have a new Chevron card with a $600 limit. Chevron reported as Cap 1 does, without the limit, but rather high credit. They showed it as high credit $14, amount owed - $14. Fico considered this maxed out and I lost 14 points. Quite a coincidence? I paid the acct and got my 14 pts back. That whole situation is ridiculous, but it does show how they take each count individually. So, I would definitely say that 3 $1000 limit cards with $500 balances would be better than 1 with $0 owed, 1 with $500 owed and 1 with $1000 owed. Of course, if it is possible to get them to $300 each, that would be better yet. In my experience, I have noted that any individual balance over 30% of the limit is also a big score loss.
Re: Re: Re: Re: what to pay first for fico increase LKH, Thanks for the insight. I'm currently in the process of paying down CCs now also and I might rethink my strategy before sending out the checks. I was going to pay off three and leave the last one with util near 60% - but a low APR. Decisions, Decisions.
Re: Re: Re: Re: what to pay first for fico increase Hey thanks everyone for your great advice on my post. I just sent payment to all three of my cards leaving a balance of $25.00 on each one. I will let everyone know how and when it effects score.
And watch what you presume. Some get a larger return because they deduct a number of expenses against investments and income, etc. Such as business expenses -- so returns are based on that and not because they had too much withheld throughout the year or otherwise.
