Thanks, Tim and Ilove pizza. I'm afraid to pay off too much for fear of having my CLIs cut to bits. I've read what a nightmare that can be -- especially if they cut to the point you owe more than the limits allow! So much depends on my credit, right now, as I intend to leave here as soon as I can get a decent vehicle and sell the house. In that order. I need the vehicle to scout out places to live, out of South Florida. And once the house sells, I'll have to turn the profit from that right around into another house, within 30 days, or my little boys loses his SSI/Medical. I've got a lot to do and not a whole lot of time to do it all.
I think it stinks that so much depends upon one's credit score now -- like auto insurance and electricity, water, phone. There are a whole lot of decent people with lousy scores who end up paying more than they can afford for the bare necessities, like utilities and auto insurance which the law dictates one must have, simply because so many companies, such as the insurance industry, use their ability to base cost upon one's credit scores. I'm 40 something, haven't had a ticket nor an accident in more than 20 years, not one, but I pay more. Much, much more, in auto insurance and utility deposits, because everything's been in my husband's name and he just hasn't figured it out yet that when you buy something on credit, you have to pay for it, and on time.
I suppose he's about halfway there, now, as he has obtained a few credit cards that he pays faithfully -- though he runs them up to high heaven and then pays a bit chunk and thereafter doesn't have enough for the other bills, such as the mortgage, which is now in my name -- so that's a struggle. Sigh. I really gotta get outta here, so my scores have to be as high as they can possibly be, right?
I'm looking forward to that score boost, Tim. And for whatever Ameriquest might have to send my way. It will all help! I'm hoping to pretty much pay a house off with the profit from this one, so I have an itty-bitty mortgage and as few bills as possible. God willing, it won't be long. Then me and the kids will be okay. 
@MercyMe wrote:I'm afraid to pay off too much for fear of having my CLIs cut to bits. I've read what a nightmare that can be -- especially if they cut to the point you owe more than the limits allow!
Hi. I know many creditors reduce credit lines after long periods of slow pay because it looks like you can't handle paying it back. I get that all the time because I take full advantage of 0% offers. The banks look at me as if I am desperate and can not pay it back. Or if you have negatives on other accounts recently that definitely can get banks to lower. I have never seen anyone have a CL reduced from quick PIFs. Only long slow payment or long slow followed by a PIF.
I am only taking a *guess*, but you might go up around 18-22 points if you pay down to less than 4% UTL which is $324 or less.
Please post score results if you pay down to this amount.
Hi, Love ... Thank you, so very much! I see many on the boards talk about transferring balances to 0% cards. I've also seen the trouble my in law got into with that. I'm skeptical, though it would sure help get a few cards paid off quicker, huh? I've nothing on Wamu, now, and could transfer to that card -- but how much? Is half the CL too much to transfer? You know so much about all of this stuff. 
And I will post my scores, soon as everything updates. I won't be able to pay down any more than I have until the first of the month, so that probably won't affect the scores until August.
And I will post my scores, soon as everything updates. I won't be able to pay down any more than I have until the first of the month, so that probably won't affect the scores until August. You, please, after making your call to the bank, tomorrow, post the response, okay? I'm anxious to hear how that works out.
Have a super day!
me
I personally would pay these off in this order.
$0 bal your Target
$0 bal your Cap1
$0 bal your WAMU
$130 to pay off those.
JCP is $0 good, I'd not use it for now.
It makes life much easier and *might help score too*.
BOA - limit $2500, balance $662
Home Depot - $800 limit, balance $184.00
First Premier - $400 limit, balance $280
GM Flex card - $750 limit, $400 balance
It is a toss up next between your Home Depot (Retail) and FP (Visa)
The negative about Retail (for some scoring models) is carrying balances. However the ratio for the FP is too high for the limit over 50% UTL. YES. I would reduce the limit on the FP and pay off the HD in full next. Then carry small balances on your Visa's and you can add back in your CAP1 card after the HD is paid. FICO might not dislike Retail balances, but Auto people might. If I had a choice, I'd pay off retail first. Once you get your loan, it doesn't matter what you do until you need your score higher again. :-) It looks like you will surely break 700 on TU if you do this.
$0 bal your Target
$0 bal your Cap1
$0 bal your WAMU
$130 to pay off those.
JCP is $0 good, I'd not use it for now.
It makes life much easier and *might help score too*.
BOA - limit $2500, balance $662
Home Depot - $800 limit, balance $184.00
First Premier - $400 limit, balance $280
GM Flex card - $750 limit, $400 balance
It is a toss up next between your Home Depot (Retail) and FP (Visa)
The negative about Retail (for some scoring models) is carrying balances. However the ratio for the FP is too high for the limit over 50% UTL. YES. I would reduce the limit on the FP and pay off the HD in full next. Then carry small balances on your Visa's and you can add back in your CAP1 card after the HD is paid. FICO might not dislike Retail balances, but Auto people might. If I had a choice, I'd pay off retail first. Once you get your loan, it doesn't matter what you do until you need your score higher again. :-) It looks like you will surely break 700 on TU if you do this.
I also recommend to everyone at the time they are applying to show as many $0 balances as possible. You can still keep up your UTL on just 1 card to maintain activity. This has nothing to do with scoring, but lenders might prefer seeing less current responsibilities when you are taking on their new debt. This has been working "very" well for me.
This has been working "very" well for me.
Maybe mortgage lenders like to see this. However, I have to believe that ccc's not only determine your creditworthiness but also score each applicant to determine how much money can be made by approving them.. i.e. finance charges. CCCs seeing responsible usage of cc's with small balances is music to their ears. ching, ching! Accept for Amex in certain situations, CCCs hate PIF members.
ilovepizza wrote:
I also recommend to everyone at the time they are applying to show as many $0 balances as possible. You can still keep up your UTL on just 1 card to maintain activity. This has nothing to do with scoring, but lenders might prefer seeing less current responsibilities when you are taking on their new debt.
