Find Help Me Distribute My Money To All My Credit Card Bills So I Can Have A Better Fico Score Please Please at Amazon
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Your credit score, (also known as your FICO score) is exceedingly important. Your credit score determines what you may or can not buy and how much it will cost you. For example, you qualify for a home loan but your qualifying interest rate is through the roof. This is because your FICO score from Experian, TransUnion, and Equifax suggest that your rate will have to be higher due to poor credit history. Wait did you check you FICO score before applying for that home loan? This must be the initial step before applying for a loan. The second step is to order your credit report from the three credit reporting agencies. Your FICO (Fair Isaac Corporation) score determines the amount of interest that you would pay on a queer loan. It is safe to say that you need to know your FICO score and determining elements that makeup your credit score to make sound financial decisions. The constituents that make up your FICO score are paying your bills on time, how much you owe, types of credit, and the number of new credit apps a person has used for. Obviously paying your bills on time is very important. No lender wants to lend their cash to someone who is unable to pay their bills on time. How much you owe is factored versus how much you make. If you make $50,000 a year and you are $30,000 in debt, then this will injure your credit score. The types of credit are also critical when your credit score is determined. Secured credit cards and home loans are unquestionably better than unsecured credit cards and other types of credit of this nature. Lastly, the amount of new credit apps may cause injure to your FICO score. When you implement for so much new credit, a lender may see this as sign that you may be going through financial hardships and thence acquiring credit to aid the situation. Let me part one of my experiences with you. Eight years ago I had a somewhat of a decent credit score amidst 670-690, yet I was being refused credit. I could not figure out what was going on. After doing galore exploration I found out my problem. Although I paid a collection bill when it comes to 10 months earlier the harm was done. The account reflected as salaried but it was recent and it affected my credit score tremendously. The best remedy for a better FICO/credit score is consistency. Paying your bills on time will raise your credit/FICO score. It makes a world of divergence amidst buying and renting a home. An example of this is two humans applying for a 30yr mortgage. A person with a FICO score of 600 will have an intermediate interest rate of 9.422%. Another person with an FICO score of 750 will get an intermediate rate of 6.195% on a 30yr mortgage loan. That is close to $300.00 a month divergence on a $216,000 loan. From my experience in merchandising homes and buying homes for my clients, in today’s market you would gain immensely from having a FICO score as high as possible. It could be the divergence of calling yourself a homeowner or a renter. |
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Angeline
I think you should focus on reducing revolving debt, i.e. store credit cards, if they are involved. Also remember fico considers your debt to credit ratio, so you could pay off the card with the 1300 balance, but keep the account open so that your credit limit is there, but your debt has been lowered. With the remaining 200 dollars you could eliminate the 160. balance also. Fico doesn’t seem to like accounts that are nearing their max either. Hope this helps, and I’d like an expert’s advice too!
Greg
Entirely pay off your $160 balance.
Entirely pay off your $1300 balance.
With the leftover $40, add that to what you’d normally pay this month on the $3200 balance. (Or pay only an extra $20 and use the other $20 to take yourself out to lunch as a reward for making such good decisions with your $1500! Hey, eliminating debt is hard work and you’ve got to pat yourself on the back once in a while when you’re doing well with it!)
Bingo! With this plan, you’ve just dramatically bettered your debt-to-credit ratio; and you’ve reduced your credit card bills each month from three to one.
However to really answer this question to the best benefit of your financial future, it’d be helpful to know how long you’ve had each card and what your interest rates are. Because GENERALLY, you want to pay off the card with the highest interest rate first. I know you are primarily concerned about your FICO score but long-term your FICO score reflects your overall financial decisions … and a good decision is to pay off your high-interest debts first.
I might also recommend that when you pay off the $160 balance on your $300 limit card that you close that account, UNLESS it is the card you’ve had the longest. That’s important. But if it’s not the card you’ve had the longest, and unless it has some really kick-butt purchase rate like 8 percent or something crazy, you probably won’t need that $300 credit enough to justify having a dead account hanging around, especially once you start to see that $3200 balance come down after several month of timely payments. Oh, which is another point: The best thing you can do for your credit report is to pay ALL your bills on time. Every month, without fail. A history of late payments will really ding your score.
Good luck to you.