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pokerdave

Need some utilization advice

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Back in July I put 100k on various credit cards to invest in a venture.  Was supposed to be paid back by end of Nov but ran into a few pitfalls and am now looking at Apr 1.  I currently owe about 55k . . I have 125k in available credit 131k if you include Walmart. My experian also has a 24k authorized user card so it lists available credit as 155k and is my highest score .

Nfcu 25k /34k limit

Amex 7k/25k limit

Boa 19.5/40k limit

chase 3300 , they closed my card because of my activity , it was only 2 months old.  This has 0 pct for the next 15 months.

I also have a discover card that I pif that reported 980 last month and has 1300 on it this month.

 

Current scores are 720 EXp, 704 Eq and 698 Tu

 

Would like to get my scores above 740 by mid January as I will be financing a 2017/2018 used car and want the best rate.

All cards are currently paid above minimums for January and i have an additional 10k minimum and possibly up to 15k to use for payments.

 

Question 1.

Is there any advantage to not letting Discover report.  I can push that 1300 off till Feb 6 without interest.

 

Question 2.

My EX only dropped from 714 to 709 when Chase reported it was closed.  Reports were 7 days apart, so is it advantageous to 0 that out even though I have 0 pct and am paying 150 pct of the minimum monthly.

 

Question 3

 Before taking into account the auto financing I had been attacking my BOA card because that was the highest rate and NFCU the lowest.   Will i get a better bang for my buck if i get my NFCU under 50% vs paying down BOA.

 

Question 4

 the last month I have been turned down for CLI from Discover, and my 2 Cap Ones based on my high utilization even though those are 9 balances.  I also have a 6k limit Pennfed that i got in August before all these reported.  It is 0 pct but i have not transferred anything because of the low limit would it hurt to transfer 2900 to that card or  just leave it alone.  I also have not asked for a higher limit because I dont want to screw up and get that card closed.

 

Last Question

In my Boa online they have been telling me that I have a special offer for a 0 pct free balance transfer offer.  Is there any downside to applying for that .  I have not seen any talk about Boa special offers if they usually get approved or not.

 

Thanks for any suggestions.

 

 

 

 

 

 

 

 

 

 

 

 

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why do you need a 740 to finance a car?

 

IMHO pay the highest APR first and let FICO be damned. Utilization can be overthought, especially when you know the answer is to PIF asap.

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I know i don't need 740 but the local Cu told me that is what I need for their 3.9 rate on used vehicles with under 20k miles.  I just want to optimize my scores/payments  for the next 25 days and then I will go back to working on highest interest rate. 

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Is 3.9% a spectacular rate?  It would seem to me that your time would be better spent looking for a financing source that will give you a great rate with your current scores, which are pretty good.  

 

DCU used to have a reputation for giving their best rate at 680.  Their best rate is 3.74% for up to 65 months as I type this.  And I'm not even advocating for that specific CU....  it's just the first one that came to mind.

 

Your reasoning in asking your questions is sound, but I would approach it differently.  

 

Even though this isn't directly responsive to your questions I hope it helps at least a little.

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You may be right , I have not done too much research on rates because it is a month premature.   I am coming off a lease, and I am going thru an auto wholesaler who the family has bought vehicles from before, and he told me with the recent fed rate increases , that the best credit scores are getting between 3.35 and 3.9 right now on used vehicles. I am just trying to put myself in the best position.  My 720 score has 51 and 2100 reporting from my cap one cards  Those are paid off and will stay in the drawer till after the car purchase plus my nfcu is reporting 2500 higher because i tried to get another payment in before reporting date.

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Do some research on rates, and then pay down in the most cost-efficient manner.

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What's the limit now on your Disco card? Does it allow you to do a balance transfer?

 

You may be able to squeeze out a few extra FICO points by timing things right and doing this...

 

Before your NFCU card cuts, pay your Discover card down to zero. Call Discover and ask them to report to the credit bureaus your new zero balance. It's a little known service they offer.

Once your Discover card balance is reported, do a balance transfer from your NFCU card to your Discover card. When your NFCU card reports, apply for your car loan.

 

This should give you a zero balance on your Discover card and a lower utilization rate on your NFCU card when your report is pulled (as long as it's pulled before your Discover card cuts).

 

Of course you're just robbing Peter to pay Paul, but it may be enough to get you a better rate on your car loan.

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Can I post my similar concerns questions here or do I need to make a new post? my topic would be high utilization killing my score, loan to pay off cards but need company to only pull EX. also need a car loan, have finance at dealer able to pull only EX. timing risks etc.

Thanks!

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9 hours ago, Kickdrum said:

Can I post my similar concerns questions here or do I need to make a new post? my topic would be high utilization killing my score, loan to pay off cards but need company to only pull EX. also need a car loan, have finance at dealer able to pull only EX. timing risks etc.

Thanks!

Welcome to CreditBoards.  You will get more responses if you post your own topic with your own question and it's particulars. 

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