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Need to raise credit score quickly for refi

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Hello everyone,

I've been a member here for years and this site has helped me immensely!!  This is the first time I have posted a question because I wasn't able to find an answer in the search.  I am trying to refi my property but my credit scores are too low because of high balances on my credit cards.  Score is 603 and all payments have been made on time and never missed (need to raise my credit score close to 700 for refi).  Most of my cards are close to limit.  I just received a personal loan of $44,000 to pay down my cc's but now I'm wondering which route to take: Do I pay off a few CC's or do I pay down the balances of multiple credit cards?  I need to raise my credit score as quickly as possible and I'm not sure which way would help raise my credit scores the fastest?  I'm trying to do this in the next week or two and do a rapid score at the end of the month.  Thanks in advance for any advice!

$14,000 Limit - Balance $13,549

$8,300 - Balance $8170

$1400 - Balance $1583

$15,190 - Balance $14,883

$16,700 - Balance $16,810

$6000 - Balance $9613

$7126 - Balance $6740

$5000 - Balance $5000

$32,000 - Balance $31,720

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Short answer. For scoring purposes (in your situation), all of your CC's need to report under 50%. I'll leave the other comments to someone else.

 

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Kat nails it...your utilization is killing you and the $44K loan won't even get you under 50% across the board.  You can certain zero some of them out but you still have a half-dozen or so that will be close to the max (or over). 

 

What led to the cards getting maxed?  Has THAT situation been cured?  And just how badly are you being bent over on APR for the loan you have taken out?  I am guessing it was SoFi or Lending Club or something similar and that you may well be close to double-digit interest in addition to having lost money on the front-loaded fees... 

 

How much extra will you have with the new payment structure compared to what you have been paying to service the maxed cards?  In other words, with the service on the $44K, how much extra is going to exist to be tossed at the other balances? 

 

What is the situation contributing to the need for a refi?  Are you at least above water on that loan? 

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3 hours ago, nfinity8 said:

$14,000 Limit - Balance $13,549

$8,300 - Balance $8170

$1400 - Balance $1583

$15,190 - Balance $14,883

$16,700 - Balance $16,810

$6000 - Balance $9613

$7126 - Balance $6740

$5000 - Balance $5000

$32,000 - Balance $31,720

Out of the nine tradelines you're discussing here, three are over the limit, one of which is WAY over the limit, and one is right at the limit.

 

I've seen people with better tradelines throw in the towel and declare BK. This isn't getting fixed in a couple weeks.

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