Help me optimize my score before my new lease

[joem1cha3l]

My car lease is about up and I have to get into another vehicle. My credit union uses Experian Vantage Scoring which weighs CC utilization heavily into the score. My 04's are currently EQ: 716 TU: 726 EX: 711

 

My Experian Vantage score is only a 673.

 

CC debt is as followed:

 

Discover - $7987 / 18.5k CL (43%)

Lowes - $5,854 / 17k CL (34%)

Citi - $4,365 / 5800 CL (75%)

 

Total CC Debt $18,206 - Total Available Credit - $97, 820

 

--------------------------

 

I was going to Transfer the discover to a 0% Capital One card with a limit of $25k. Theres a few day gap between when Discover will report as PIF and when Cap One will report the new balance, so I'll be sure to apply for the loan then.

 

Next, I have about $7,500 I'm going to be paying on the cards. I plan to pay $3k on Citi which will get util down to ~20% (below that 30% threshold) and pay Lowes down to $1500 which will get that down to 8% (below the 10% threshold).

 

 

 

 

 

In Summary, i'll apply with a total of $5,865 debt vs $97k available credit, one card of which will be at 20% Util and one at 8%. Any suggestions on how you might do this differently to maximize score?

Edited May 16, 2016 by joem1cha3l

[cv91915]

No one knows how to manipulate this random number generator.

[joem1cha3l]

No one knows how to manipulate this random number generator.

 

Yeah, not asking to help maximize the Vantage score but how to maximize my FICO and I'm hoping that somehow reflects positively with the CU.

[mendelssohn]

Do you have anything in writing from them that says they use Vantage?

 

If so, you found a unicorn.

[joem1cha3l]

Do you have anything in writing from them that says they use Vantage?

 

If so, you found a unicorn.

 

He told me they use Vantage - was up front and honest. Ran the prequel and it came back a 673. Decided to do some research online and paid the $8 to get my "EX Vantage Score" from Experian and it came back exactly at a 673 also. That was all within an hour.

 

I expect a letter this week from the prequal application.

[mendelssohn]

Do you mind sharing who it is?

[joem1cha3l]

Do you mind sharing who it is?

 

https://www.sefcu.com

 

https://www.sefcu.com/product.aspx?id=862

[hdporter]

Looks to me like your plan is sound. There's no question that individual card utilization is the heavy hitter keeping your scores down. I would anticipate a good pickup once your payments/transfers post/report.

 

Even though you're clearly well aware of this, I'll emphasize allowing sufficient time for credits to post and report.

[joem1cha3l]

Looks to me like your plan is sound. There's no question that individual card utilization is the heavy hitter keeping your scores down. I would anticipate a good pickup once your payments/transfers post/report.

 

Even though you're clearly well aware of this, I'll emphasize allowing sufficient time for credits to post and report.

 

Yeah, thanks HD. I pay for the Myfico monitoring so I'll know when they hit but it seems like the 3 day rule is pretty solid. CRA get the updated balance 3 days after the statements cut. I will literally have a two day window for this all to work out flawlessly. Should be nice and stressful haha.

[joem1cha3l]

My other option is to:

 

-transfer Lowes and Disco to Cap 1. Cap 1 statement cuts on June 13th. Next Lowes statement cuts on the May 29th and Disco on June 10th.

 

-Pay off Citi in full. Citi statement cuts on the June 11th.

 

-That would allow me a two day period where I have $0 reporting on my report. Id have to have all paperwork submitted and finalized on June 14th

and 15th. But if I miss my two day window, then I end up having one card thats around 40% util.

Edited May 16, 2016 by joem1cha3l