I am in the midst of selling and finding a new house. I’ve found one I like and would like to get a conventional loan on it. To hit the sweet spot, I need to bump my score by about 20 points. I have some cash to play with and am looking for input on which would be my best route to obtain the biggest jump in score now, and I will pay the remainder off once I close on my current house (so I am not worried about interest at this time, as I will be paying everything once its said and done).
I have 7 cards…of which I used to remodel my current home so the utilization I high. Two of them have $ 5,000 credit lines while the remaining 5 have credit lines under $ 2,000. I have $ 10k cash to pay them. Do I pay them all down as close to 30% utilization as possible? Pay off the smaller ones? Pay the bigger ones? Does the credit limit play a role in the weight of the score when paying them off or just the utilization percentage itself?
I appreciate the input very much!!!