FICO score.

[jhubert]

I am looking to improve my FICO score from 706 to my short term goal of 720+. The biggest thing hurting me right now is the fact I am using a high amount of my available credit. If I start paying down my debt on this CC will the FICO score start going up right away (month to month difference)?
Also, I have a high enough amount of debt that I was considering some type of loan: HELOC or debt consolidation loan to help get me back on track. Would it be better to get my FICO up higher first or try consolidating as soon as possible? Have about $24,000 in recurring debt and getting stuck in minimum payment mode.

[dannin]

Is there a particular reason you're shooting for a score of 720? Paying your debt down would have a stronger impact that shuffling it around.

[cni2010]

I think 720 gets you the best rate on car loans

[poundwise]

Reducing your balances as compared to your available credit will impact your credit score, usually within two statement cycles.

It is wise to keep balances on credit lines to below 50% of the limit. SOURCE

[EconoMutt]

Watch your credit limit closely.
I consolidated some debt using a HELOC and lost 60 FICO points.
The mistake I made was opening up a $50,000 credit line and using all $50,000.

[jIM_Ohio]

Is there a particular reason you're shooting for a score of 720? Paying your debt down would have a stronger impact that shuffling it around.

what he said

pay down the balances
focus on that, score goes up.

[wincrasher]

You may be in a tight spot.

It's always good advice to pay down debt - it's best for you financial future.

However, keep in mind, that if you pay down these balances, the card companies may also lower your limits as you reduce your balances - thus hurting your FICO.

Another option is to ask for increases in your limits. This also has a risk as it opens your accounts to scrutiny where they may reduce your limits or change your interest rates.

With a score below 720, a HELOC may not be available to you at a decent rate. If you can investigate that without a hard inquiry on your report, that may be your best option to reduce your interest expense and improve your score. You'll take a hit at first because it's a new credit line, but you could bounce back quickly once you start making your payments.

Also, while you investigating all your options - make sure you avoid hard inquiries to your credit report. Varied hits will set off alarms. You don't need hits for auto loans, credit cards and Helocs all showing up at the same time.

Good Luck!