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Difficult time sitting on my hands...

Established Member

Re: Difficult time sitting on my hands...

I'd assume that you don't spend $20k every month and that's the rough amount on which you're paying monthly interest. You need to work on whittling that down a bit and forget about getting new cards.  Your objective at this point should be to remove, not add, cards from your wallet. Shave your debt down.  Worry about rewards only when you're no longer paying any interest. Interest rates kill any rewards earned anyway. 

Message 21 of 33
Senior Contributor

Re: Difficult time sitting on my hands...

I have like 15-20 cards, both store and bankcards-that won't tank your score. The fact that your util is so high, esp on your larger limit cards, is not so good for new lenders. If you can pay your balances down a little over the next few months, maybe grow the lines a little, then do a 0% BT, you would be in a better position.

Another note:
While having a lot of credit cards is managable, you really have to consider what that requires...
For example, to keep a card active and not "closed at credit grantor's request", you need to charge on every card at least once every six months to a year. You also really want to be sure to take care of the larger credit lines too, as they have thE largest potential to affect your score positively/negatively.

:-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 22 of 33
Valued Contributor

Re: Difficult time sitting on my hands...

You have made good progress. Just keep paying them off!

 

With high util, you are stuck in "toy land" for a while. Give it a year and get those cards paid down / off. Once you are uner 10% util, the lendors will give you the limits you want and you can kill off some of those cards. Really, 4 or 5 with $20k limits is all you need.

 

I have been in your position, twice and I vowed the last time I get it all paid off I would nover go there again. Now, when I apply for something, I am given a nice high limit and a low APR.

 

Keep working at it - you are doing a great job and each month get's you closer to your goal.

Ray

** Every Card has a Job, and Every Card does its Job **
Message 23 of 33
Moderator Emeritus

Re: Difficult time sitting on my hands...

I agree.  The best course of action is paying those down.  Start with the smaller ones first, pay them off and then take that payment and roll it into the next one.  Kind of like the snowball effect.  Keep paying them off, then when you get them paid down, you can go for a bigger card.

 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 24 of 33
Regular Contributor

Re: Difficult time sitting on my hands...

holy crap! who needs all those cards?  and you want more?   I can barely track payments on 3 cards. 

 

I'm sorry, I know that's not particularly helpful, and it's just my opinion, but I think you'd be better off focusing your financial efforts more productively than in playing credit card games, say -- in building savings. 

Message 25 of 33
Senior Contributor

Re: Difficult time sitting on my hands...

Thanks everyone for all of the input.

 

As I mentioned at the beginning of this thread, I already KNOW what I need to do, just having difficulty staying "on task".

 

I did refinance one automobile earlier this month, reducing the interest rate AND the monthly payment...so I AM making progress, just have a loooong way to go and am trying to "speed up" the process.

 

One day at a time....



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 26 of 33
Valued Contributor

Re: Difficult time sitting on my hands...

Yeah, seems to me you might max out another credit card if you got one with high limit.  Looking at your list. You are basically maxed out.  7ish of your free utilization is coming from that Kay card.   Take that out of equation and you are maxed with ficos in low low 600s.  Chase for example discounts/ignores store cards when it comes to utilization.

               LIMITS IN CARD DESCRIPTIONS
Message 27 of 33
Established Contributor

Re: Difficult time sitting on my hands...

OP I now understand your sig.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 28 of 33
Senior Contributor

Re: Difficult time sitting on my hands...


Jlu wrote:

OP I now understand your sig.


Ain't it the truth?  Smiley Tongue

 



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 29 of 33
Frequent Contributor

Re: Difficult time sitting on my hands...

Hang in there OP!  I've been following your progress (here and here), and if you can stick with your plan of paying off one card a month until all your balances are zero, you'll be some kind of FICO legend/hero.  That would be an accomplishment greater than getting approved for some credit card.  So, don't feel like you're sitting on your hands doing nothing; you're doing a lot just by sticking with your plan!


Starting Score: 617 (EQ 6/10/12)
Current Score (8/28/13): EQ: 691 EX: 706 TU: 700
Goal Score: 700

Discover it $4,500 (02/2001); Amex PRG (Backdated to 01/2006); Amex ZYNC (Backdated to 07/2006); Wells Fargo Cash Back Visa $5,500 (12/2011); Citi Diamond Preferred MC $2,000 (07/2012); B of A Cash Rewards Visa Signature $5,000 (02/2013)

Message 30 of 33