08-19-2012 09:55 PM - edited 08-19-2012 09:57 PM
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.
08-19-2012 10:23 PM
08-20-2012 06:10 AM
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.
08-20-2012 06:39 AM
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.
08-20-2012 08:20 AM - edited 08-20-2012 08:22 AM
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.
08-20-2012 08:43 AM
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....
08-20-2012 08:53 AM
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.
08-20-2012 08:54 AM
OP I now understand your sig.
08-20-2012 08:56 AM
OP I now understand your sig.
Ain't it the truth?
08-20-2012 09:39 AM
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!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.