Dont know wat to do

[Anonymous]

Hi everyone. This is my very first post on here and i hope you all can help me out. Im on the path to rebuliding my credit after coming down on some hard times. Heres the deal: I have 3 credit cards as follows

Captial one-owe 1388 im past due on it

Citi Card- It just got charged off with a balance of 834

Usaa- 1977 with a limit of 2000. Im current on this and only have 1 baddie on it over a year

My question is wat would be the best to paying these off that would improve my score the most? I only have about 1400 to work with so i need to make the most of it!  Thanks in advance so much.

[Mark_in_Pasadena]

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@Anonymous wrote:

Hi everyone. This is my very first post on here and i hope you all can help me out. Im on the path to rebuliding my credit after coming down on some hard times. Heres the deal: I have 3 credit cards as follows

Captial one-owe 1388 im past due on it

Citi Card- It just got charged off with a balance of 834

Usaa- 1977 with a limit of 2000. Im current on this and only have 1 baddie on it over a year

My question is wat would be the best to paying these off that would improve my score the most? I only have about 1400 to work with so i need to make the most of it!  Thanks in advance so much.

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Did you just come across the 1400 recently?  Otherwise, you should've just made the minimum payments at the very least.

Call Citibank and ask them if you they're willing to do a PFD on the charge off...quick before it goes to collection.  Otherwise, no matter what you do, only time (7+ years of it) will make that ding on your credit go away.  

Make at least the minimum payments on the Capital One and USAA in order to become current.  To get out of debt faster, pay off the one with the highest interest first.  To get your FICO score to improve the most, pay off the one where you're using the highest Utilization % on.  

[Anonymous]

Yes i just came across the 1400 recently. I know i should have at least made the minium payments but thats why im on here trying to get things back on track! Thank you for your advice.

[Creditaddict]

the charge off is gone for now.

If your USAA is still open, then I would devote all your money to pay that off.

down the road if your charge off gets picked up by some agency, then deal with them as they come, but they have already done the damage to your reports. 

[oracles]

I agree with both Mark and Creditaddict

You should first see if you can get a PFD with citi and pay off the charge off. However  i do not believe they will do it. Therefore, i would wait on the citi account. If they don't PFD, then take the money and first get cap 1 current. Once you have cap 1current and up to date, then pay USAA minimum. Then whatever is more important to you, (paying your debt off or getting a higher fico score) will decide what is your next course of action. If you want to pay off the amount as quickly as possible, then pay off the credit card with the highest interest rate first.If you want to increase your scores, then you need to get both credit cards as much as possible under 50% of utilization. You decide what is your priority.

hope this helps and keep us updated

[Anonymous]

Well my Citi card has gone into collection. Its with UCB. I tried doing a PFD however they acted like they never heard of it and that they can't do it. So my next course of action is to pay the off the Captiol one and while still making the basic payment on the Usaa card. In the next week then i will have paid the Captiol One card complety off and be just left with the Usaa card and the Charge off from Citi.  Then i will pay off the Usaa card and just leave the charge off till last. Does that sound like the best thing to do then?

[Creditaddict]

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@Anonymous wrote:
Well my Citi card has gone into collection. Its with UCB. I tried doing a PFD however they acted like they never heard of it and that they can't do it. So my next course of action is to pay the off the Captiol one and while still making the basic payment on the Usaa card. In the next week then i will have paid the Captiol One card complety off and be just left with the Usaa card and the Charge off from Citi.  Then i will pay off the Usaa card and just leave the charge off till last. Does that sound like the best thing to do then?

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That's what I would do!

[oracles]

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@Anonymous wrote:
Well my Citi card has gone into collection. Its with UCB. I tried doing a PFD however they acted like they never heard of it and that they can't do it. So my next course of action is to pay the off the Captiol one and while still making the basic payment on the Usaa card. In the next week then i will have paid the Captiol One card complety off and be just left with the Usaa card and the Charge off from Citi.  Then i will pay off the Usaa card and just leave the charge off till last. Does that sound like the best thing to do then?

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As long as your goal is to pay off the highest apr card first and save money (and that is the cap 1 card) then go for it.

Message Edited by oracles on 01-22-2009 11:18 PM

[Anonymous]

Well yes my goal is to save money but my priorty is to improve my credit score and get my credit history back on track.

[Anonymous]

Also would it make sense to say put 700 dollars on each card? Or just pay the Captial One  complety off first?