No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Welcome to the forum
Question how were scores before the furniture account and is it a new account?
Here's why I ask.
Some furniture or personal loans are classified as consumer loans and not installment loans.
Example payday loans are listed as consumer loans and Fico considers these to be risky thus sometimes it will result in a scoring ding.
Just a thought so check how its listed on CR's
oops... Kids and dog interrupted me when i typed that. I stand corrected.
@Anonymous wrote:
These accounts are listed under installment loans
Are they new accounts?
@Anonymous wrote:I have the following accounts:
Student Loan: $6,671
Conn's Furniture: $713
Conn's Furniture: $1,222
USA Discounter's (furniture): $1,082
Capial One: $120.45
I need a drastic score change....please advise
If the furiture cards are balances it depends on what the credit limits are. Utilization is dragging your credit score down. The only quick fix if possible is to pay them off. If that isn't possible your scores will go up as you pay them off and your utilization goes down. If you have any negatives on your credit report go to the rebuilding section for help with those. If you haven't done so get your free annual credit report from annualcreditreport.com and see if everything is correct.
Pay CapOne down to $0 pronto. And then call up the mortgage company and ask if they wouldn't mind waiting until a certain furniture addiction was licked... that "other" family member of course.
That's what I'd do. Over a 30yr loan, the difference is staggering.
@Anonymous wrote:I have the following accounts:
Student Loan: $6,671
Conn's Furniture: $713
Conn's Furniture: $1,222
USA Discounter's (furniture): $1,082
Capial One: $120.45
I need a drastic score change....please advise
Could you post the credit limits for each of the cards, the APRs for all of the cards & loans, and the amount that you are prepared to spend before closing?
As a general rule, what matters is the incremental APR difference. In other words, if one card has 20% APR and another has 15%, you want to pay the 20% off first. However, if you can pay a card to 0, that may be preferable, because it will retrigger the grace period, so you will stop paying interest entirely on that card.
However, you are operating on a potentially truncated timetable. You aren't able to pay off all the cards, so you need the biggest point boost. Anecdotally, there appear to be breaks at 30%, 50%, and 90% utilization. I think I would focus on getting all of the cards below 90%, then below 50%, then 30%. However, it depends on how much you can put down per month towards paying these off. If you let us know how much per month you can use to pay off the balances, we can approximate
Regardless, you MUST make at least the minimum payment. The absolutely worst thing that can happen is any reports of late payments.