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Established Member
stealthc63
Posts: 34
Registered: ‎12-02-2012
0

Need advice...Please be nice

I'm going to try and make a long story short here. I recently traded in a car that I was about 12k upside down on for a car that was priced 20k below blue book. I couldn't pass up the deal. Not only did I get a better car but I am now 8k ahead of the game. The unfortunate thing is I was required to come up with a pretty good chunk of change for the down payment. I didn't have the entire amount in cash so I had to put about 6,500 on cc's. 5k of which is 0% until Dec. On my Amex blue which was just opened this past Dec. In doing this I brought my utl to about 55% and the Amex is now about 90%. I don't wanna lose Amex at all since they are my biggest CL at the moment at 7.5k. My problem is I've put myself in a situation that it is difficult to pay much more than the minimum on all my cards (about 6) every month. I'm not sure how to attack this. I will be getting a raise in a few months that should help but not by much. My plan is to wait it out till next tax season then put my return which is roughly 4k on the cards then apply for a personal loan and consolidate. Does anyone out there have any suggestions on what my approach should be. I'd like to bet another 3x increase from Amex but I don't know how much of that balance I need to have paid off before I do so. Any advice would be appreciated. And please, be gentle LOL.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Need advice...Please be nice


stealthc63 wrote:

I'm going to try and make a long story short here. I recently traded in a car that I was about 12k upside down on for a car that was priced 20k below blue book. I couldn't pass up the deal. Not only did I get a better car but I am now 8k ahead of the game. The unfortunate thing is I was required to come up with a pretty good chunk of change for the down payment. I didn't have the entire amount in cash so I had to put about 6,500 on cc's. 5k of which is 0% until Dec. On my Amex blue which was just opened this past Dec. In doing this I brought my utl to about 55% and the Amex is now about 90%. I don't wanna lose Amex at all since they are my biggest CL at the moment at 7.5k. My problem is I've put myself in a situation that it is difficult to pay much more than the minimum on all my cards (about 6) every month. I'm not sure how to attack this. I will be getting a raise in a few months that should help but not by much. My plan is to wait it out till next tax season then put my return which is roughly 4k on the cards then apply for a personal loan and consolidate. Does anyone out there have any suggestions on what my approach should be. I'd like to bet another 3x increase from Amex but I don't know how much of that balance I need to have paid off before I do so. Any advice would be appreciated. And please, be gentle LOL.


-What are your current FICO scores??

-Any recent negatives??

 

 

 

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
thom02099
Posts: 1,326
Registered: ‎08-30-2011
0

Re: Need advice...Please be nice


stealthc63 wrote:

I'm going to try and make a long story short here. I recently traded in a car that I was about 12k upside down on for a car that was priced 20k below blue book. I couldn't pass up the deal. Not only did I get a better car but I am now 8k ahead of the game. The unfortunate thing is I was required to come up with a pretty good chunk of change for the down payment. I didn't have the entire amount in cash so I had to put about 6,500 on cc's. 5k of which is 0% until Dec. On my Amex blue which was just opened this past Dec. In doing this I brought my utl to about 55% and the Amex is now about 90%. I don't wanna lose Amex at all since they are my biggest CL at the moment at 7.5k. My problem is I've put myself in a situation that it is difficult to pay much more than the minimum on all my cards (about 6) every month. I'm not sure how to attack this. I will be getting a raise in a few months that should help but not by much. My plan is to wait it out till next tax season then put my return which is roughly 4k on the cards then apply for a personal loan and consolidate. Does anyone out there have any suggestions on what my approach should be. I'd like to bet another 3x increase from Amex but I don't know how much of that balance I need to have paid off before I do so. Any advice would be appreciated. And please, be gentle LOL.


Based just on this information, I think the first thing you need to do is get that AMEX util down from that 90%.  If you can do the personal loan now rather than waiting, if I were you, that's what I would do;  basically a consolidation loan and pay those balances off.  You'll have a fixed interest rate and set payments. I wouldn't want to spook the AMEX Gods! :smileysurprised:

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Need advice...Please be nice


thom02099 wrote:

stealthc63 wrote:

I'm going to try and make a long story short here. I recently traded in a car that I was about 12k upside down on for a car that was priced 20k below blue book. I couldn't pass up the deal. Not only did I get a better car but I am now 8k ahead of the game. The unfortunate thing is I was required to come up with a pretty good chunk of change for the down payment. I didn't have the entire amount in cash so I had to put about 6,500 on cc's. 5k of which is 0% until Dec. On my Amex blue which was just opened this past Dec. In doing this I brought my utl to about 55% and the Amex is now about 90%. I don't wanna lose Amex at all since they are my biggest CL at the moment at 7.5k. My problem is I've put myself in a situation that it is difficult to pay much more than the minimum on all my cards (about 6) every month. I'm not sure how to attack this. I will be getting a raise in a few months that should help but not by much. My plan is to wait it out till next tax season then put my return which is roughly 4k on the cards then apply for a personal loan and consolidate. Does anyone out there have any suggestions on what my approach should be. I'd like to bet another 3x increase from Amex but I don't know how much of that balance I need to have paid off before I do so. Any advice would be appreciated. And please, be gentle LOL.


Based just on this information, I think the first thing you need to do is get that AMEX util down from that 90%.  If you can do the personal loan now rather than waiting, if I were you, that's what I would do;  basically a consolidation loan and pay those balances off.  You'll have a fixed interest rate and set payments. I wouldn't want to spook the AMEX Gods! :smileysurprised:


If OP's credit is above 660 I would recommend checking out Lending Club. Should be able to get a decent loan at a decent rate.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Member
stealthc63
Posts: 34
Registered: ‎12-02-2012
0

Re: Need advice...Please be nice

My highest score is a 710 which is TU. EX and EQ are 660ish. I have a bk that will fall off in Jan so I'm anticipating a boost in score once that drops. Other than that I have no baddies with a 4.5 year AAoA.

Established Contributor
swpopham
Posts: 550
Registered: ‎06-02-2012
0

Re: Need advice...Please be nice

get us more info,

 

1. age-  need to know how much credit you have

2. fico scores.

3. derog info

4. income

5 credit cards and limits- and balances

6. ammount of car payment...

 

 

 

Ive rolled 20k on an auto loan and never put  penny down but Im going to try and help you out of this before something happens and you fall behind...

"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Established Member
stealthc63
Posts: 34
Registered: ‎12-02-2012
0

Re: Need advice...Please be nice

I've tried lending club and I think they use a different scoring system because it's always lower than what FICO states. Hence, I've never been able to utilize their services.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Need advice...Please be nice


stealthc63 wrote:

I've tried lending club and I think they use a different scoring system because it's always lower than what FICO states. Hence, I've never been able to utilize their services.


They definitely use FICO and its a SP on TU to see if they can approve you. Did they give you any reasons?

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Member
stealthc63
Posts: 34
Registered: ‎12-02-2012
0

Re: Need advice...Please be nice

I can check right now and see what it says....I don't remember the reasons

Established Member
stealthc63
Posts: 34
Registered: ‎12-02-2012
0

Re: Need advice...Please be nice

Score came back at 666. Reason for denial was too many recent inquiries which is due to the new car.


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