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Contributor
praise123
Posts: 108
Registered: ‎06-24-2012

Please help!!! Need advice before it lands on my credit report

So, I found out that I have apast due amount at one of my previous college for 1800. It has not hit my report yet and I have until the end of the month to settle. My question is shoulparty try to get another credit card to pay? Use my visasignature what where my balance is only 400 out of 5000? Or use my citi card which is 500 out of 3000? Should apply for a new credit card from my credit union. I hate to run card card up because I like to pay card off in full every month but I don't want this thing landing on my report

Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012

Re: Please help!!! Need advice before it lands on my credit report

whats worse? that showing up on your CR or carrying a balance for few months?
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jeffriesde
Posts: 29
Registered: ‎04-30-2010

Re: Please help!!! Need advice before it lands on my credit report

I vote for pay it out of the $5000 limit.  The hit for util will be far less than a new collection.


Starting Score: EQ 549 (5/2012) | TU 594 (7/2012)
Current Score: EQ 618 (9/2012 Lender Pull) | TU 648 (9/2012 Lender Pull) | EX 599 (9/4/2012 Lender Pull)
Goal Score: 700


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Contributor
SpiceIslander
Posts: 326
Registered: ‎02-01-2010

Re: Please help!!! Need advice before it lands on my credit report


jeffriesde wrote:

I vote for pay it out of the $5000 limit.  The hit for util will be far less than a new collection.


Definitely agree! Collection will cause way too much damage.

Meg.

FICO: 04/2014 - TU 765 | EQ ??? | EX 768

Amex BCP 12900 | Lowes 10,000 | LOC 9300 | Sallie Mae/Barclays World MC 9000 | FNBO 8900 | BOA Platinum+ 6000 | Citi Simplicity 5200 | Chase CSP 5000 | Achieva CU 4000 | Discover 4000 | Sam's Club 3000 | Sears 900
Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012

Re: Please help!!! Need advice before it lands on my credit report

I most certainly WOULD NOT let that collection hit your report. It is MUCH more damaging than a high balance. I would pay it ASAP. i think it would be worth a shot to check out your CREDIT UNION for a card as they will almost certainly give you a lower APR than what you have on your other 2 cards. Low APR would be best way to go on this since you will be carrying a balance.


Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012

Re: Please help!!! Need advice before it lands on my credit report

Yes, having a high balance will get your FICO dinged for a couple months but that's MUCH MUCH better than having a collection haunt you and your CR'S for the next seven years


Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012

Re: Please help!!! Need advice before it lands on my credit report

The more important question is how long will it take you to pay off?  Can advise you when I understand that.  Credit cards are there to help out for emergencies.

               LIMITS IN CARD DESCRIPTIONS
Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012

Re: Please help!!! Need advice before it lands on my credit report

Even if it takes him couple of months to pay it off its better than a collection...
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Established Contributor
TNTransplant
Posts: 772
Registered: ‎01-03-2012

Re: Please help!!! Need advice before it lands on my credit report

[ Edited ]

praise123 wrote:

So, I found out that I have apast due amount at one of my previous college for 1800. It has not hit my report yet and I have until the end of the month to settle. My question is shoulparty try to get another credit card to pay? Use my visasignature what where my balance is only 400 out of 5000? Or use my citi card which is 500 out of 3000? Should apply for a new credit card from my credit union. I hate to run card card up because I like to pay card off in full every month but I don't want this thing landing on my report


I would not do this.  Go ahead and put the payment on your Visa Signature card and carry a balance for a few months - 40% utilization (becoming less as you pay the balance down) will be less of hit than opening a new tradeline just to pay this off.  Of course, if you can find some type of 0% offer and were actually wanting to get a new card at some point, this might be a good time.  

 

And to echo what everyone else said, take care of it before the collection hits your report.


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Established Contributor
emptypockets
Posts: 955
Registered: ‎02-03-2009

Re: Please help!!! Need advice before it lands on my credit report

When you say the end of the month, do you mean the end of this week (August 31st)? If that is the case, it is apparent that you need to use one of your current cards to pay the bill to keep it from hitting your credit report. You don't have enough time to apply for a new card, and receive it in the mail before you need to pay. Whether you try to get a new card and transfer the balance is up to you, but you need to take care of this asap.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Nordstrom Visa,US Bank Cash+, Chase (5), Huntington Voice, UMB Visa, Dillard's AMEX, Barclay's Visa, Citi (4), Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, Macy's AMEX; Several store cards.

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