Trying to help a friend ULTI question.

[fltn]

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@myjourney wrote:

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@fltn wrote:

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@myjourney wrote:

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@fltn wrote:

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@myjourney wrote:

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@fltn wrote:

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@myjourney wrote:

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@fltn wrote:

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@myjourney wrote:

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@fltn wrote:

Ok she has 15 accounts. Right now 7 of them have balances. Her total ULTI is 21%.

She just had her hours cut at work and can only pay the minimum payments but she also wants to try to raise her scores.

So should she BT some of the accounts to condense down to 3 accounts.  Leaving 12 accounts reporting zero and 3 reporting 60%-70% or just leave as it.

What would best help her score wise. She can pay the min on all 7 accounts right now so she doesn't need a BT to have less money going out but I think it would help to pay the extra min payments to only 3 accounts and having less cards with a balance would be better score wise. Am I right? Advice please.

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In her current situation I would worry more about the payments VS scores 

And this is why scores are going to suffer either way because Fico scoring will pick up on the large balances be it one two or three cards and with UTL over 70% on any card you'll be dinged for each card scoring wise.

So she has to decide based on these factors 

1) are the BT fees worth the move.... Increasing balances again 

2) can she just leave the balances were they are and make payments and how long before she's able to increase payments 

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It could be 6 months before hours come back. We live in a very touristy area. Right now the area will be shut down again until mid July for the fall leaf season.

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Comes down to how much the BT fees are and how much she can save 

Are any of the cards under $0% Long term?

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One card she just got with a 0% BT with no fee.

other 2 have 3% transfer fee.

If she could get her scores up then maybe she could get an installment loan. She mentioned that. I think she said her scores were 650ish across all 3.

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Are there any cards that do SP CLI that could get high enough to handle a large BT 

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All accounts have been CLIed this month. 

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Ok that's out...

Best just to see how much she/he can save minus BT fees and move to the 3 cards then 

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That's my thought. Just worry about 3 bills instead of 7. Worry about score later.

Thanks for all of the replies. I wanted to make sure I was not going to give bad advise.

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Yep 

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Thanks!

[myjourney]

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@fltn wrote:

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@myjourney wrote:

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@fltn wrote:

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@myjourney wrote:

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@fltn wrote:

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@myjourney wrote:

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@fltn wrote:

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@myjourney wrote:

---

@fltn wrote:

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@myjourney wrote:

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@fltn wrote:

Ok she has 15 accounts. Right now 7 of them have balances. Her total ULTI is 21%.

She just had her hours cut at work and can only pay the minimum payments but she also wants to try to raise her scores.

So should she BT some of the accounts to condense down to 3 accounts.  Leaving 12 accounts reporting zero and 3 reporting 60%-70% or just leave as it.

What would best help her score wise. She can pay the min on all 7 accounts right now so she doesn't need a BT to have less money going out but I think it would help to pay the extra min payments to only 3 accounts and having less cards with a balance would be better score wise. Am I right? Advice please.

---

In her current situation I would worry more about the payments VS scores 

And this is why scores are going to suffer either way because Fico scoring will pick up on the large balances be it one two or three cards and with UTL over 70% on any card you'll be dinged for each card scoring wise.

So she has to decide based on these factors 

1) are the BT fees worth the move.... Increasing balances again 

2) can she just leave the balances were they are and make payments and how long before she's able to increase payments 

---

It could be 6 months before hours come back. We live in a very touristy area. Right now the area will be shut down again until mid July for the fall leaf season.

---

Comes down to how much the BT fees are and how much she can save 

Are any of the cards under $0% Long term?

---

One card she just got with a 0% BT with no fee.

other 2 have 3% transfer fee.

If she could get her scores up then maybe she could get an installment loan. She mentioned that. I think she said her scores were 650ish across all 3.

---

Are there any cards that do SP CLI that could get high enough to handle a large BT 

---

All accounts have been CLIed this month. 

---

Ok that's out...

Best just to see how much she/he can save minus BT fees and move to the 3 cards then 

---

That's my thought. Just worry about 3 bills instead of 7. Worry about score later.

Thanks for all of the replies. I wanted to make sure I was not going to give bad advise.

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Yep 

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Thanks!

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Best wishes to the friend 

[takeshi74]

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@fltn wrote:

She just had her hours cut at work and can only pay the minimum payments but she also wants to try to raise her scores.

So should she BT some of the accounts to condense down to 3 accounts.  Leaving 12 accounts reporting zero and 3 reporting 60%-70% or just leave as it.

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+1 on not worrying about scores.  She's probably going to take a hit one way or another.  With >60% utilization and minimal payments I encountered CLD's.

[H4LO]

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@fltn wrote:

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@H4LO wrote:

Chase Slate or Citi Simplicity.

Manufacture Spend on one of the mentioned cards above to get the money required to pay off the other cards.

Easy way to get around the BT fee. 

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I'll have to look into that.

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But remember. She has to use that money to pay off (transfer) some of the other cards.

Not just use it on anything else. Or else she's digging the hole deeper.