@creditwatcher2012 wrote:Thanks for all the replys especially to @enharu, and a few months ago like a month and a half my util was over 100% someone told me, so I am continuing to pay down my cc's, and hopefully they will all be paid off shortly, I make 92k a year but have alot of bills...college tuition 4 kids....house bills...etc...
I just have a few more questions, someone said it will take a while for my scores to recover, does that mean if say I was to pay off all cc's hypothetically tommorow that next month they wont be back to where they were before the uti was 70%.....and also in your honest oppinon will the banks close my cards even thou I am make more than the monthly payments.... i usually make 4x the monthly payment.... but like on the 7th in a few days the chase BP is due and I am only going to pay double the min payment....
I hope they dont take AA against me, I am doing everything I can to pay them off quickly...
and why would they even close them if I am NEVER late on them, and I pay promptly and more than what is due...?
And once again thanks to all the replys..., and about the car, I really need a new one, so if Everything is paid off by June, would it really hurt me to apply with IFS, and try to obtain a loan at a decent rate like maybe 5-7%?
You need to focus on paying off 1 credit card at a time.
Instead of making double payments on multiple cards, just make the bare minmum payment on all cards except the card you are trying to pay off first. Use the extra cash to pay off one card at a time.
The next billing cycle, you will have one less card to worry about. Once you paid off a card, hide it in your sock drawer and do not use it.
Starting Score: TU 749 02/02/2014
You don't need to charge something to keep your cards active. The balances that are already on there keep them active...that only applies if your balance is zero so stop charging. As others said you need to pay your cards down and stop applying for credit. Your recent inquiries for these new cards are going to tank your score more and jeopardize getting a new vehicle.
I told you this before but your income really is not sufficient for a $52K car plus you have 4 kids! I know you were wanting to buy a house in the future too but with that $800-$1000 per month car payment you will have, will drastically reduce the amount of home you can afford. You really need to wait two years to get your UTIL down and for those inquiries to fall off in order to get approved with realistic terms or to even get approved at all!
I think you are over estimating how far your salary truly goes. I make $96K, leased a $35K Acura TL for $536 per month (I got tier 1 financing and it really is a very nice car, financing it would have cost $641 per month...way too much IMO), and I purchased a home for $347,900 last month (payment is $2385 per month, which includes PITI + PMI + homeowner's insurance). This is my max affordability and I only have one child.
Most people lease luxury cars because the payment is much lower but a lease on a $52K car is still too much IMO for your income especially if you want to buy a house. Getting approved for the lowest rate on a lease requires excellent credit (720 or above, usually) and these dealerships won't lease to you if your credit score is too low. Luxury dealerships require better credit than standard dealerships.
I have 4 credit cards with a combined limit of $7600. I am only carrying a balance on one card that offered 0% for 24 months on some electronics I bought for the house last month. I don't plan on paying it for 24 months either....more like 4-6 months of payments. The other 3 cards are used for EVERYDAY expenses, which means I charge what I would pay cash for on cards, and the money in my bank account piles up to the balances on those cards and I pay in full every month. This is how credit cards are supposed to be used most of the time.
You definitely don't need more credit right now.
So I want you to look at my expenses and try replacing it with a much higher car payment, etc. just to see how ridiculous that would be.
You are simply using more money than your income supports. Once your cards are paid off, you need to use credit cards only if you have the cash available not when the cash is unavailable. Pick 2-3 cards as your everyday cards and zero the rest out and only use for rainy day or emergency expenses.
If you don't get control of your bad habits now, I could see you filing BK after the high car and mortgage payments start coming in with your continued irresponsibility of maxing out cards.
Stop trying to live like the Jones and live within your means...life would be so much less stressful! You should also be able to save $500-$600 per month on top of paying your bills and other expenses with your income. Setup a recurring transfer of $125-$150 per week even if you have to transfer some of it back as you will still be saving something.
You should seriously consider a more realistic vehicle and home purchase plus stop apping! Good Luck and I hope you're listening.
I told you this before but your income really is not sufficient for a $52K car plus you have 4 kids! I know you were wanting to buy a house in the future too but with that $800-$1000 per month car payment you will have, will drastically reduce the amount of home you can afford. You really need to wait two years to get your UTIL down and for those inquiries to fall off in order to get approved with realistic terms or to even get approved at all!
I think you are over estimating how far your salary truly goes. I make $96K, leased a $35K Acura TL for $536 per month (I got tier 1 financing and it really is a very nice car, financing it would have cost $641 per month...way too much IMO), and I purchased a home for $347,900 last month (payment is $2385 per month, which includes PITI + PMI + homeowner's insurance). This is my max affordability and I only have one child.
Most people lease luxury cars because the payment is much lower but a lease on a $52K car is still too much IMO for your income especially if you want to buy a house. Getting approved for the lowest rate on a lease requires excellent credit (720 or above, usually) and these dealerships won't lease to you if your credit score is too low. Luxury dealerships require better credit than standard dealerships.
I have 4 credit cards with a combined limit of $7600. I am only carrying a balance on one card that offered 0% for 24 months on some electronics I bought for the house last month. I don't plan on paying it for 24 months either....more like 4-6 months of payments. The other 3 cards are used for EVERYDAY expenses, which means I charge what I would pay cash for on cards, and the money in my bank account piles up to the balances on those cards and I pay in full every month. This is how credit cards are supposed to be used most of the time.
You definitely don't need more credit right now.
So I want you to look at my expenses and try replacing it with a much higher car payment, etc. just to see how ridiculous that would be.
You are simply using more money than your income supports. Once your cards are paid off, you need to use credit cards only if you have the cash available not when the cash is unavailable. Pick 2-3 cards as your everyday cards and zero the rest out and only use for rainy day or emergency expenses.
If you don't get control of your bad habits now, I could see you filing BK after the high car and mortgage payments start coming in with your continued irresponsibility of maxing out cards.
Stop trying to live like the Jones and live within your means...life would be so much less stressful! You should also be able to save $500-$600 per month on top of paying your bills and other expenses with your income. Setup a recurring transfer of $125-$150 per week even if you have to transfer some of it back as you will still be saving something.
You should seriously consider a more realistic vehicle and home purchase plus stop apping! Good Luck and I hope you're listening.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014
The Acura SUVs may not have all the bells and whistles you want but some of us can't have it all. You either get the Infiniti with a condo or an Acura with a 4bd single family home. You are going to have to choose one or the other because if you don't, you are going to be up to your ears in debt. The Acura RDX starts at $35K...the MDX or ZDX must be what you were looking at. If you come to the table with $20K down on the Infiniti, then ya I think it is reasonable but then where is the downpayment for the house going to come from? You simply don't make enough money for what you want.
Adding cards to reduce Util works but that doesn't mean it is the right thing to do. As most likely right now you would only get approved for low limits which will not increase your score very much at all. With your utilization, you need a $5000 credit limit to see a noticeable dent and lenders are just not going to extend that to you right now.
Adding cards to reduce Util works but that doesn't mean it is the right thing to do. As most likely right now you would only get approved for low limits which will not increase your score very much at all. With your utilization, you need a $5000 credit limit to see a noticeable dent and lenders are just not going to extend that to you right now.