credit cards for high utilization + auto loan

[creditwatcher2012]

I hate credit one, I am actually embarrassed to use the card, thank god I don't use and of my cards at this point, yes that is actually exactly what I am doing, I am Paying down the cards, and when my utilization is below 10 percent I'm going to do what you said (still pay off cards to zero, and send good will letters to ford credit, the truck is paid off, just the personal loan--needed it for a graduation gift, and are you on nj? I am here in Pennsylvania about half hour from cherry hill...... But that is what I am going to do, I am going to get all my credit cards paid off,

Here's the plan
(1) on the walkwart card I am going to charge something for like 5 Dollars and pay it off before the statement closes,---I have to to keep the account open
(2) --same thing on the American eagle card
(3) all my credit cards will remain in a pile in my sock drawer--I will not use them at all, period..


On the Barclay card I will cancle the memberships, should I focus on getting the balance down on one cards as others have suggested--so pay only the minimum on some awards and apply 8x the minimum on my say freedom card...

And on the personal loan, when all is said and done, I am going to need to get that paid off ASAP. It had a 24% APR through springleaf financials I think.........


But thanks for all the help, I appreciate it, eve though my utilization is high. I look at is as progress from my last posts, if I can get bellow 50 that will be great......and below 10 even better......

Thease credit cards are my priority and I am determined to fix the situation I put myself into with no casualties.....

Thanks again, my-MyFico Friends

[MovingForward_2012]

+1000 on what NJTurnpike said. You are going the wrong way on the wrong side of the road. Think about the impact to your family if you had to file BK and/or lose your home and your car.

You're not listening. You are stuck on trying to live this lavish life you cannot afford. I have filed BK twice and I can smell a BK situation a mile away.

Luckily, myfico prevents a lot of these types of tragedies from happening by denying people like you. As long as your credit situation continues down this path, no lender will be willing to help you carry out your lavish dreams...only if you almost purchase what you want through an enormous downpayment and even then, you may still get denied. I'm sorry to be so harsh but it is the truth.

I completely forgot about the post you wrote when you said you had 21 late payments on your auto loan. That alone is going to prevent you from getting any new credit. I don't think you have realized yet how significant those late pays are.

[creditwatcher2012]

I realize my income doesen't warrant some of the things I want, but rest assured I am paying off my credit cards, when they are all 0, I will make another post with updated credit scores after they are all paid.

If I have to settle for a 250k or even Lower house I will, but I car is a must, I will save up for the DP, wait a year save another 8 or so, ad walk in with about 18....

I will never ever put myself in a situation like this again, and I am working verry diligent to pay them ALL off

[creditwatcher2012]

Sorry for the typos on my cell phone

[LS2982]

I think you really need to read over this thread and take into consideration your on a downward spiral thats heading straight for BK.

-No more Apps.

-You don't need a new vehicle. If you absolutely need a different vehicle, a used low cost car/van will get you by.

-Go to the Garden thread and stay there! Let them INQ's age off of your report.

-Pay all of of your debts off and shred all of your cards except 1. Make it your everyday card and PIF every month.

For making 92K you shouldn't nearly be in this much debt that you are, and whats funny is it;s not really that much but its doing a number to your score because your util. is way too high.

[MovingForward_2012]

The Infiniti is NOT a must-have. As LS said, read over your post and think about what you are saying. I would give up on that Infiniti...seriously. What is the point of trying so hard to get this car just to have it repossessed later? You really need to sit down and do a comprehensive budget and you will see you do not have any discretionary income! All your hard earned money will be going to bills with hardly anything left over for savings. You are in a better situation now with a paid off house. You just need a reliable vehicle to get you from Point A to Point B. your debt will spiral out of control as you already have enough debt as it is.

I have a really hard time understanding why you can't pay off this debt immediately when you make $90K a year and don't have a mortgage to pay. Where is all of your money going????!!!

[thirst305]

So you have 10k in a CD but you are living each day scared of AA or getting your account closed?  Why not use the money from your CD to pay off your cards, and then build your savings back up?

If you already have a house, why do you need to worry about buying another house??

If you already have a car, why do you need to buy a brand new luxury SUV when you can't even afford your current lifestyle - as evidenced by your debt?  If you need more room for your family, why not go buy a used minivan?

[creditwatcher2012]

I know what your saying, about my income--I have ALOT of bills, I mean alot, college tuition, business expenses, etc, and now all thease credit cards...... I'm really going to do some thinking, I really want the infiniti--That's why I saved money in the cd---if I cashed it in, I would feel like, all my savings went to bills, I really need a new car---maybe I will consider an Acura like another poster said, I am going to need to purchase a new house soon because where mine is located in, the neighborhood is changing...

[MovingForward_2012]

If you already have a lot of debt, why do you want to add a more expensive car payment? Most mortgage loans starting June 3rd, will require a Debt to Income ratio of no more than 43%. If almost all your income is going to bills now without a mortgage payment, where is the money for the mortgage payment going to come from? You cannot claim rental income that is not established on your mortgage application. That Infiniti will absolutely kill your chances of getting a mortgage loan.

[creditwatcher2012]

Do you think realistically I can afford an Acura? MDX