Your Utl is pretty high on all you cards, but after looking, I'd say put HSBC on top of your list, not only is that the highest APR and you are over the limit, which cause more fees, then I'd say pay down the furniture card, because it too is over the limit. Over the limit fees is money that could be better spent. After those cards are at least under the CL, maybe may off some smaller debts cards. Some same that helps emotionally overall, shows progress, plus it will help with overall utl. But definetly work on that HSBC card. 30+% is ridiculous.
Once you have better utl and less debt, maybe find a card that has 0% on BT and transfer your HSBC onto that, stop paying that high interest. Hope this helps alittle.
The smaller debts to pay down, if you want to go that route should be the 28% cap 1 cards..... Try to eliminate all the high interest debt you can.
Message Edited by Savings321 on 07-29-200709:38 PM
I am going to take a stab at this - and the experts on the board might tell you otherwise, but if I were you, I would try to chip away at the lower limit cards that are very close to the limits. If you were to pay all of the Cap 1, First Premier, and Ikea cards down, there should be some positive movement in your score - and you would gain momentum to then take monthly payments that were orginally going to the smaller cards and focus them on the next card to chip away at that balance, and so on. Keep us posted on your progress!
I agree with the post above - you should first focus on the over the limit cards, then knock out the smaller ones!
The most effictive way to try and accomplish your goal would be to call capital one and try merging all those accounts you have into 2 or 3 rather than the several that you have.
Capital one reports high credit vs. the amount currently owed; so in the short run, you won't see results until you pay your balances down-- however, once that is done your overall credit situation will be much better and uti ideal.
this is probably your best bet since you are not seeing results right now anyway.
if merging your capital one accounts doesnt work, keeping all capital one balances below $100 should have an immediate positive affect since u have several accts.
I have a lot of cards also but none are overmaxed. this is what I found
double wammy on score....over limit
Get these down as fast as you can so that they are not over limit
I learned that if I pay within the 20 grace period the min. pmt goes futher. the limit comes down faster because you are not getting hit so hard with intrest.
So start with over limit and don't forget you MUST pay more then the mo.charge or you will still be over the next month. I got caught 2 months in a row with that, I paid more then they asked for but when they added the next int. cost, I was still over limit. The **bleep** fees will kill ya.
Pay every CC usually at least 10 days befor due date.
PAY CAP 1 off as fast as you can...they do not show CL on your report so it always looks like maxed.OR Double pmt on other cards so you UTIL shows lower & just pay min. on Cap1
Whoa... this is like Deja Vu for me. lol. Here's what I did.... Pay off the smaller one's first. If you can't afford to pay them off with one payments, try getting the one's that are over the limit down first. Once you're done with that, just keep paying a little over minimum month after after month after month. You will not have a life for a while, but it's worth it. During this process, I would recommend signing up with a Credit Union for a Savings and Checking. Establish a relationship with them so they will trust you with giving you a personal loan to consolidate all your debt. I don't know if this was the best way to go, but at least I only have two payments per month now; my line of credit and one of my many many credit cards. Hope this helps.
I agree with most of what has been said. I would pay off the ones over the limit first. If you don't they will start increasing because of fees etc. Then I would look at which ones were getting close to being over and get rid of them. I don't know about combining the cap 1''s.