+1 on PFD. If the negatives are completely removed, you'll see serious movement in your scores. They'll skyrocket once your utilization is below 20% or so. Go for it!!
@Anonymous wrote:
Hello all,
I don't post here much but I lurk quite often and am currently in a dilemma that I could use some advice on: I currently have credit scores between 570 and 590 across all bureaus but I typically range around 680 to 700 but last year did an app spree and have a number a new accounts and inquiries reporting. My biggest obstacles are the following:
2 collections totaling $2500 reporting on experian and transition (CA is willing to pfd if paid in full and I already have it in writing)
High credit card utilization. Discover $8k, cabela $5k, and cap 1 $3k, at about 80% utilization.
I have some extra cash ($3k) and wanted to know what would make the biggest impact on my credit score: either paying off the 2 collections in full or paying down my balances, $1k across each card. The collections are my only 2 negatives on my report and have hindered me in credit checks for jobs I've pursued (I'm in the banking field) and I'm at a catch 22.
Any advice?
This isn't even CLOSE....
Normally, there could be a question about the age of these accounts but WHO CARES at this point, in THIS situation....
1) You said you got a written agreement in hand BUT MORE IMPORTANTLY
you said you've been HINDERED in your career...your ABILITY to MAKE MONEY...even if it were 2nd place that makes it a NO BRAINER, you're in the financial services industry and if that issue can be fixed with change you have in your hand....you'd be a FREAKING IDIOT to let possibly yet another JOB pass you by, one that you might get a promotion from that you'd never see w/o getting in.....c'mon McFLY, this is easy as pie....period, don't not pass go!
It's hurt my EMPLOYMENT opportunities more than ONCE...are you seriously questioning yourself? (Ya'll know I'm just ribbing right...i know you're just seeking the atta boy/girl to make the only 'real' decision there is to make.
2) Even, had you not been in the f/s biz...the impact of $1000 each to accounts at 80% still couldn't thrump deleting those collections...that's the primary reason for the scores being held down.
Anthing above 60-70% is maxed out and denotes drowning, circling the drain you know this, well depends where in the bank you work but heavy debt = RISK
a) To lend to the public and
b) Having employees where financial mischief is poosible...ie banks, police depts. etc
So kill the collections 1st then tackle that debt....and prehaps w/o the collections as you're paying you can get some CLI's
NOT to USE but to help your ratios look pretty
Please be careful moving forward your career, and ability to promote is at stake this is more importantly to you than a bus driver or a teacher...this type of thing can kill your ability to make money to LIVE
Best Wishes, good luck
I'm with the others who told you to get the negatives removed while the chance is still there.
