Debt advice!?!

[Anonymous]

Hello all! Happy holidays!

I was looking for some advice/direction, and I have learned so much from these forums so I know that you all are the best people to ask! I was working on rebuilding this past year and have done a pretty good job. Opened some new accounts to use, pay off, use, pay off, so on and so forth... But then I lost what was a very well paying, stable job Fortunately my husband still has a great career, but as most people know.. Going from two full incomes to one is a hard hit for just about anyone; especially around the holidays. So until I get something else I have to tread carefully.

Being that it is the holidays, all of the progress I made with mycredit has kind of went down the drain. I had no other option in some instances but to use some of my new trade lines that originally were only going to be used as credit builders (buying small things and paying off).

So now I have both of my Cap 1's (QuicksilverOne $300 & Platinum $300) maxed out as well as my CU Visa ($500) maxed. And unfortunately my new Cabela's Club Visa had to go to the mortgage payment so it's well over an ideal utilization. (Since I've been rebuilding and didnt expect to lose my job we didn't have an emergency safety net built up yet.) I'm a little nervous about the Cabela's because I know that they don't like a high utilization and it was the card I really wanted to build on so I'm really hoping they don't close my account .

I was able to make over the minimum payments on all of my cards today fortunately. So my question for you all is what what direction I should go in next? I am actively looking for a new job of course.. I considered a debt consolidation loan but honestly I don't think that I would qualify anywhere with my scores and I know that's not always the most efficient course to take. I'm thinking I will just have to take the slow course of making as much over the minimum payments as I can each month and just start over rebuilding from a lower place confirmation that that is the route or any other suggestions are very much appreciated. I'm so disappointed that I got myself in this place. But these forums have been so beneficial for me so at least I know I have great advice to turn to during this time!!

Thank you in advance!! Hope everyone is having a wonderful holiday season!

[Anonymous]

Everyone will run into tough time sooner or later. Just make at least minimum payment on cards. Do not let any payment be late. Once you get a job again and is able to pay it off do it.. For now just at least pay minimum. Yes might not be good to have maxed out UTI, but will at least show your able to make good payments on credit card and not default on it

[Anonymous]

I agree with Rott. Hubby is getting 20 hours for another week (construction job, often slows down at Christmas) so we can't pay off his cards like we planned but minimums are met. He'll get dinged a bit scorewise for UTI but won't have late payments. Of course we'll put more towards them if possible. It'll recover in time just be sure to make at least the minimum

[Anonymous]

Agreed 100%.  Utilization and scores don't matter unless you are applying for credit.  Just make at least minimum payments on all your cards, and avoid the temptation to use them again as they are paid down.  You are in survival mode right now, and it WILL get better.

[Anonymous]

Thank you ALL!!