Hello all! My first post.
I was looking for some thoughts if possible and possible solutions.
Below is an approximate break down...
PreTax-Income:
60000 (anually begining June2014)
Student Loans:
20k Subsedized Stafford
Revolving CC:
3900/4000 Chase Freedom (opened Aug2013)
1300/1500 Discover It (opened Feb2011)
2800/3000 Capitol One Venture (opened Aug2013)
1600/2000 Barclays Apple (opened Aug2013)
2400/2500 Wells Fargo Student (opened Feb2011)
1000/1200 Citi Preferred (opened Aug2013)
Auto Loan
8200 First Niagra (opened Nov2013)
I was out of work for 4 months earlier this year (march) due to unforeseen curcumstances at the company the terms of the departure did not allow for unemployment however it was not the result of termination. This forced me to run up the balances from 20% to where they are now. Due to new salary/budget CC's should be paid off within 18 mths.
3 weeks ago i was involved in an auto accident resulting in a total loss. Insurance+Gap will cover balance of loan but will not be processed until early next week. and will only have the rental car for another week or so and therefor must qualify for a lease within the next 2 weeks.
Therefor my question is somewhat 3 pronged and open to all possible solutions in general
- What can be done to reduce decrease CC utilization?
- Could a consolidation loan be a feasible option? Would I even qualify?
- Either way, I have budgeted so that entire CC Balance would be brought to 0 within 18 mths.
- What, if anything, can I do so that I may qualify for a lease?
- The auto loan being paid off may not reflect in time to on CR
- What can be done to increase score over all as quickly as possible
- Paying off balances at present time in full is not an option.
Current Fico Score: 630 (Aug2014)
Previous FICO Score 690 (as of Nov2013)
Thanks in advance.
Antek
