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Need Advice and Directions!!!

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kaymom
Contributor

Need Advice and Directions!!!

I really want to buy a house before this summer, but I understand that may not be feasible with my current situation. Okay, where do I start, currently my credit card debt is as follows:

 

Belk- $748 CL - $411 Balance

JCP- $1300 CL - $1270 Balance

Triangle Federal Credit Union $1500 CL - $447 Balance

 

I also have unsecured signature loans and they are as follows:

 

Triangle Federal Credit Union $3056

Republic Finance $2860

Tower Loan $1036

 

I have a little over $5,000.00 on hand to do whatever that needs to be done.  I need to know what would be the best action to take in order to increase my scores. As of today my EQ is 594, EX is a 589 and TU 653. Please help!!

A Fresh Start
Message 1 of 9
8 REPLIES 8
myjourney
Super Contributor

Re: Need Advice and Directions!!!

What are the interest rate on the balances and you definitely need to bring balances down under 10% for best score increases

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 9
kaymom
Contributor

Re: Need Advice and Directions!!!

Interest rate on platinum visa with tfcu is 6.99%. The other two cc are btw 18%-27%.
A Fresh Start
Message 3 of 9
myjourney
Super Contributor

Re: Need Advice and Directions!!!


@kaymom wrote:
Interest rate on platinum visa with tfcu is 6.99%. The other two cc are btw 18%-27%.

Hard to tell you which to pay w/o the interest on each card but best plan of attack is to pay the highest interest ones off 1st to save you money....good luck

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 9
kaymom
Contributor

Re: Need Advice and Directions!!!

Ok. Thanks for the feedback and well wishes.
A Fresh Start
Message 5 of 9
DaBears
Senior Contributor

Re: Need Advice and Directions!!!

You want all your cards except one of them to be reporting between 1-9% UTIL what else is on your CR's that might be also holding your scores down?

Message 6 of 9
myjourney
Super Contributor

Re: Need Advice and Directions!!!


@kaymom wrote:

I really want to buy a house before this summer, but I understand that may not be feasible with my current situation. Okay, where do I start, currently my credit card debt is as follows:

 

Belk- $748 CL - $411 Balance pay off

JCP- $1300 CL - $1270 Balance Pay off

Triangle Federal Credit Union $1500 CL - $447 Balance pay off

 

I also have unsecured signature loans and they are as follows:

 

Triangle Federal Credit Union $3056 Apply remaining balance from whats left of $5000

Republic Finance $2860 Call for early payoff amount 

Tower Loan $1036 pay off

 

I have a little over $5,000.00 on hand to do whatever that needs to be done.  I need to know what would be the best action to take in order to increase my scores. As of today my EQ is 594, EX is a 589 and TU 653. Please help!!


OP here's a shot in dark w/o interest rates for all you should see a good boost in scores 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 9
guiness56
Epic Contributor

Re: Need Advice and Directions!!!


@kaymom wrote:

I really want to buy a house before this summer, but I understand that may not be feasible with my current situation. Okay, where do I start, currently my credit card debt is as follows:

 

Belk- $748 CL - $411 Balance  Near maxed out.  Pay this second.

JCP- $1300 CL - $1270 Balance  This is considered maxed out and you are double dinged.  Pay this off.

Triangle Federal Credit Union $1500 CL - $447 Balance Pay this one off.  You shoud have all but one report 0 and the other at 9% or below.  Utilization is the faster way to see an increase in score.

 

I also have unsecured signature loans and they are as follows:

 

Triangle Federal Credit Union $3056  These are installment loans and factor very little into your score.  But they due factor into DTI.

Republic Finance $2860  These may be looked at as Consumer Finance Loans and is a bad thing.

Tower Loan $1036

 

I have a little over $5,000.00 on hand to do whatever that needs to be done.  I need to know what would be the best action to take in order to increase my scores. As of today my EQ is 594, EX is a 589 and TU 653. Please help!!


 

Message 8 of 9
kaymom
Contributor

Re: Need Advice and Directions!!!

Thk u all for the feedback. Will definitely take action. I recently had a 30 day late to report on CR. But once it was brought current my score went up 52 points.
A Fresh Start
Message 9 of 9
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