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