What to do first

[Anonymous]

I've gotten myself in a good pickle and wondering how to prioritize to get the best results.

I have a single credit card with a $25000 limit currently at a balance of $19000

I have several charge off accounts from a period of job loss about 1.5 years ago:

12000

3000

3000

3000

2000

2000

I have about $10,000 in cash at the moment and about $3000 per month to put towards fixing this.

Should I first focus on getting my utilization down, or should I attack paying off each of the collection accounts in order.

What would be the best plan to get my scores up quickest.  Currently about 595/605/638 on the scores.

Thank you!

[Anonymous]

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@Anonymouswrote:

I've gotten myself in a good pickle and wondering how to prioritize to get the best results.

I have a single credit card with a $25000 limit currently at a balance of $19000

I have several charge off accounts from a period of job loss about 1.5 years ago:

12000

3000

3000

3000

2000

2000

I have about $10,000 in cash at the moment and about $3000 per month to put towards fixing this.

Should I first focus on getting my utilization down, or should I attack paying off each of the collection accounts in order.

What would be the best plan to get my scores up quickest.  Currently about 595/605/638 on the scores.

Thank you!

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Pay off that credit card. That should come first. Then you can knock down all those collections one by one. Send a letter offering pay for delete first and use all the advise on here for those collections. But definitely get that credit card balance below 28.9% and then below 8.9% for the most points back the quickest. Don’t deplete your savings all the way tho. You need one to three months of bills minimum saved. In case of future emergencies. But with three thousand a month you can do damage quick. In a year you can have all that stuff knocked off and paid.