credit debt and management

Anonymous · ‎05-28-2017

Hey

i need some help on what i should do first i have a debt and want to know how should i go about it im tryna apply for a mortgage

Victoria secret store credit card $128 the limit $500

chase $3000 the limit $4600

american express $500 the limit $2000

navy $6000 the limit $14600

meijers store $350 the limit $1080

2015 eqinox note $399 i got 3 year lease got in january 2015 and i owe 7 payments owe about $2900 in payments

i get 1600 back in student loan that i have to pay back in a few years

i owe $40000 in student loans i pay $117 a month

i have a navy fed account and about to get a penfed account

thinking about applying

my credit score 640 650 645 fico

100% on time payment

i make 1400-1700 every 2 weeks

what should i do as far as payment?

i know everything should at least be under 30%

rmduhon · ‎05-28-2017

For optimal scoring it's actually all but 1 card reporting a zero balance with the last card reporting less than 9% of that cards limit.

medicgrrl · ‎05-28-2017

I would use the snowball technique. Pay off the smaller balances then work towards getting Chase below 49% I think you'll see a decent bump in scores after that.

EQ 778 EXP 782 TU 729

Anonymous · ‎05-28-2017

My comments are based upon this post being under "Rebuilding your Credit"

* and a previous post of your's which stated you had a Fico in the 700's

.

brittbratt2 wrote:
Hey
i need some help on what i should do first i have a debt and want to know how should i go about it im tryna apply for a mortgage
~~Victoria secret store credit card $128 the limit $500~~
chase $3000 the limit $4600
~~american express $500 the limit $2000~~
navy $6000 the limit $14600
~~meijers store $350 the limit $1080~~
2015 eqinox note $399 i got 3 year lease got in january 2015 and i owe 7 payments owe about $2900 in payments
i get 1600 back in student loan that i have to pay back in a few years
i owe $40000 in student loans i pay $117 a month
i have a navy fed account and about to get a penfed account
thinking about applying

my credit score 640 650 645 fico
100% on time payment
i make 1400-1700 every 2 weeks
what should i do as far as payment?
i know everything should at least be under 30%

Consider "Eliminating" the low hanging fruit, and only use if you can immediately Pay in Full as if it was a debit card.

* I have identified the three above.

Then get the Chase card to Zero, and always Pay in Full immediately.

Finally, get the NAVY to below 10% and keep it there.

* it is your largest credit line, and <10% will be easier to accomplish there and to maintain for the time being based upon your existing information that you disclosed..

* * * I am absolutely sure that there will be other contrasting opinions, but this is what my choices would be.

To include, never again showing a utilization on cards, except for one at < 10%, which will ultimately put you in a better position to get a mortgage.

Best Wishes!!!

.

Anonymous · ‎05-28-2017

pay my balances down on the first 3 cards and apply for a credit increase for chase once im under 15%....so should i get or apply for a penfed credit card? or then start paying on the navy fed card

Anonymous · ‎05-28-2017

brittbratt2 wrote:
pay my balances down on the first 3 cards and apply for a credit increase for chase once im under 15%....so should i get or apply for a penfed credit card? or then start paying on the navy fed card

+ I am sticking with my comments BELOW, first & foremost.

ONLY once you have achieved this, and it is reflective in your Fico 8's, should you consider a PenFed CC.

I am with Pen Fed, and they were my first cc application simply because they do not like of Credit Pyramid Builders.

Once you have cleaned up everything, In My Opinion, would I suggest you consider Pen Fed.

* there are lots of things I want. However, I will not take any action until it first fits nicely with in my existing plan. They are Wants, not Needs.

Also see:

Pentagon Federal Credit Union Data Share
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/m-...

Consider "Eliminating" the low hanging fruit, and only use if you can immediately Pay in Full as if it was a debit card.

* I have identified the three above.

Then get the Chase card to Zero, and always Pay in Full immediately.

Finally, get the NAVY to below 10% and keep it there.

* it is your largest credit line, and <10% will be easier to accomplish there and to maintain for the time being based upon your existing information that you disclosed..

* * * I am absolutely sure that there will be other contrasting opinions, but this is what my choices would be.

To include, never again showing a utilization on cards, except for one at < 10%, which will ultimately put you in a better position to get a mortgage.

Best Wishes!!!

.

medicgrrl · ‎05-28-2017

If you're wanting to apply for a mortgage, I would hold off on the new cc apps

EQ 778 EXP 782 TU 729

Anonymous · ‎05-28-2017

@Anonymous wrote:
brittbratt2 wrote:
pay my balances down on the first 3 cards and apply for a credit increase for chase once im under 15%....so should i get or apply for a penfed credit card? or then start paying on the navy fed card

+ I am sticking with my comments BELOW, first & foremost.

ONLY once you have achieved this, and it is reflective in your Fico 8's, should you consider a PenFed CC.

I am with Pen Fed, and they were my first cc application simply because they do not like of Credit Pyramid Builders.

Once you have cleaned up everything, In My Opinion, would I suggest you consider Pen Fed.

* there are lots of things I want. However, I will not take any action until it first fits nicely with in my existing plan. They are Wants, not Needs.

Also see:

Pentagon Federal Credit Union Data Share
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/m-p/4591561

Consider "Eliminating" the low hanging fruit, and only use if you can immediately Pay in Full as if it was a debit card.
* I have identified the three above.

Then get the Chase card to Zero, and always Pay in Full immediately.

Finally, get the NAVY to below 10% and keep it there.
* it is your largest credit line, and <10% will be easier to accomplish there and to maintain for the time being based upon your existing information that you disclosed..

* * * I am absolutely sure that there will be other contrasting opinions, but this is what my choices would be.
To include, never again showing a utilization on cards, except for one at < 10%, which will ultimately put you in a better position to get a mortgage.

Best Wishes!!!
.

+ 1

I totally agree...YOU have to look at the big picture here..If a HOUSE is your ultimate goal then IMHO please follow the advice, if your goal is to have higher CLs or more CC then by all means do so...it's totally up to you.!!

I can speak from experience Mortgage companies DO NOT like a app spree anytime within 6-12 mos of applying and they frown on alot of inquiries too.

Good Luck

Anonymous · ‎05-30-2017

whatever that link is it keeps popping up blank on my computer screen is it possible to quote it or tag me in it... and also can I do want to have higher credit limits and just one more credit card thru pen fed I read that even if I have a credit card like navy fed woith 14000 limit pen fed could approve me for 5000 and I could request them to match my highest limit

Anonymous · ‎05-30-2017

ReCon-ing Pen Fed for a higher CLI

* Yes, it is possible to Recon for a higher CLI with Pen Fed, I actually did it when I applied for my 2nd credit card, and was approved. However,

brittbratt2 wrote:
whatever that link is it keeps popping up blank on my computer screen is it possible to quote it or tag me in it... and also can I do want to have higher credit limits and just one more credit card thru pen fed I read that even if I have a credit card like navy fed woith 14000 limit pen fed could approve me for 5000 and I could request them to match my highest limit

When I did a recon w/ Pen Fed, I asked without comparing to Navy, as they had my data in front of them.

First you have to become a member of Pen Fed, and then apply & get approved for a credit card.

In my previous post, I mentioned that your balances do need to be reduced, and your Utilization is high.

It is only "MY" opinion, but I am not sure you would get approved by Pen Fed with:

chase $3000 the limit $4600

~~american express $500 the limit $2000~~

navy $6000 the limit $14600

Best Wishes!!!!

.