topic Re: CC Balances in Personal Finance

CC Balances

Anonymous — Mon, 20 May 2019 19:33:50 GMT

I want to see everyone's opinion about my cc balance. It shows 50% utitlization. Opps, spending is hard to control lol. I need to bring it down under 28% and will that improve my credit score?

These cards below are the balances I owe at the moment:

Fingerhut - $451.17
Walmart - $93.90

Amazon - $418.03

Target - $244.04
Captial One - $156.96

Discover - $123.80

Credit One Bank - $211.85

Which important cards should I pay it off and make it $0 and that would bring the utlitatizon way down?

Re: CC Balances

Anonymous — Mon, 20 May 2019 19:37:44 GMT

Individual card utilization has an affect on scores just as your total utilization does. If you tell us your limits you may be able to get more help, but basically try to bring the per card utilization down under 28%

Re: CC Balances

Anonymous — Mon, 20 May 2019 19:39:12 GMT

Look at my sig footer, it has limit there

Re: CC Balances

pinkandgrey — Mon, 20 May 2019 20:01:43 GMT

Credit One, Cap One, and Target look like they’re the most utilized at the moment. I would focus on bringing those down first.

Re: CC Balances

Jnbmom — Mon, 20 May 2019 20:05:45 GMT

I would first pay off cap one and credit one they are basically maxed out. It also depends on your interest rates. I see you have discover have you checked to see if they have any BT offers, from the cards you listed I am sure rates are high. FICO doesn't like all those balances,. If you can pay them off and let one report a "small" balance.

Re: CC Balances

Remedios — Mon, 20 May 2019 20:08:59 GMT

@Anonymous wrote:
I want to see everyone's opinion about my cc balance. It shows 50% utitlization. Opps, spending is hard to control lol. I need to bring it down under 28% and will that improve my credit score?

These cards below are the balances I owe at the moment:
Fingerhut - $451.17
Walmart - $93.90
Amazon - $418.03
Target - $244.04
Captial One - $156.96
Discover - $123.80
Credit One Bank - $211.85

Which important cards should I pay it off and make it $0 and that would bring the utlitatizon way down?

I dont really math unless absolutely necessary but looking at your limits and your balances, I am not coming up with 50% utilization

If you pay down a singl card, scoring penalty will still be imposed on cards that are over 28.9% and other thresholds. You should allocate money to put them all below that 28.9% and work your way down.

Just to touch on something else you said...spending is hard to control and if you dont get that under control, it will happen again. So, I'd work on that, too

Good luck!

Re: CC Balances

FireMedic1 — Mon, 20 May 2019 20:14:13 GMT

To make it easier than scrolling up and down. I laid out the CL's and balances for other posters to make their opinions:

Captial One: $200-$156.96
Walmart: $1000-93.90
Target: $500-$244.04
Amazon: $2500-$418.03
Fingerhut: $1000-451
Credit One Bank: $300-$211.85
Bread Financing: $2500 No Balance listed
Affirm: $435 (PAID/CLOSED 04/05/19) Closed in good standing or CO?
Discover: $5000 -$123.80

The ones in red tackle them first while making double monthly payments on the others. As Mom said. Pay down the higher interest ones first and work your way down the APR ladder till paid and get to AZEO. (Disclaimer in my siggy)

Re: CC Balances

Anonymous — Mon, 20 May 2019 20:19:40 GMT

Ideally you want 1 card to report a balance under 10% of the limit.

So, the big question is.... What are you trying to accomplish by a higher score when what really matters is not paying interest?

Secondly.... if you're paying monthly fees for a card like Credit One you need to pay it off first and get rid of it. You have better cards now and there's no need to keep them around.

Re: CC Balances

Anonymous — Mon, 20 May 2019 20:33:02 GMT

^^^ This

Especially if you're paying a monthly annual fee for the Credit One card. That's an extra $10 a month you could be putting towards another bill.

Re: CC Balances

redpat — Mon, 20 May 2019 21:32:22 GMT

Maybe Irish80 can give you a 0% loan to help out a follow Irishman.....

Re: CC Balances

Anonymous — Tue, 21 May 2019 01:57:59 GMT

Thanks for the heads up. I'll make the full payment to Target, CapOne and Credit One this friday's payday. Then I'll do the Fingerhut next week before the statement cut off.

After that, I'll play around with Credit One for year then close it off.

Thanks again!

Re: CC Balances

Shooting-For-800 — Tue, 21 May 2019 22:13:32 GMT

@Anonymous wrote:
Look at my sig footer, it has limit there

calculate out the utl for each one and bring them down together by utl

Re: CC Balances

Anonymous — Wed, 22 May 2019 03:33:45 GMT

@Anonymous wrote:
Thanks for the heads up. I'll make the full payment to Target, CapOne and Credit One this friday's payday. Then I'll do the Fingerhut next week before the statement cut off.

After that, I'll play around with Credit One for year then close it off.

Thanks again!

Sounds good but, why bother with Credit One for a year when you have near 700 scores?