topic Re: 3 maxed out cards in Credit Cards

3 maxed out cards

Alex311 — Fri, 11 Dec 2020 17:21:12 GMT

I have 3 cards that are maxed out. I've kept a good payment history on them but I've only been paying the minimum due to me focusing on other debt, which I'm done with now. My question is should I completely tackle o e card at a time or should I pay down the balances evenly then focus on one card? The cars balances are $4000,$4000 and $8000.

Re: 3 maxed out cards

thornback — Fri, 11 Dec 2020 17:31:18 GMT

I'd first pay on all 3 to get them out of "max" territory until they're all, at least, under 69% of their respective limits. Then you can snowball by paying one off, then applying those payments to the second till it's paid and then, finally, the last.

Congrats on getting your other debts paid off!

Re: 3 maxed out cards

Girlzilla88 — Fri, 11 Dec 2020 19:21:02 GMT

@Alex311 I agree you need to get to 89% quickly on all three then if you can or have enough under 79% the next one after that would be 49% goal and then 29% to eventually under 8%

Re: 3 maxed out cards

thornback — Fri, 11 Dec 2020 19:25:43 GMT

@Girlzilla88 wrote:
@Alex311 I agree you need to get to 89% quickly on all three then if you can or have enough under 79% the next one after that would be 49% goal and then 29% to eventually under 8%

@Girlzilla88 Why am I suddenly seeing this 79% presented as a util threshold around here? Did you all discover a new breakpoint in the last few months (I've been away from the forums for a while)? I thought this was settled on 89%, 69%, 49%, 29%, and 9%. What am I missing?? I need to know, lol.

Re: 3 maxed out cards

Anonymous — Fri, 11 Dec 2020 22:26:43 GMT

@thornback wrote:
@Girlzilla88 wrote:
@Alex311 I agree you need to get to 89% quickly on all three then if you can or have enough under 79% the next one after that would be 49% goal and then 29% to eventually under 8%
@Girlzilla88 Why am I suddenly seeing this 79% presented as a util threshold around here? Did you all discover a new breakpoint in the last few months (I've been away from the forums for a while)? I thought this was settled on 89%, 69%, 49%, 29%, and 9%. What am I missing?? I need to know, lol.

I am curious about this as well.

Re: 3 maxed out cards

tricie17 — Sat, 12 Dec 2020 00:02:09 GMT

Maybe a mistake.

Re: 3 maxed out cards

thornback — Sat, 12 Dec 2020 00:06:51 GMT

@tricie17 wrote:
Maybe a mistake.

I've seen it in more than one post tho (at least 2 besides this one) - that's the only reason I asked. Would have considered it a typo and moved on otherwise. Just want to be sure I'm not missing out on new data.

Re: 3 maxed out cards

tricie17 — Sat, 12 Dec 2020 00:16:35 GMT

@thornback I hope we can get information soon. Well, you know Fico 10 is out there too. Maybe 10 has changed the thresholds. @Girlzilla88 Can you explain/share your information?

Re: 3 maxed out cards

Anonymous — Sat, 12 Dec 2020 02:10:55 GMT

Pretty sure it's a typo or she mixed up loan thresholds with card thresholds. 79% is not a known card breakpoint but there is anecdotal evidence (which is possibly confirmed as well) that getting a loan below 80% B/L is a scoring tier, so in that event, 79% would be a loan threshold.

Re: 3 maxed out cards

thornback — Sat, 12 Dec 2020 02:24:28 GMT

@Anonymous wrote:
Pretty sure it's a typo or she mixed up loan thresholds with card thresholds. 79% is not a known card breakpoint but there is anecdotal evidence (which is possibly confirmed as well) that getting a loan below 80% B/L is a scoring tier, so in that event, 79% would be a loan threshold.

That makes sense.

Re: 3 maxed out cards

Girlzilla88 — Sun, 13 Dec 2020 17:40:05 GMT

Yes sorry I have been away from my Computer LOL but @Anonymous Hit that point on the Head

Re: 3 maxed out cards

thornback — Sun, 13 Dec 2020 18:27:48 GMT

Haha thanks for clarifying!

@Girlzilla88 wrote:
Yes sorry I have been away from my Computer LOL but @Anonymous Hit that point on the Head