topic Re: Help lowering utilization in Rebuilding Your Credit

Help lowering utilization

Anonymous — Wed, 21 Oct 2015 18:57:14 GMT

Hey Everyone, Fairly new so please bare with me

I would like any and everyones intake on lowering utilization. My utilization is at like 98% right now which I seriously need to lower because It is the only thing that will make my credit score go up. Here are my list of cards below and the balances

Credit One Bank: CL $400 Balance $398

Capital One Secured: CL $500 Balance $462

Kohls: CL $300 Balance $242

Capital One Platinum: CL $500 Balance 498

Capital One Quicksilve: CL $500 Balance $462

I really want to get rid of the credit one card because as we all know it is really not the best card to have.

I would love everyone's advice.

Thank you All

Re: Help lowering utilization

Anonymous — Wed, 21 Oct 2015 19:03:28 GMT

If it were me I'd start by paying down my lowest balance first and then work my way up until I had 1 CC left to pay.

Yes.. Ditch credit one! I am rebuilding after a BK and I didn't even app for them based on what I read here.

@karladicent wrote:
Hey Everyone, Fairly new so please bare with me

I would like any and everyones intake on lowering utilization. My utilization is at like 98% right now which I seriously need to lower because It is the only thing that will make my credit score go up. Here are my list of cards below and the balances

Credit One Bank: CL $400 Balance $398
Capital One Secured: CL $500 Balance $462
Kohls: CL $300 Balance $242
Capital One Platinum: CL $500 Balance 498
Capital One Quicksilve: CL $500 Balance $462

I really want to get rid of the credit one card because as we all know it is really not the best card to have.

I would love everyone's advice.

Thank you All

Re: Help lowering utilization

Anonymous — Wed, 21 Oct 2015 19:08:10 GMT

Do the snowball method

Start with the lowest balance and pay it off - or send extra to it. when it is paid in full, take the next card - send the payment you would have made to card 1 and send it to card 2. When #2 is paid off - send the payments to card 3 - and so on.

If you can.....find somewhere/way to get a chunk of money to pay off some in full. (extra hours at work, sell some stuff, whatever works).

Re: Help lowering utilization

buildafico — Wed, 21 Oct 2015 19:08:24 GMT

All your cards are maxed, at this point it would be most beneficial to pay off your highest interest card first. Assuming that's most likely the credit one card, pay it off first. Also the AF of the credit one likely makes it the best choice, if you haven't had the card for a year yet I'd say pay it off then keep until at least right before your year. The other cards pay down in order of largest payment on the highest interest card first. So probably after the credit one you'd move to Kohls then the cap1 cards.

Re: Help lowering utilization

Anonymous — Wed, 21 Oct 2015 19:08:50 GMT

@karladicent wrote:
Hey Everyone, Fairly new so please bare with me

I would like any and everyones intake on lowering utilization. My utilization is at like 98% right now which I seriously need to lower because It is the only thing that will make my credit score go up. Here are my list of cards below and the balances

Credit One Bank: CL $400 Balance $398
Capital One Secured: CL $500 Balance $462
Kohls: CL $300 Balance $242
Capital One Platinum: CL $500 Balance 498
Capital One Quicksilve: CL $500 Balance $462

I really want to get rid of the credit one card because as we all know it is really not the best card to have.

I would love everyone's advice.

Thank you All

I'm not sure what it is your are asking advice for - you seem to be quite clear on what needs to be done, its just a matter of doing it now. It matters not which ones your pay first or last, just get them all down as quickly as you can. Since you want to close the Credit One (and thats a very good idea), that would seem to be the obvious first choice.

Target is to get it below 10% and on one card only. It really does not matter what path you take to get there, the end scoring result will be the same.

Re: Help lowering utilization

Anonymous — Wed, 21 Oct 2015 19:25:00 GMT

I think that is probably what is best...Thank you for your advice

Re: Help lowering utilization

Anonymous — Wed, 21 Oct 2015 19:26:04 GMT

I should definitely pay off the one with the lowest balance first, I can pay them all off in the next three weeks I believe...Thank you, you are very helpful, I appreciate it

Re: Help lowering utilization

Anonymous — Wed, 21 Oct 2015 19:27:54 GMT

@NormanFH Its going to be a year next month with the credit one card, but I really do not want it anymore AT ALL its really a piece of S*** card (sorry for my language)...Thank you for your advice I appreciate it

Re: Help lowering utilization

Anonymous — Wed, 21 Oct 2015 19:28:43 GMT

I am so getting rid of that card it is such a waste of time, Thank you for your advice I appreciate it