@Anonymous wrote:Thanks folks... I Appreciate your input. the next one month is going to be dedicated to paying off the cards .i dont have any more house stuff to buy so it should be easier to know off most of these ..
the plan going forward is as shown below (I am an excel fanatic)
AAOA Currently stands at 5.8 yrs before all these accounts kick In
Card Credit Balances Date opened Comments payment due date Utilization pay off target American express 5000 2470 Apr-15 App spree 19-May 49% End of May RBFCU 5000 2925 Jan-15 CLI increase 8-May 59% By June statement Barcalys 1300 600 Apr-15 App spree N/A 46% By June statement lowes 1800 1750 Apr-15 App spree 23-May 97% BY 23th May Capital one Platinum 1500 1395 Aug-13 same 7-May 93% By June statement Capital one Platinum 800 672 Aug-13 same 7-May 84% By June statement Home Depot 2500 529 Apr-15 App spree N/A 21% End of May pen fed 2500 0 Apr-15 App spree N/A 0% July statement Nebraska 1500 1500 Apr-15 App spree N/A 100% next week Jc Penny 550 147 Dec-13 No change 16-May 27% Total Credit 22450 11988 Utilization 53% Number of inquries TU TU 4 EQ 9 EXP 8
OP, you have no issue. All these payments are going to happen so fast, the lenders won't be able to react that fast to the balances. They haven't even begun to get wind that you even have more accounts, and most of these you are already on the way to paying off.
I would hold off on new applications, but in all honesty, there's no large enough balances here to cause any one of these lenders to have any concern, or bother to take any action. There's not enough There there for them to worry about.
Going forward, since you have a number of good accounts, you will want to continue to use them heavily and pay in full each month. With the mortgage now reporting, in a year, with no other apps and PIF usage after these cards are paid down, you should be in a very good place.
And to restate: I do not see any reason (or avaialble time) for any of these lenders to get around to AA.
Just an update
Its a blood bath up in here
the new cards have started reporting and becuase of the new house purchases,the balance reporting are as shown above.
Every day am dropping like 5 points from on thing or the other related to a card reporting and another one showing 100% increase in utilization (i was at 0% just after closing
I now my scores are are risky territory and hopefully when i start paying them off as well as make first mortgage payment it improves
Good thing is i got everything i needed for the house!
Its a blood bath up in here
the new cards have started reporting and becuase of the new house purchases,the balance reporting are as shown above.Every day am dropping like 5 points from on thing or the other related to a card reporting and another one showing 100% increase in utilization (i was at 0% just after closing
I now my scores are are risky territory and hopefully when i start paying them off as well as make first mortgage payment it improves
Good thing is i got everything i needed for the house!
I agree. It's just not the score but your file, AAOA and especially your utilization. The app spree itself with a good score & a thicker file shouldn't do much damage & doesn't really look risky. It's when you go and charge them up that looks risky. I app'd for 10 and a couple 5 months later. But only one had a high utilization (because of the 12 mos same as cash deal) but I've paid that down now to 50%. The other cards are PIF as fast as I can pay them. I definitely want to make sure the lenders know that I'm not trying to pyramid. I would work on the highest, get it down to under 50, then work on the next & so on until you only have one. Congrats on the new cc's. 