Credit Card Utilization Question

[CreditInspired]

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@Anonymous wrote:

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@CreditInspired wrote:

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@Anonymous wrote:

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@CreditInspired wrote:

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Can you provide the interest rates on each card. And, if any have 0% promo rates, please provide expiration.

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Sure I can, By the way, the WellsFargo for AC unit is 0% until we pay it off. 

Hubby's cards

Cap One = 45% util (23.4 APR)

Barclay = 59.60% util (25.49 APR)

Cap One = 85.81% util ( I am an AU on this card) (25.4 APR)

My cards 

Barclay = 60.82% (21.49 APR)

Cap One = 57.39% (25.4 APR)

Cap One = 37.21% (20.15 APR) 

Khols = 14.53% (24.74 APR)

VSecret = 10.32% (25.74 APR)

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Thanks Luv2cruise,

Since all APRs are close, I would first work on getting hubby's Cap1 (86% UT) down to 49% and would remove myself as an AU because IMO this high UT is bringing your UT further down. Second, work on both your Barclays getting those down to 49% too. Third, work on getting the other two Cap1s (57% & 45% UT) to 49%. This is how I would start working on paying my debt down. And of course, stop using these cards until you can get them to <9% UT.

Thanks Creditinspired, just wasn't sure which was better, to pay down the smallest cap ones' 1st to eliminate most of that or what. I forgot to mention that I do have a Fifth 3rd that I was just approved for and have $1,500 that is offering bal transfers at 0% for the 1st year. Thoughts? 

I wasn't sure if it would hurt or help if I removed myself from his cc is why I asked because I was going to do that today. Now when i remove myself from his cc, how will that show on my cedit report? Thanks

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I did a search on "removing self as an AU" and some MyFICOers responded that it was based on several variables -- one in particular, the age of the account (is it hubby's oldest account?), then some said it was removed from the account within a billing cycle or two, and there were still others that stated, they had to dispute it with the CRA because it wasn't removed. I suggest you too do a search so you can also read what others have said. Also, here is one link you might be interested in:

http://ficoforums.myfico.com/t5/Credit-Cards/AU-on-CC-with-High-UTIL/m-p/4318477#M1233323

Now about the 0% interest Fifth 3rd card -- if you did a BT, would it pay off the Cap1 (86%) high utilization card? IMHO, I don't think it would be a good idea to have another maxed out CC if it can't fully pay off either the Cap1s or Barclays. I hope this makes sense and hopefully others will chime in to offer suggestions.

[Anonymous]

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@CreditInspired wrote:

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@Anonymous wrote:

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@CreditInspired wrote:

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@Anonymous wrote:

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@CreditInspired wrote:

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Can you provide the interest rates on each card. And, if any have 0% promo rates, please provide expiration.

---

Sure I can, By the way, the WellsFargo for AC unit is 0% until we pay it off. 

Hubby's cards

Cap One = 45% util (23.4 APR)

Barclay = 59.60% util (25.49 APR)

Cap One = 85.81% util ( I am an AU on this card) (25.4 APR)

My cards 

Barclay = 60.82% (21.49 APR)

Cap One = 57.39% (25.4 APR)

Cap One = 37.21% (20.15 APR) 

Khols = 14.53% (24.74 APR)

VSecret = 10.32% (25.74 APR)

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Thanks Luv2cruise,

Since all APRs are close, I would first work on getting hubby's Cap1 (86% UT) down to 49% and would remove myself as an AU because IMO this high UT is bringing your UT further down. Second, work on both your Barclays getting those down to 49% too. Third, work on getting the other two Cap1s (57% & 45% UT) to 49%. This is how I would start working on paying my debt down. And of course, stop using these cards until you can get them to <9% UT.

Thanks Creditinspired, just wasn't sure which was better, to pay down the smallest cap ones' 1st to eliminate most of that or what. I forgot to mention that I do have a Fifth 3rd that I was just approved for and have $1,500 that is offering bal transfers at 0% for the 1st year. Thoughts? 

I wasn't sure if it would hurt or help if I removed myself from his cc is why I asked because I was going to do that today. Now when i remove myself from his cc, how will that show on my cedit report? Thanks

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I did a search on "removing self as an AU" and some MyFICOers responded that it was based on several variables -- one in particular, the age of the account (is it hubby's oldest account?), then some said it was removed from the account within a billing cycle or two, and there were still others that stated, they had to dispute it with the CRA because it wasn't removed. I suggest you too do a search so you can also read what others have said. Also, here is one link you might be interested in:

http://ficoforums.myfico.com/t5/Credit-Cards/AU-on-CC-with-High-UTIL/m-p/4318477#M1233323

Now about the 0% interest Fifth 3rd card -- if you did a BT, would it pay off the Cap1 (86%) high utilization card? IMHO, I don't think it would be a good idea to have another maxed out CC if it can't fully pay off either the Cap1s or Barclays. I hope this makes sense and hopefully others will chime in to offer suggestions.

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Creditinspired:

I have already removed myself from hubbys Cap1 as of last night, I think his card has been opened around the same time mine was opened so it probably won't make much difference at this point but i'll keep an eye on my creports and see how it shows in a month or so.

As for the Fifth 3rd, it only has a $1,500 limit and has not been used but to answer your question, it will not be enough to pay off hubby's  86% Cap 1 as he owe's 2,145 on it. Its only this high because we purchased some travel plans on it.

Ok now let me ask, if I have a $1,000 to use towards paying on these credit cards, rather then the way you 1st discussed. How would you pay on them that would make the most sense? I am getting ready to make my payments is why I am asking.

Hubby's cards:

Cap1 $1,000 cl/ Owes = $450

Cap1 $2,500 cl/ Owes = $2,145

Barclay $500 cl/ Owes $298

Mine:

Cap1 $1,000 cl/ Owes = $574

Cap1 $1,500 cl/ Owes = $558

Barclay $2,500 cl/ Owes = $1,520

Thanks

[srloring13]

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@Anonymous wrote:

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@CreditInspired wrote:

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@Anonymous wrote:

---

@CreditInspired wrote:

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@Anonymous wrote:

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@CreditInspired wrote:

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Can you provide the interest rates on each card. And, if any have 0% promo rates, please provide expiration.

---

Sure I can, By the way, the WellsFargo for AC unit is 0% until we pay it off. 

Hubby's cards

Cap One = 45% util (23.4 APR)

Barclay = 59.60% util (25.49 APR)

Cap One = 85.81% util ( I am an AU on this card) (25.4 APR)

My cards 

Barclay = 60.82% (21.49 APR)

Cap One = 57.39% (25.4 APR)

Cap One = 37.21% (20.15 APR) 

Khols = 14.53% (24.74 APR)

VSecret = 10.32% (25.74 APR)

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Thanks Luv2cruise,

Since all APRs are close, I would first work on getting hubby's Cap1 (86% UT) down to 49% and would remove myself as an AU because IMO this high UT is bringing your UT further down. Second, work on both your Barclays getting those down to 49% too. Third, work on getting the other two Cap1s (57% & 45% UT) to 49%. This is how I would start working on paying my debt down. And of course, stop using these cards until you can get them to <9% UT.

Thanks Creditinspired, just wasn't sure which was better, to pay down the smallest cap ones' 1st to eliminate most of that or what. I forgot to mention that I do have a Fifth 3rd that I was just approved for and have $1,500 that is offering bal transfers at 0% for the 1st year. Thoughts? 

I wasn't sure if it would hurt or help if I removed myself from his cc is why I asked because I was going to do that today. Now when i remove myself from his cc, how will that show on my cedit report? Thanks

---

I did a search on "removing self as an AU" and some MyFICOers responded that it was based on several variables -- one in particular, the age of the account (is it hubby's oldest account?), then some said it was removed from the account within a billing cycle or two, and there were still others that stated, they had to dispute it with the CRA because it wasn't removed. I suggest you too do a search so you can also read what others have said. Also, here is one link you might be interested in:

http://ficoforums.myfico.com/t5/Credit-Cards/AU-on-CC-with-High-UTIL/m-p/4318477#M1233323

Now about the 0% interest Fifth 3rd card -- if you did a BT, would it pay off the Cap1 (86%) high utilization card? IMHO, I don't think it would be a good idea to have another maxed out CC if it can't fully pay off either the Cap1s or Barclays. I hope this makes sense and hopefully others will chime in to offer suggestions.

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Creditinspired:

I have already removed myself from hubbys Cap1 as of last night, I think his card has been opened around the same time mine was opened so it probably won't make much difference at this point but i'll keep an eye on my creports and see how it shows in a month or so.

As for the Fifth 3rd, it only has a $1,500 limit and has not been used but to answer your question, it will not be enough to pay off hubby's  86% Cap 1 as he owe's 2,145 on it. Its only this high because we purchased some travel plans on it.

Ok now let me ask, if I have a $1,000 to use towards paying on these credit cards, rather then the way you 1st discussed. How would you pay on them that would make the most sense? I am getting ready to make my payments is why I am asking.

Hubby's cards:

Cap1 $1,000 cl/ Owes = $450

Cap1 $2,500 cl/ Owes = $2,145

Barclay $500 cl/ Owes $298

Mine:

Cap1 $1,000 cl/ Owes = $574

Cap1 $1,500 cl/ Owes = $558

Barclay $2,500 cl/ Owes = $1,520

Thanks

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I would pay off Hubbys Cap 1 for 450.00 and yours for $574 if you can add an additional $24 for the payoff.  Then I'd check to see if  all of the Cap 1 accounts are eligible for a CLI  after the payment has posted.  I would next check to see if you can combine Hubby's 1,000.00 CL with the 2500 Cap 1 where the original 2500 CL would be the surviving account.  I would then check to see if you could combine your $1,000 CL with the $1500 CL and the 1500 CL would be the surviving account.

My reasoning is to reduce the number of accounts with balances and to give you a little better CL so that the remaining balances wont affect your UT as much.  I am assuming you have at least another revolver and hopefully none of the accounts you are combining are your oldest accounts.  

[Anonymous]

Srloring:

I doubt Cap1 will combine the 2 accts as they have not been very good at giving credit increases since we have had the cards other then the initial increases we got while in credit steps and then again when we was paying more per month for 6mo. We both got increase on a card this year. One was in April and 1 was in March. The other 2 cards with the higher limits haven't had any increases in almost a year because they declined our request for one. I always pay more then the set amount anyway. I am just trying to decide the best way to use the $1,000 on payments. Thanks

[Anonymous]

I had to double check the APR's and it looks like my hubby's have gone down some from the last time I checked so the numbers I posted above are incorrect. Mine also changed, The correct APR's are listed below:

Hubby's cards

Cap One = 45% util (19.65 APR)

Barclay = 59.60% util (25.49 APR)

Cap One = 85.81% util ( No longer AU as of yesterday)

My cards 

Barclay = 60.82% (21.49 APR)

Cap One = 57.39% (23.65APR)

Cap One = 37.21% (21.65 APR) 

Khols = 14.53% (24.74 APR)

VSecret = 10.32% (25.74 APR)

[rmduhon]

Even with Cap1 not giving CLI's like they used to you can still combine cards, assuming that the cards you are closing have a zero balance.

[Anonymous]

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@rmduhon wrote:
Even with Cap1 not giving CLI's like they used to you can still combine cards, assuming that the cards you are closing have a zero balance.

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I am not closing any cards, was just trying to figure out the best way to pay down/or pay off these balances in the best order but I have figred it out now and taken a course of action that lowered utilization. Thanks