Credit Card Utilization Question

[UncleB]

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@Anonymous wrote:

Where I live the local utities both gas and electric offer financing at great rates ie about 4% for HVAC they require you to use high rated products (energy savings)   and both have a short list of vendors you can go through. It is financed as loan with UCC1 filed and due at sale of house 

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+1

I have experience with this; in my case it was a washer/dryer purchase financed though the local power company. 

If you sell your house you have to pay the appliance balance in full, even if you're taking the washer/dryer with you and even if you're transferring your power account to your new home. 

Oddly, I also found (via personal experience) that if you start the arrangement while you're renting there's no problem - they'll let you transfer the billing arrangement along with the overall power account (again, this was with appliances... obviously this doesn't apply to HVAC).

[Anonymous]

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@UncleB wrote:

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@Anonymous wrote:

Where I live the local utities both gas and electric offer financing at great rates ie about 4% for HVAC they require you to use high rated products (energy savings)   and both have a short list of vendors you can go through. It is financed as loan with UCC1 filed and due at sale of house 

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+1

I have experience with this; in my case it was a washer/dryer purchase financed though the local power company. 

If you sell your house you have to pay the appliance balance in full, even if you're taking the washer/dryer with you and even if you're transferring your power account to your new home. 

Oddly, I also found (via personal experience) that if you start the arrangement while you're renting there's no problem - they'll let you transfer the billing arrangement along with the overall power account (again, this was with appliances... obviously this doesn't apply to HVAC).

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With us, adding it to our electric bill wasn't an option but I would not of done that anyway. If this doesn't keep us from selling our house and buying another depending on what it does to our utilization we plan on paying it off in full from what payoff we would get from selling because we figure we would get enough to cover it. Worst possible time for our Hvac to go out  

[CreditInspired]

Murphy's Law. The AC breaks down on the hottest day of the year and the heating system conks out on the coldest day of the year. What can you do?

[Anonymous]

Ok so now that we have the new ac unit in now I have another question. Since the ac unit was financed through wellsfargo to the tune of $5,500 which is showing as a maxed out cc on our reports instead of something different like for home improvement.... but anyway

So now onto my utilization question, other then the wellsfargo listed above at $5,380 because we have made our 1st payment the other cards with balances are listed below. I would like to know what the best course of action would be for the best utilization If I don't pay all of them off in full, do I pay the smaller cards off leaving higher balance on others or whats the best option? The info with credit limits in my signature are all correct. Thanks

Hubby's cards

Cap One = 45% util

Barclay = 59.60% util

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

My cards 

Barclay = 60.82%

Cap One = 57.39%

Cap One = 37.21%

Khols = 14.53%

VSecret = 10.32%

[CreditInspired]

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@Anonymous wrote:

Ok so now that we have the new ac unit in now I have another question. Since the ac unit was financed through wellsfargo to the tune of $5,500 which is showing as a maxed out cc on our reports instead of something different like for home improvement.... but anyway

So now onto my utilization question, other then the wellsfargo listed above at $5,380 because we have made our 1st payment the other cards with balances are listed below. I would like to know what the best course of action would be for the best utilization If I don't pay all of them off in full, do I pay the smaller cards off leaving higher balance on others or whats the best option? The info with credit limits in my signature are all correct. Thanks

Hubby's cards

Cap One = 45% util

Barclay = 59.60% util

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

My cards 

Barclay = 60.82%

Cap One = 57.39%

Cap One = 37.21%

Khols = 14.53%

VSecret = 10.32%

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

[Anonymous]

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@CreditInspired wrote:

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@Anonymous wrote:

Ok so now that we have the new ac unit in now I have another question. Since the ac unit was financed through wellsfargo to the tune of $5,500 which is showing as a maxed out cc on our reports instead of something different like for home improvement.... but anyway

So now onto my utilization question, other then the wellsfargo listed above at $5,380 because we have made our 1st payment the other cards with balances are listed below. I would like to know what the best course of action would be for the best utilization If I don't pay all of them off in full, do I pay the smaller cards off leaving higher balance on others or whats the best option? The info with credit limits in my signature are all correct. Thanks

Hubby's cards

Cap One = 45% util

Barclay = 59.60% util

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

My cards 

Barclay = 60.82%

Cap One = 57.39%

Cap One = 37.21%

Khols = 14.53%

VSecret = 10.32%

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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)

[UncleB]

@Anonymous, I've restored your missing post to the thread and removed the duplicates.

I don't think you'll have any more issues, but if you do just send me a PM or check this thread:  http://ficoforums.myfico.com/t5/myFICO-Forums-Technical-Help/What-to-do-if-your-new-post-is-missing/td-p/4972480

--UB

[Anonymous]

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@UncleB wrote:

@Anonymous, I've restored your missing post to the thread and removed the duplicates.

I don't think you'll have any more issues, but if you do just send me a PM or check this thread:  http://ficoforums.myfico.com/t5/myFICO-Forums-Technical-Help/What-to-do-if-your-new-post-is-missing/td-p/4972480

--UB

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Thank you, I was starting to think I was crazy Lol cause I know I posted but they never showed up here haha 

[CreditInspired]

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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.

[Anonymous]

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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