Welcome to the myFICO forums!
@Anonymous wrote:
Hi!!
I have been a reader of this forum for about a year and a half but have never joined until now.
Here are a list of my current cards:
Discover it chrome: $1256.80/7500 (BT)
Amex Delta gold: $172.80/$1000
USB Cash +: $1132.70/$3000
USB Platinum: $4473.21/6000 (just did a BT to this card, that is why it is so high)
Citi DC: $386.50/3800
AFCU: $0/3,000
MFCU: $696.03/1000
Victorias Secret: $56/850
Lines of credit:
AFCU: $0/$1000
USB (Just the reserve line) $0/$1000
Also have a car loan that just turned 1 year old.
The only true credit score I have to reference is my USB latest pull for an app, and that was 710 TransUnion.
I am 24 with 35k income.
TU has 4 inquiries and Equifax has 1.
AaofA is 2 years.
Overall util is 28%.
The other two scores I would have to go off of would be from credit karma, which from what I read here, is not super accurate.
I am not planning on getting any more cards, but I am considering cancelling my AMEX. I didn't get the 61 day CLI, and from what I have read on here, I barely got in with my $1000 SL. I already got my miles bonus... Just not seeing any point to the card with that low of CL and where I already got the SUB.
Citi will get paid down to $0 on thursday.
No late payments /derogs. (Ever)
I am planning to garden, as the product I am hoping to get in a year or so is the premier line with USB. I was denied for it recently and it is a product I would really like to have, so I recently switched all of my banking over to USB, as their banker told me that will increase my chances. Planning to reapply for that in a year.
So should I cancel my AMEX? What are your thoughts on this?
Rather than cancelling your AMEX, I would product change your line of credit to another AmEx product without an annual fee.
All other cards have been pretty decent with their CLI'S...
Discover gave me my highest SL of $4500 and it has gone to $7500 in less than a year
Citi SL was $1800 and now $3800
USB Cash + was $500 and now $3000
AFCU was $1000 and is now $3000
VS was $700 and now $850
I recently closed Wells Fargo platinum that was $0/2500 and capital one that was $0/750 (that card never grew much so I cut it, $750 CL is not even useful)
Any other tips/advice?
Thanks!!!
When you are digging yourself out of debt, you need a buffer from getting deeper into debt. An emergency fund can keep you afloat in a time of need without having to rely on credit cards or high-interest loan.
An emergency fund is a savings account with money set aside to cover large, unexpected expenses such as an emergency room visit; home-appliance repair or replacement; major car repairs; and the most costly of all, unemployment.
How much should you put aside? The rule of thumb is to have enough cash to cover three to six months of living expenses. If you lose your job you can use this money to pay for necessities while looking for a new one or the cash could supplement your unemployment benefits.
To figure out how much you should have in your emergency fund, add up your monthly bills: rent or mortgage payment; utility payments such as gas, electric, water, garbage; phone, cable and internet; insurance payments such as car, health and home; transportation costs such as car payment, gas, public transit; debt payments such as minimum credit card and all loans except for mortgage; grocery expenses; and other recurring monthly expenses.
Having even $500 saved can get you out of many financial scrapes. Put something away now, and build your fund over time.
How to build up an emergency fund -
- Start a budget and set a monthly savings goal - set up direct deposit to an emergency savings account.
- If there is money left at the end of a pay period, move some into your emergency savings account.
- If there is no money left, cut your expenses. Don't eat out, save leftovers, bring lunch to work, bring coffee from home, spend evenings at home and carpool.
- Get a second job or sell unused belongings to build your emergency savings account.
- Continue to assess your financial situation and adjust accordingly.
Nearly 80 percent of American workers say they’re living paycheck to paycheck, according to a recent survey. Remember that credit is a tool and relying on credit cards for funding emergencies is no different than relying on a gun for when you need cash. Both can be dangerous if not used wisely.
Let your current tradelines age and increase your average age of accounts. No new hard inquiries which mean no new applications. Work on credit line increases that only require soft inquiries. Reduce the balances on your cards. Take care of any derogatories on your credit bureau files (if any). Try to negotiate lower APRs on your credit cards. This is what credit gardening is all about.
@Medic981 +1
Try and pay off cards that you csan, start practicing pif and save
I wish i could save money. I would definetly place that above credit cards but alas...
Try and pay off cards that you csan, start practicing pif and save
I wish i could save money. I would definetly place that above credit cards but alas...
Welcome new visitor!!! I would suggest not closing any cards if they don't have an annual fee. Just place them in the "sock drawer" and not use them. Also, I would not carry a balance on so many cards. It could be hurting your score, in that more than half of your cards have a balance. I know there is a specific number, but someone else hopefully will chime in on that. Also, like previously stated, pay down your balances. That utilization drop will help as well... Good luck!!!
“Most people work just hard enough not to get fired and get paid just enough not to quit.”
With all the different balances I would highly suggest the famous Dave Ramsey "snowball" method... min payments on all cards except card with smallest balance and throw all available money to that card until PIF, and then move on to next smallest balance... and repeat! Cut spending, increase income... no unnecessary spending, beans & rice, rice & beans
P.S
welcome to the forums!
Echoing the advice from all the posters above.
Best of luck OP and keep us posted with your credit journey!
Oh and welcome to the forum as an official member!
