Help with Debt

[AverageJoesCredit]

Not everyone understands utilization as for some of us were never taught the ins and outs of credit. When i was starting off years ago if i had a card for 1000 i being young and ignorant could and did have it near maxed out. No one ever told me about utilization. Now i know better.Thankfully when you find this site and start learning about it can one finally start to control it or seek help to learn from others.

[UncleB]

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@AverageJoesCredit wrote:
Not everyone understands utilization as for some of us were never taught the ins and outs of credit. When i was starting off years ago if i had a card for 1000 i being young and ignorant could and did have it near maxed out. No one ever told me about utilization. Now i know better.Thankfully when you find this site and start learning about it can one finally start to control it or seek help to learn from others.

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+1

For many years I didn't understand this either, as it's not completely intuitive.  Of course everyone know's it is always better to owe less than more, but for the longest time I was content to have small limit cards since I didn't "need" a large credit line.  I was unaware that even though I often PIF, the way the data is presented on credit reports made it look like I was perpetually near my limit - basically it looked like I was struggling even though I wasn't.

Responding to various other posts on this thread, I'll also add that just because somebody's running a high utilization doesn't mean that person is a spendthrift or living above his/her means.  Even if you have savings, sometimes "life happens" and you simply must carry a balance, and sometime's it's significant. 

I'll never judge anybody for carrying a balance without knowing all the details first.

[Anonymous]

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@Anonymous wrote:

Current Cards: (balance/limit)

Amex ED: $750/$1200 ( 800 short to get sign up bonus by mid july)

BOA Travel: $5500/$10k

Cap One QS: $1750/$5k

Chase Freedom: $1650/$2500

SHould I close? Open Slate?

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I hope the OP hasn't left the thread.

Pretty harsh but true commentary. 

I think that those are good cards already.....

You are fine where you are..... just pay down these cards and the balance transfer cards will be knocking on your door ...

Of course when you will no longer need them.

You really ask a well timed...great question.

And no damage done.

Sit tight....a slate will be a useless card for you.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Current Cards: (balance/limit)

Amex ED: $750/$1200 ( 800 short to get sign up bonus by mid july)

BOA Travel: $5500/$10k

Cap One QS: $1750/$5k

Chase Freedom: $1650/$2500

SHould I close? Open Slate?

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Chase Slate is notorious for giving small starting limits and with your utilization percentage you may not get enough of a limit to allow for any significant balance transfer. Additional information may help to receive more concise answers, what are your scores, AAoA, any negatives, number of revolving and installment accounts balances and limit

Very true!! I signed up for the Slate to complete a BT and they only gave me a SCL OF  $500. I feel like that was a waste of a HP. I ended up applying for the Cap1 Venture One which has 0% APR for 12 months. My SCL is $7.5k.

Nothing came up when I checked the Cap1 pre-qualification so I was worried that I wasn't going to be approved for the card.  

[RonM21]

You need to do what is best for you. Not knowing what Chase would give you vs the debt on the cards, I personally would try to get that. I'd focus on bringing the util down. With that, should also come a slow increase in your scores, the further down you get it.