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Need advice on Util


Need advice on Util

My cc util is high - at about 43%.  We bought a home a year ago, start renovating, and then my hours got cut 25%.  So that put aside most of the remaining renovations, <<sigh>> It stinks living out of rubbermaid buckets in the kitchen!!  Smiley Sad


So, I've had to put SOME things on our CCs just to get it to the livable stage.  I've never been late or overlimit on my cards.  Unfortunately Cap 1 just RJ'd our cards to 17.9 and 21.9. 


I've tried to get a loan to pay off the cards and finish the reno, but no deal.  I've tried to get a different card to transfer the balances to a lower interest card, again no deal.  Everyone says our util is too high. 


I have NO money to pay down the cards, I pay $50 (just above the minimum due) on 2 cards and $100.00 on 1 card.  The balances are $600, $700 and $900. 


Does anyone have any advice for me???  Am I stuck with high interest cards until I can pay them down, which at this rate seems like FOREVER???   I can't get a loan, I can't get a different card... I'm soooo frustrated!!!

Message 1 of 2
Moderator Emerita

Re: Need advice on Util

I know it feels impossible, but in fact, those are doable balances.

Which card is getting the $100 payment? How much over the minimum is that?

My advice would be to use the classic snowball tactic. Pay the minimums (maybe $5-10 over) on the two higher balance cards, and throw everything you have (that $100) at the smallest balance card. When that one is killed off, apply that same amount of money to what you're already paying on the next smallest balance, and it will be paid off that much more quickly. Then combine that payment with what you're paying on the last one, and then you'll be done.

I know it's tough when your hours get cut. Smiley Sad Any chance you can be the perky voice I hear at 6 a.m. on the loudspeaker at the McDonald's drive-through on Saturday morning? Weekend early shifts at fast food are hard to keep staffed --the teenagers keep wimping out, etc. Whatever you make is like free money, plus there's all those healthy breakfast meals, nom nom nom. --hth
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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