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RonStar I have been paying down my smallet balance that way its 1 monthly payment less to worry about.
Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
@BearsAndTurtlesRtheBest wrote:RonStar I have been paying down my smallet balance that way its 1 monthly payment less to worry about.
Yeah I did that in the beginning but it took a while. But I am glad you are on yoyur way!
Starting scores after BK (Filed 4/18/24) EQ 571 , TU , EX
Starting Score: 582
@Anonymous wrote:
@ronstar7 wrote:Hello all,
I have been racking my brain trying to figure out the best way to maximize the $1,000 I will have at the end of themonth to pay on cc's. I have others that are store cards but the ones listed below are the ones I would like to focus on right now. The rest (not listed) will be paid off in dec with my bonus. Looking for adivce on what to pay on who.
PSA: Only looking for positive and friendly feedback. I know most of these cards are sub prime and are crappy will be getting rid of them as my profle allows.
Thanks!
cap 1 secured Limit 750 balance 739.57
cap 1 platinum Limit 1050 balance 1011.53
Verve Limit 500 balance 467.08
credit one Limit 450 balance 415.23
1st Premier Limit 400 balance 381.63
1st Premier Limit 300 balance 296.50
First Savings Limit 350 balance 322.35
My plan is pay off both 1st Premier's as they have the highest APR after that I dont know what route to take. As I said I will have an extra $900-$1000.
What do you think?
If it was me I would pay off both first premier and the first savings and close them. Then the next time you could pay more pay off verve limit and credit one and close those. The cap 1s I would keep and by that time you should be able to apply for barclays or something of that nature and get approved. That way your not paying high interest cards and fees for the most part. Good luck! We have all been there and thats how we got hooked on this board.
Thats a good plan, I did want to wait until I could get some prime cards to replace the ones I would be closing first but I guess it realy doenst matter. I am not worried about AAOA because I know these accounts will stay on for at least 10 years. i guess I just like have some type of credit when I dont want to use cash. 1st premier def closing, they give me nothing anyways. The rest I will look to close in the new year. Barclays denied me last Nov or Dec for an old collection so I dont know if I feel like getting the big fat no again. I reconned twice and still said no. Was thinking after I close certain cards I would go after a secured BOA. I want to get in with them and I know they also graduate. One step at a time.
@takeshi74 wrote:
@ronstar7 wrote:What do you think?
I think you need to focus on utilization. Set up a spreadsheet that calculates your current utilization for each card. Include a column for payment amount that you can adjust until you get the lowest possible utilization for each card. You can total the column to ensure that it remains within the $1,000 that you have to pay.
Do whatever it takes to get your cards down as quickly as possible. They're all maxed and the longer you leave them maxed and at high utilization the greater your risk of adverse action.
I'm guessing that you could probably get them all down to about 70% with $1,000 but you just need to crunch the numbers. That's really just a starting point though. You want to get under 50% as quickly as possible then under 30%. Do not exceed 30%.
@Anonymous wrote:If it was me I would pay off both first premier and the first savings and close them.
Do not close anything until balances are sufficiently paid down. I.e. determine the impact to your utilization before you decide to close the account . Closing will immediately impact utilization.
Thank you for this, I have a spreadhseet that I use, nothing fancy just something I put together in excel. I also thought about what you said in terms of utl. Closing anything right now would make it go higher. I should be able to close in the next t months without any impact.
@Anonymous wrote:I'd be paying down the highest interest cards first which may or may not be your FP's.
Hi there, FP is def my highest apr. I have a sheet with all that info on it. I'l get it down. Patience is everything.