Plan to improve FICO by reducing UTI - Need advice please

[Anonymous]

My credit profile:

Card #1 - dated 2009 - Limit $7,000 - Balance $6,990 - UTI 99% - APR 9.15%

Card #2 - dated 2012 - Limit $5,000 - Balance $4,990 - UTI 99% - APR 11.15%

Citi Simplicity - dated 2012 (not sure) - Limit $2,000 - Balance $1,990 - UTI 99% - APR 12.99%

Chase Slate - dated not sure - Limit $3,000 - Balance $2,990 - UTI 99% - APR 14.24%

Best Buy Store card - dated 2012 (not sure) - Limit $4,600 - Balance $500 - UTI 10.9% - APR 0%

Approved for a car loan $18,400 - monthly payment is $280

Approved for Discover IT card - 2014 - Limit $1,500 - Balance $0 - Promo 0% APR on purchases and balance transfers for 14 months

Approved for BoA Rewards Card - 2014 - Limit $5,000 - Balance $0 - Promo 0% APR on purchases and balance transfers for 12 months (haven't received the card yet)

Declined for Wells Fargo Rewards, Barclays, and Amex. Probably declined for Chase too.

According to Discover, my current FICO is 687 Experian.

My Plan:

1) Transfer balance from Chase Slate to BoA

2) Pay off Citi Simplicity in the next 2-3 months

3) Use Discover card for monthly expenses (Utility/Phone/Internet/Gas = $450/month - miscalculation, it's actually $800/month)

4) Pay down Card #1 and #2

I truly appreciate any advices. Thank you in advance!

[Anonymous]

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@Anonymous wrote:

My credit profile:

Card #1 - dated 2009 - Limit $7,000 - Balance $6,990 - UTI 99% - APR 9.15%

Card #2 - dated 2012 - Limit $5,000 - Balance $4,990 - UTI 99% - APR 11.15%

Citi Simplicity - dated 2012 (not sure) - Limit $2,000 - Balance $1,990 - UTI 99% - APR 12.99%

Chase Slate - dated not sure - Limit $3,000 - Balance $2,990 - UTI 99% - APR 14.24%

Best Buy Store card - dated 2012 (not sure) - Limit $4,600 - Balance $500 - UTI 10.9% - APR 0%

Approved for a car loan $18,400 - monthly payment is $280

Approved for Discover IT card - 2014 - Limit $1,500 - Balance $0 - Promo 0% APR on purchases and balance transfers for 14 months

Approved for BoA Rewards Card - 2014 - Limit $5,000 - Balance $0 - Promo 0% APR on purchases and balance transfers for 12 months (haven't received the card yet)

Declined for Wells Fargo Rewards, Barclays, and Amex. Probably declined for Chase too.

According to Discover, my current FICO is 687 Experian.

My Plan:

1) Transfer balance from Chase Slate to BoA

2) Pay off Citi Simplicity in the next 2-3 months

3) Use Discover card for monthly expenses (Utility/Phone/Internet/Gas = $450/month)

4) Pay down Card #1 and #2

I truly appreciate any advices. Thank you in advance!

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I like the plan you have there. Good luck going forward and knocking those balances down. 

[Anonymous]

Another approach might be to get a consolidation loan and clear out everything.

[JKSIMMONS]

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@Anonymous wrote:

Another approach might be to get a consolidation loan and clear out everything.

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EDIT: reread entire post and realized I didn't fully understand what you were doing..

If you can execute your plan an cut down on interest for a while, go for it and look at a consolidation loan later. I'm in a similar position and I don't go for the consolidation loan because I'd probably end up using my cards again. I'm an idiot like that.

Your plan looks good. Now you just have to execute.

PS. I really like the Discover since I got it. I have a large balance from a BT on it for the time being but when it's paid off, it will definitely be in my wallet. The online user interface is 2nd to none IMO

[JKSIMMONS]

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@Anonymous wrote:

My credit profile:

Card #1 - dated 2009 - Limit $7,000 - Balance $6,990 - UTI 99% - APR 9.15%

Card #2 - dated 2012 - Limit $5,000 - Balance $4,990 - UTI 99% - APR 11.15%

Citi Simplicity - dated 2012 (not sure) - Limit $2,000 - Balance $1,990 - UTI 99% - APR 12.99%

Chase Slate - dated not sure - Limit $3,000 - Balance $2,990 - UTI 99% - APR 14.24%

Best Buy Store card - dated 2012 (not sure) - Limit $4,600 - Balance $500 - UTI 10.9% - APR 0%

Approved for a car loan $18,400 - monthly payment is $280

Approved for Discover IT card - 2014 - Limit $1,500 - Balance $0 - Promo 0% APR on purchases and balance transfers for 14 months

Approved for BoA Rewards Card - 2014 - Limit $5,000 - Balance $0 - Promo 0% APR on purchases and balance transfers for 12 months (haven't received the card yet)

Declined for Wells Fargo Rewards, Barclays, and Amex. Probably declined for Chase too.

According to Discover, my current FICO is 687 Experian.

My Plan:

1) Transfer balance from Chase Slate to BoA

2) Pay off Citi Simplicity in the next 2-3 months

3) Use Discover card for monthly expenses (Utility/Phone/Internet/Gas = $450/month)

4) Pay down Card #1 and #2

I truly appreciate any advices. Thank you in advance!

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Another thing, bc you won't be maxing the BOA card out with the BT, I'd transfer maybe 750 from card 1 and 2 just to back off the cliff so to speak.  Also, don't be afraid to transfer some to the Discover, even if you plan on using it for bills. You could pay an extra $5-$10 each month on the discover and make it an easy victory.

PS. Because discover has a BT fee but is also offering 0% on purchases, you could pay for bills with the discover and use the money you were going to spend to pay down other debts that accrue interest. That would avoid the BT fee.

[Kenny]

I would HP CLI some of the cards that have the 0% or recon the approval amounts -- speak with the underwriter (maybe cold callt he BoA card -- they were awesome when I needed to BT there, they approved me just by me explaining what had happened and what my plan was going to be from here on.) One could use larger cards with a 0% promo over a long period of time during situations such as these. I don't know how much Discover will budge, but it might be worth a call to speak to an underwriter.

Lastly and most importantly: don't use any cards other than for utilies, gas, and groceries and pay them in full each month.

Best of luck!

[Anonymous]

Thank you so much for all the advices 

-  Consolidation loan: I remember getting an offer in the mail, but it was before the vehicle loan. So, I am not sure if I want to take out a loan. As hwturner17 said, I would probably hold off on this until 04/2015.

- BoA: I would probably transfer some balance from Citi Simplicity. The card maybe come in the mail tomorrow, so I will verify everything, then will start the BT process.

- Discover IT card: I wasn't instantly approved. I got a message and called back and talked to an analyst on Monday (04/28/2014). He asked questions about the high balances that I have on my cards. After hearing my reasons, he said that I was approved with CL $1,500. So, in order to CLI, I might need to establish some history with them.

On a side note, I did have a Discover card a long time ago, maybe in 2008 or prior to that. I took advantage of the 0% introductory offer, then paid off the balance and just leave the card. I think Discover closed the account. Do you think I should call and inquire about this old account???

Another Question: I added my husband as an AU on Discover card. He actually makes more money, but his credit is in mid 500s. How long would it take to improve his score? 

[Anonymous]

Update: I applied for a Hhregg by GECRB in 2012, bought a TV, paid off, and just let the card sit. I decided to call CSR and requested a replacement card since I cannot find it anywhere. My CL is $4,000.

Should I buy a small item, like $5 - $10 and let the card report?

I also have a Walmart store card opened about the same time with a CL $400 (maybe $500, not sure). Should I request a replacement too?

[parakleet]

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@Anonymous wrote:

Update: I applied for a Hhregg by GECRB in 2012, bought a TV, paid off, and just let the card sit. I decided to call CSR and requested a replacement card since I cannot find it anywhere. My CL is $4,000.

Should I buy a small item, like $5 - $10 and let the card report?

I also have a Walmart store card opened about the same time with a CL $400 (maybe $500, not sure). Should I request a replacement too?

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Why? I think you have enough cards reporting while you're paying down your cc debt. 

[Anonymous]

I thought the Hhgregg card would help with UTI since it has such a high limit. Maybe no for Walmart card.