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Good morning everyone,
Im rebuilding credit and needs some advice on what to do first. I lost my job last year right after buying a house and then injury my knee 6 months later and couldnt work. im currently back on my feet with a awesome new career and money to get my score back to the high 600's-low 700's and needed to know what should i do first?
i have about $6,000 dollars i want to spend towards knocking credit card usage down. should i use us towards paying discover card down first? and just pay the rest min payments? should i pay off the lower credit cards and take care of the discover later? just to max my results
im currently in the mid 500s.
i have 8 credit cards
Amex: CL:$500 usage: $450
Discover: CL: $11,100 usage: $10,900
Capital One: CL: $3500 usage:$ 3,200
Credit One: CL:2100 usage: $1950
Murcury Card: CL:2500 usage: $2450
Nebraska Funiture Mart: CL: $4,000 usage:$2400
Synchony bank: CL: 4,200 usage:$ 2850
Wells Fargo: CL $3,000 usage: $0 (Just paid off )
Mortage payment: Never late just got it last year july
Car Payment: Never late
personal loan: CL:11,000 Credit amount owed $8,000
no interest for 3 years just finish year 1 with no lates
3 collections:
1 barley a year old
other 2 are over 4-5 years old
30days:
1 recent in july smh first late un almost 3 years
Hi and welcome to MyFICO
If it were me, I would pay off AmX ($450), Credit One ($1950), and Mercury ($2450). Not only will this help your score by lowering your maxed out UT, it also increases the number of cards with $0 balances.
Then, I would put the remaining $1,150 on Cap1.
Glad to hear things are looking up and GL2U.
@Sureshot wrote:Good morning everyone,
Im rebuilding credit and needs some advice on what to do first. I lost my job last year right after buying a house and then injury my knee 6 months later and couldnt work. im currently back on my feet with a awesome new career and money to get my score back to the high 600's-low 700's and needed to know what should i do first?
i have about $6,000 dollars i want to spend towards knocking credit card usage down. should i use us towards paying discover card down first? and just pay the rest min payments? should i pay off the lower credit cards and take care of the discover later? just to max my results
im currently in the mid 500s.
i have 8 credit cards
Amex: CL:$500 usage: $450 90% MAXED OUT $5.50 needed to get to 88.9%
Discover: CL: $11,100 usage: $10,900 99% MAXED OUT $1,121 needed to get to 88.9%
Capital One: CL: $3500 usage:$ 3,200 91% MAXED OUT $88.50 needed to get to 88.9%
Credit One: CL:2100 usage: $1950 92% MAXED OUT $83.10 needed to get to 88.9%
Murcury Card: CL:2500 usage: $2450 98% MAXED OUT $227.50 needed to get to 88.9%
Nebraska Funiture Mart: CL: $4,000 usage:$2400 60% usage
Synchony bank: CL: 4,200 usage:$ 2850. 67.8%
Wells Fargo: CL $3,000 usage: $0 (Just paid off )
You have 5 accounts that are considered maxed out (anything above 88.9% is maxed). I would get these accounts below 88.9% before doing anything else, so you avoid any possible adverse action. That’s a total of approx $1,525.60 to get all these down below the 88.9% threshold. Personally, I would pay off Amex, Mercury, and Credit One. That’s $4,850, then the $1,121 to get Discover down to 88.9%= $5,971. Another $88.50 to get Cap 1 below the threshold, and then you’ll only have two cards to pay down. GL!
thank you for your input. its much apperciated. so you wouldnt pay nothing but the min towards discover?
@CreditInspired wrote:Hi and welcome to MyFICO
If it were me, I would pay off AmX ($450), Credit One ($1950), and Mercury ($2450). Not only will this help your score by lowering your maxed out UT, it also increases the number of cards with $0 balances.
Then, I would put the remaining $1,150 on Cap1.
Glad to hear things are looking up and GL2U.
thank you for the detailed breakdown. on what to do. this helps me alot.