Suggestions on whether to PIF or add $$ to up secured card limits?

[Anonymous]

Here are the credit accounts I have-   My question is do i just keep paying off the small cards til all PIF, and then add funds to the secured card to up the availible balance or Up the availible credit on the secured, and pay the larger cards off first?  I can put about $500 per month into payments for CC's.

                                         CL    /        Balance due

*Acct 2-4yr in age**

USAA Secured card:    $1600 /  $1200

 AAFES STAR card:      $3150 /  $1200

AAFES Take it home:   $3150/ $1750

Kay Jewelry card:         $1100 /  $0    (this month auto CLI from $400 to $1100)

Cap 1 Rewards:          $500 /  $200

Fingerhut:                     $500 / $0

BBRZMC:                     $300 / $0 (tried to request CLI, stated I have a fraud alert on CRA's)

***NEW ACCTS SINCE 2013****

Matrix Discover           $300 / $0 

Khols                            $300/ $0

VS/Comenity               $250/ $100 (set to be PIF May 1)

Express/Comenity     $250/ $0

Bealls/comenity          $250/ $0

PayPal SConnect       $500/  $150 (set to PIF May 1)

I know all my stuff is low limit, but was thrilled to get PayPal by GE as I had not been able to be approved from them a year ago...went on a total App spree for store cards, and really shouldn't have, but it was NICE to see APPROVED for once!  I shop at those store frequently anyway so glad to have them with summer and then school and new work clothes needed for our family.  I want to watch these grow, and will NOT be applying for ANY more credit until 2014 (We want to buy a minivan brand new off the lot lol)...so what are your suggestions on making these itty bitty lines grow?  

BTW, I do still have a Bankruptcy from 2005 showing, and 4 charge offs, and 3 collections that I have made payment arrangements with.  Since 7/2011 - NO LATE PAYMENTS WHATSOEVER! as that was when I really started getting serious about fixing my credit.  My info $61K salary, age 32, no mortgage (no need for one, as we were awarded a home due to my husbands disabilities = $291 property tax payment per month)  We have two cars and a motorcycle, again no later payments on them at all either.

Thanks for any suggestions...My goal is to get to 650 score by december this year, have CC  debt paid in full by 12/2013, and a 700 score by this time next year! 

[jsucool76]

Definitely better to pay off your cards. Save a lot of money on interest that way while lowering your utilization.

Also, a side question. Why did you apply for a matrix card? Even with a bk reporting, you have plenty of accounts right now. The matrix card is just a black hole of fees.

[Anonymous]

Agreed, close that matrix card now. Pay down those balances and get a BOA secured card and add 1-2-3 rewards to it. Youll be well on your way

[Anonymous]

I actually thought I was applying for a discover card, yeahhhhhhhhhh didn't realize the Matrix was a money pit til I actually got it.  It's only a couple months old, would it really hurt to close that account now? or just leave it open with $0???  Stupid thing I know, and shouldn't have applied for all that crap (had a total manic episode and went totally  app-spree-bat-crazy!)  NO NO NO More cards for me that is for sure! =)

[Anonymous]

Okay so PIF all credit cards to $0  .... GOT IT!  and hope to have that done by end of this year then as I have no plans to charge anything on the ones with current balances right now either....One more ??? though.....  I have NEVER used Matrix, Khols, Bealls or Express as of yet... so do I charge a shirt or something...then PIF and then just let them sit idle for a whole year? or do you suggest usings/PIF each month???

[Anonymous]

Also every 4-6mo do i just ask for CLI whether I use the card or not?

[jsucool76]

I would cancel the matrix card. Shouldn't hurt your score really but will save you some money.

I would ask fir a cli on your conenity (i think they're soft pull) and on your ppsc which is soft pull. Also, did you get a paypal debit card to go with your smart connect?

[Anonymous]

Yes I have a paypal business debit, because I used to do alot of online ebay sales, so my PP acct is a business acct to.  I applied for the PPMC, but was only approved for the Smart connect credit line, so I linked it to my PP debit card as the back up funding source, and now my debit card pulls from the revolving line of credit.  The accts opened in 2013 have just been opened within the past 4-8 wks, so I doubt i'm eligible for a CLI at this time.  I think as suggested I'll close out that Matrix acct as i googled some reviews and they are terrible...but then there are a few here and there that are good...i haven't found any CLI's being reported online so it really is pointless to have another $300 CC when I already have the BBRZMC anyway =)

[LS2982]

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@Anonymous wrote:

Here are the credit accounts I have-   My question is do i just keep paying off the small cards til all PIF, and then add funds to the secured card to up the availible balance or Up the availible credit on the secured, and pay the larger cards off first?  I can put about $500 per month into payments for CC's.

                                         CL    /        Balance due

*Acct 2-4yr in age**

USAA Secured card:    $1600 /  $1200

 AAFES STAR card:      $3150 /  $1200

AAFES Take it home:   $3150/ $1750

Kay Jewelry card:         $1100 /  $0    (this month auto CLI from $400 to $1100)

Cap 1 Rewards:          $500 /  $200

Fingerhut:                     $500 / $0

BBRZMC:                     $300 / $0 (tried to request CLI, stated I have a fraud alert on CRA's)

***NEW ACCTS SINCE 2013****

Matrix Discover           $300 / $0 

Khols                            $300/ $0

VS/Comenity               $250/ $100 (set to be PIF May 1)

Express/Comenity     $250/ $0

Bealls/comenity          $250/ $0

PayPal SConnect       $500/  $150 (set to PIF May 1)

I know all my stuff is low limit, but was thrilled to get PayPal by GE as I had not been able to be approved from them a year ago...went on a total App spree for store cards, and really shouldn't have, but it was NICE to see APPROVED for once!  I shop at those store frequently anyway so glad to have them with summer and then school and new work clothes needed for our family.  I want to watch these grow, and will NOT be applying for ANY more credit until 2014 (We want to buy a minivan brand new off the lot lol)...so what are your suggestions on making these itty bitty lines grow?  

BTW, I do still have a Bankruptcy from 2005 showing, and 4 charge offs, and 3 collections that I have made payment arrangements with.  Since 7/2011 - NO LATE PAYMENTS WHATSOEVER! as that was when I really started getting serious about fixing my credit.  My info $61K salary, age 32, no mortgage (no need for one, as we were awarded a home due to my husbands disabilities = $291 property tax payment per month)  We have two cars and a motorcycle, again no later payments on them at all either.

Thanks for any suggestions...My goal is to get to 650 score by december this year, have CC  debt paid in full by 12/2013, and a 700 score by this time next year! 

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You should PIF and get your util down a good bit.

Also you have too many low limit/new accounts it would be wise of you to garden those accounts for a year. Any new apping will be declines or more of the same toy limits.

[Anonymous]

Thanks!  That was what I was thinking too...all the low limit ones will be PIF by my second pay check in may (two are already set to PIF on May1), then I have those three high balance ones that I'm already paying double the minimum, but will probably triple my payments to PIF by december.  I have what I need, and If i have extra money I can always add it to the secured credit card to up the credit limit.  It's a CD acct that backs the secured card so i earn interest on it too.  I apprecaite the info from everyone! =)  A gardening I go...................................................Oh, should I use the cards once every other month for small purchases and PIF or just leave em in the sock drawer?