need guidance on paying down cards

[lindel]

What about paying the NFCU secured credit card off and then closing it? I could then use that money to pay down other debt. Would it hurt my score?The other cards in my signature are at 0 balance

[bdhu2001]

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@lindel wrote:
What about paying the NFCU secured credit card off and then closing it? I could then use that money to pay down other debt. Would it hurt my score?The other cards in my signature are at 0 balance

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Based on your signature, I don't think so.  It depends on if it affects your AAoA. Since you have other credit, I believe it would be a good move as long as you stop using the other cards.  I know it seems like we're giving you tough love, but we're just trying to help you avoid pitfalls. Some of us have made financial mistakes and endeavor to help you avoid them.

Is there a reason you need a quick up-tick in your FICO or is it just a preference? We see your CLI being reduced paying down your accounts & controlling your spending will help stem the bleeding.

Previously, I was a big fan of 0% interest balance transfers.  When the collapse happened, one of my accounts tried to change my account to an annual fee and another decreased my CLI.  Banks were running scared and doing all sorts of crazy things to their customers.  I closed the account that wanted to charge an annual fee, and sock drawered the other card.

I still take advantage of 0% interest introductory offers, but I will only use balance transfers if there is no fee. But since I PIF each month, there is very little bang I would get from the offers.  I'm leery about charging anything that I can't pay off by the next billing cycle. When I had a lot of bills that needed to pay off, I used the snowball method and it worked for me.  Trying to pay the highest interest didn't give me the mental encouragement, because it would take months or years to get to that point.

The best advice we can give to you is pay off your bills as quickly as possible and don't use credit for your lifestyle.  Only buy what you would purchase with cash. Your FICO score will climb back up.

[Anonymous]

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@lindel wrote:
Thanks everyone. He reason for the card usage is I had about 3 major emergencies back to back. Also as to why I want the score to rise, 1) it's been at a stand still and 2) I would like to buy a condo this year mortgage score is 620. I only have a collection on my report that has been paid off but Collection agency won't update and they certainly want remove them. They are the meanest company I have ever come across and a judgment that is satisfied it's due to come off in June my state won't remove. Just need to get credit card balance down. Thanks

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You should ask that question on the Rebuiding Your Credit forum. They'll have great advice on how to badger the agency until your collection is removed.