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Great job!
In addition to what Mr. Thumb said about, it is also very important to track how interest accrues on each account and when new interest actually reports.
For example: let's say you have an accord with a $10,000 CL and an $8000 balance. You want to pay it down to under 50% so you aim for 48.9% balance or $4890 after a payoff. But if interest accrues and is posted on the statement cut date, your new interest of $120 may get posted on top of your new fresh $4890 balance and you'll end up reporting $5010 which is over 50%. Oops!
So definitely post your new balances and if they included new interest or not.
@Anonymous wrote:Great job!
In addition to what Mr. Thumb said about, it is also very important to track how interest accrues on each account and when new interest actually reports.
For example: let's say you have an accord with a $10,000 CL and an $8000 balance. You want to pay it down to under 50% so you aim for 48.9% balance or $4890 after a payoff. But if interest accrues and is posted on the statement cut date, your new interest of $120 may get posted on top of your new fresh $4890 balance and you'll end up reporting $5010 which is over 50%. Oops!
So definitely post your new balances and if they included new interest or not.
Thanks! I made sure that anything that wasn't getting paid off was a little more than 1% less than the threshold. Meaning.... If I wanted to keep it under 30% I made sure that it was no more than 28.9%..... that way if the interest hits it hopefully won't push me over the 30% mark
That's the cr*ppy thing about it. If you pay down to 28.9% and interest puts you over 29.1%, it will round up to 30%
So you want to pay down to 28.9% minus interest that may post, which can be quite a bit on some cards!
Repor back regardless and let's see what we see!
@Anonymous wrote:That's the cr*ppy thing about it. If you pay down to 28.9% and interest puts you over 29.1%, it will round up to 30%
So you want to pay down to 28.9% minus interest that may post, which can be quite a bit on some cards!
Repor back regardless and let's see what we see!
Yeah, I know.... problem is I only have so much $$ to throw at this for now. Even if I do end up having one go over due to interest, at least I can pretty much expect a decent jump going from a 79% combined utilization, with 4 cards over 90% to a combined utilization of 28% with one card (my largest balance) being under 50%.
Will be interesting to see what happens! Will definitely let you guys know
So... good news so far folks! I just had my first payment on my paydown plan hit yesterday. Dropped one card from 91% utilization down to 27%.
Result - 11 point increase!
Waiting anxiously for the others to hit now!!
@Barneygirl wrote:So... good news so far folks! I just had my first payment on my paydown plan hit yesterday. Dropped one card from 91% utilization down to 27%.
Result - 11 point increase!
Waiting anxiously for the others to hit now!!
Okay, so the same card just hit EQ and I got an 18 pt increase.
So far one card reduced from 91% to 27%
EX increase of 11 pts
EQ increase of 18 pts
Now I'm in hurry up and wait mode while I wait for the next two cards to hit over the next 5-7 days.
Hey MYFICO community.... wanted to give you all an update on what came out of my journey!
since first posting I have paid off all but two credit cards. The two remaining are paid to under 50%, leaving me with an overall utilization of 16%.
I went from 84% utilization across the board, to 16% and my scores have jumped almost 100 points (all three have jumped almost that much!)
Working to get one final account listed with the correct amount and expect another small bump. But I'd say that 100 points was a pretty good return!!
Finally hit 700's across the board!! Next stop 800!!
Thanks for all the advice!
Good work!