Hello Loyal Subjects, ( get it I'm a King... )
I started this on Dec 12th 2017, at which point I was at 75% utlization across the board on my own personal CC and a few AU CC. Noticing the errors in my royal ways I decided to take action and here is what I did to bring myself out of the moat and back into the castle of awesomeness. ( again stay with the king references )
8 CC's @ 75% Utlization roughly $38k in debt. Around $11k in wifes past collections. I would explain how it got so high but lets just summarize by saying I'm a king do not question the crown.
- Dont be commoner and buy a MyFico report its worth it.
- All my CC's and Wifes went into my file cabinet of which I locked. Nothing more could go on the cards.
- Keep in mind my family gave me and wife money for our wedding it was around $18k. This helped pay off two collections of hers for $11k and some of the CC debt.
- I looked into cards I held that would up my limits using only SP inquries, I called who I could and increased them.
- Wrote two good will letters to remove two lates that I found on my reports. Both were removed post haste!
- I then went through my daily/weekly/monthly spending and cut the fat from stuff that wasn't absoutely needed ie starbucks and wenches. And eating out of the castle.
- I sold a car I was underwater on.
- I sold a dirt bike, tools and electronics that I wasn't emotionally tied to and did not need any longer.
- Paid each card immeidately before the bill cycle. I made this determination myself as it seemed to work great for payments registering.
- I did get a 2nd job but much late in the process. I work part time no more then 20 hours a week and its not for gold bars sadly.
All of these steps allowed me to save up cash to make larger lump final payments but i was making several smaller payments on each card. Note i did not apply for new cards at the time and did not balanace transfer anything as I feel like that doesn't solve the problem but could add to it. I am dealing with just CC debt and as it turned out they reported pay offs pretty quickly.
@ 30% utlization I struck gold with PenFed and Amex approvals. Got a new truck at the lowest possible rate PenFed offers!
As of this morning I am reporting as 8% utlization. I have went up on my Transunion from 659 in Dec to 760 in Jan. I didn't end up removing any AU accounts from my credit. So it can be done but you need to work your nutz off to get there. Do not complain do not whine just sack up and get it done. This will teach you a lesson like it did me. I am currently still working the 2nd job and building up my savings per the advice of the crowns subjets on the forums. Once that is padded I will do my RV loan and then the HELOC. Afterwards I will exit the 2nd job like Jerry McGuire did. Remember Pay In Full, only carry a balance if you must. Hope this example helps.
