Stats:
- Age 22
- 78% utilization throughout 7 credit cards (4 which are maxed out) / $38,154 out of $48,700 available credit
- AAoA of 2 years, 4 month / No missed payments or collections
- 2 hard inquiries from Dec 2016
- Credit Karma states FICO scores of 586, 587.
Hey everyone, I never thought I would have to be making this post. I came here many years ago and that's what helped me get started on my credit journey. I had a good paying job at the time and suddenly lost that about a year and a half ago when I moved to another state due to my mother having breast cancer. Over that time, I became reckless with my money, taking expensive international vacations, unnecessary vehicle upgrades, buying high end technology; basically using my credit card like it was cash on hand. I thought to myself, "Oh screw it, I'll just keep doing balance transfers with no interest and pay it all off when I have a good job in the future. There are people with $90k in student debt my age, what's so bad about being $35k in debt myself?"
^ That was my immature mentality that I am now suffering from. Now, I found a decent job (where I live) that's giving me close to $1,600 a month. I have no other financial responsibilities other than my credit cards, which most have now kicked in at 20% APR. The payments on those are literally 80% of my monthly pay. I know if I apply for another card (sole purpose of no interest for xx months), that I would most likely be denied due to high utilization. I am in a financial bind here from irresponsibility and I am wanting to get my finances on point while I can.
So please help me here, FICO'ers. What is the best route I should take now? Debt consolidation? Personal loan? If so, which companies are best?
Thank you all kindly very much.
- Derrick
Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
