@MyLoFICO wrote:My cap 1 Spark statement is about to drop. Payment will be due 4-27. When the statement hits I imagine it will put me over my limit since I only have $21 available right now. My question is, when do I make my payment so the amount after payment hits my CR's and not the over the limit balance?
If the payment and posting information for business accounts is the same as personal, you should make the payment no later than April 1st by 8 pm EST. The $1K payment in addition to the $250 & $200 payments you've already made your new Spark balance will be $278.92.
Good job!
Update on my situation. All but 2K of my 10k has come in and I have made some payments. This chart is accurate as to what was paid today with one exception. The only one that has not been made today is the $3184 to Marvel. I have the money but I get paid on 4-7 and the $3184 would take me down to about $400 in my account and I hate being that low. I still have a thousand in Chase as an emergency fund but I don't want to go moving money around unless I have too. So, I will make the payment to Marvel on 4-7 which is 4 days before the due date so it should update with a zero balance at that time. Slow going but going.
Next week my other 2k should come in and I will finish off Amazon. Then on 4-21 I get my extra check. I should be down to about 24% UTIL at that time. That is when things will start getting tight.
It's a pay week so time for a new update. Here is where I am so far. By next week I hope to have the other 2k I have coming in AND my extra payday to get rid of the remaining Amazon and my Spark card. Then I am going to start attacking them smallest to largest via the snowball method. The Chase balance will be cut in half by next week as I bought something for my son and he is bringing me the cash for it tonight. Anyway, here is what it looks like now. No red because all the payments have actually been made.
32722.14 to 25676.47 in 14 days. A difference of -7045.67. In a week or so I will hit up my cards for CLI's and maybe see if I prequalify for a BT card. I will also keep my scores updated in the signature but will track them here as well. Just for posterity.
EXPERIAN 660 31% UTIL 24 INQ
TRANSUNION 698 31% UTIL 30 INQ
EQUIFAX 663 31% UTIL 19 INQ
Looks like I will indeed be losing my BP card. The nearest BP store now is Tennesee, I'm in Texas. I tried to order a gift card but they only accept major cards through paypal. So that one will be gone soon. I used my Kohls card on a pair of work pants and my Target card on some prescriptions. Nothing I wouldn't be buying anyway. When those hit I will pay them off immediately to keep the accounts active for the sake of my UTIL.
You're getting there. In comparing the first spreadsheet you posted to the last, you have paid 5 accounts off, lowered your debt by over $7,000, and lowered your utilization to under 30%. That's a great accomplishment!
Ok, so today was interesting. My scores all updated night before last and got a decent bump. Today I set out to app Amex and PenFed to find some BT cards. Apparently I need adult supervision with even the most menial of tasks. It got out of hand. I got some good cards, some goal cards for me and I got them for a reason this time. I plan to trim my store cards off while I pay down my debt as I can afford to take the hit to my UTIL. This way I end up with the cards I want and they have a little age on them. So I app'd tonight. Several times. All in one day so they all fall off at the same time. As of this morning I only had 3 Inq's under 12 months old. I don't know how many I will have when the dust settles because I app'd Cap 1 too like an idiot.
Anyway, this is what I walked away with. Unlike my initial spree on store/Synch cards this time last year, I went for cards I have been wanting and will actually use. Plus, they do have a BT benefit I can use while I attack my debt.
AMEX BCP $2000 SL
AMEX ED $500 SL
Citi DC $3000 SL
Chase Amazon Prime $2500 SL
This brings my TCL to $103k and helps with my UTIL until I can get the amounts paid down. They also provide me with 12-18 months of BT depending on the cards. This will allow me to avoid a couple of interest bombs and high interest store cards so I can optimize my payments. I will update my signature with the damage as it comes through. For now, I am back in the garden