Need help with a plan to pay down high utilization

[Anonymous]

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@MyLoFICO wrote:

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@HeavenOhio wrote:

Good work!

Just a reminder to watch the cards you've recently paid to zero for trailing interest.

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Thanks! I check them all everytime I pay bills just incase there is an unauthorized charges. But, one of them has a negative balance. It's only .13 cents and its on a card I will never use again. What do they usually do ith that .13 cents?

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Eventially you will receive a check for $0.13

[MyLoFICO]

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@Anonymous wrote:

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@MyLoFICO wrote:

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@HeavenOhio wrote:

Good work!

Just a reminder to watch the cards you've recently paid to zero for trailing interest.

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Thanks! I check them all everytime I pay bills just incase there is an unauthorized charges. But, one of them has a negative balance. It's only .13 cents and its on a card I will never use again. What do they usually do ith that .13 cents?

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Eventially you will receive a check for $0.13

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And on that day I will have truly arrived! lol

[HeavenOhio]

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@MyLoFICO wrote:
I will take the cards down in this order:

Chase Amazon Prime
Spark
QuickSilver

At this point I think I will have to reorganize. If I still have time I will continue on to the next card. I will be constantly looking for BT offers from cards I already have as my credit limits increase. Hopefully I can juggle these until I get them paid off.

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That's a good plan. The Chase Amazon card's interest rate is half a percentage point less than the Spark, but it has a relatively low balance, and it'd be a nice snowball.

Once you get the Quicksilver down to below 48.9%, you might want to shift to the Chase FU, which has a higher interest rate and would also have higher utilization at that point. It'd also be a quicker snowball. I agree with getting going on the Quicksilver before the FU because of its current high utilization.

[K-in-Boston]

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@Anonymous wrote:

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@MyLoFICO wrote:

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@HeavenOhio wrote:

Good work!

Just a reminder to watch the cards you've recently paid to zero for trailing interest.

---

Thanks! I check them all everytime I pay bills just incase there is an unauthorized charges. But, one of them has a negative balance. It's only .13 cents and its on a card I will never use again. What do they usually do ith that .13 cents?

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Eventially you will receive a check for $0.13

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This will actually depend on the lender.  We had an overpayment to a BOA CLOC once and they mailed us a statement showing a negative balance under a dollar every month for 12 or 13 years.  Finally just ended up doing an advance against it out of annoyance.  Even adjusting for bulk mail rates, they must have spent at least $30 over the years in postage alone to let us know about that negative balance!

[MyLoFICO]

Woke up to a 4pt increase in my EQF score. Recording for posterity. 

Exp: 684 - 34 Inqs

TU: 701 - 35 Inqs

EQF: 704 - 7 Inqs

[MyLoFICO]

My scores got a bump overnight because one of my BT's is half completed, so it shows a large decrease in balances from the payoff but not the new account and transferred balance. I won't post it here because its not a permanent change. I confess though, like the 720's and I bet the 800's will look even better. 

[MyLoFICO]

Ugh...My scores took a hit from the new accounts hitting and my UTIL fluctuating. Its aggrevating and deflating. Hope they rebound soon. 

Exp: 673

TU: 700

EQF: 695

[K-in-Boston]

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@MyLoFICO wrote:

Ugh...My scores took a hit from the new accounts hitting and my UTIL fluctuating. Its aggrevating and deflating. Hope they rebound soon. 

Exp: 673

TU: 700

EQF: 695

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Garden, pay, and wait.  I know that awesome feeling from seeing a big jump and then that sinking feeling when it drops days later to a score even lower.  Mine can fluctuate a lot if I look at them really often.  Nothing like suddenly having an "additional" $30-50k in revolving debt show up on my reports if I don't time BTs and statement cut dates just right to send those scores spiraling downward.

3-6 months from now, provided you continue to chip away slowly on the balances and don't add anything new (I think you are likely in a situation where additional INQs are not really causing any further harm to your scores but new accounts would) you should be consistently at least in the 720 range.  Have all of the new accounts posted to your reports at this point?  If not, you may want to prepare yourself for another few points temporarily gone.  Don't get discouraged!

[MyLoFICO]

Oh it sucks to see them drop but totally expected. Another drop last night.

EXP: 673
TU: 697
EQF: 687

I am chipping away at the balances. I think that is negating a little of the drop. I figure a month or so for everything to hit and it should stabilize. Then its just pay them down and watch them come up. I hope. Lol I have turned my attention to losing weight while I wait these out. I figure if I put as much effort into that as I do my scores I might actually waste away to nothing before these are paid off. lol That and finding a day job. I am supposed to go nights in about 2 weeks. Then I can get a day job and make some extra money to put on these.

[MyLoFICO]

Target helped me out today with an auto CLI from $800 to $2000. The only thing I ever bought was Tums, Advil, and Sudafed online. lol.