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Seeking Strategic Steps for Debt Reduction with a HIGH DTI.

pizzadude
Credit Mentor

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.


@JS45 wrote:

First, will provide financial picture overview

Second, will share what I am thinking about doing

Third, would like your recommendations/steps

 

First

  1. Credit Score is approx. 840/Fico Score is 862

Can you clarify this, what FICO score did you pull and from where ?  I don't know that it would be possible to have an upper 800s FICO with two of your revolving accounts ~70% utilization. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 11 of 34
SouthJamaica
Mega Contributor

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.


@pizzadude wrote:

@JS45 wrote:

First, will provide financial picture overview

Second, will share what I am thinking about doing

Third, would like your recommendations/steps

 

First

  1. Credit Score is approx. 840/Fico Score is 862

Can you clarify this, what FICO score did you pull and from where ?  I don't know that it would be possible to have an upper 800s FICO with two of your revolving accounts ~70% utilization. 


The way I read it, the high utilization accounts were business cards, not personal cards, so they most likely do not affect OP's FICO scores.


Total revolving limits 743700 (625200 reporting) FICO 8: EQ 705 TU 717 EX 687

Message 12 of 34
pizzadude
Credit Mentor

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.


@SouthJamaica wrote:

@pizzadude wrote:

@JS45 wrote:

First, will provide financial picture overview

Second, will share what I am thinking about doing

Third, would like your recommendations/steps

 

First

  1. Credit Score is approx. 840/Fico Score is 862

Can you clarify this, what FICO score did you pull and from where ?  I don't know that it would be possible to have an upper 800s FICO with two of your revolving accounts ~70% utilization. 


The way I read it, the high utilization accounts were business cards, not personal cards, so they most likely do not affect OP's FICO scores.


Fair point !  Unless of course they're Cap1 biz cards....  Smiley Very HappySmiley Frustrated

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 13 of 34
JS45
Member

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.

@SouthJamaica  @pizzadude the 2 CCs that equal to about 17k in debt are business credit cards. The 5k is personal. 

the 840 is my credit score. 

when I log into one of my bank accounts where I also have my personal credit card it shows me a fico score on behalf of Experian of 862. Should I be looking somewhere else?

Message 14 of 34
JS45
Member

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.

I got 862 fico via experian. Is this incorrect?

Message 15 of 34
JS45
Member

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.

@FireMedic1 862 fico via experian. How do I find vantage and what is the difference? Thx 

Message 16 of 34
JS45
Member

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.

@SouthJamaica I've been thinking on the business debt consolidation loan. It would lower apr of both biz ccs but then I'm stuck in the loan with no other option. 

what I think you're saying is pay minimum payment for biz Cc with lower apr, pay more than minimum on biz Cc with higher apr and apply for balance transfer card for personal Cc debt. You suggest credit union. Is this correct?

Message 17 of 34
JS45
Member

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.

@SlideOrInsert  I've managed to make more than minimum payments each month on all 3 credit cards yet with income getting tighter mag not be able to. 

when applying for a personal cc I'm pretty sure they do not look at my business debt. I will double check. 

as for auto refi I was looking at credit unions although that was a few months ago so they could have gone up. 

Message 18 of 34
SouthJamaica
Mega Contributor

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.


@JS45 wrote:

I got 862 fico via experian. Is this incorrect?


No, that's an excellent source.


Total revolving limits 743700 (625200 reporting) FICO 8: EQ 705 TU 717 EX 687

Message 19 of 34
SouthJamaica
Mega Contributor

Re: Seeking Strategic Steps for Debt Reduction with a HIGH DTI.


@JS45 wrote:

@SouthJamaica I've been thinking on the business debt consolidation loan. It would lower apr of both biz ccs but then I'm stuck in the loan with no other option. 

what I think you're saying is pay minimum payment for biz Cc with lower apr, pay more than minimum on biz Cc with higher apr and apply for balance transfer card for personal Cc debt. You suggest credit union. Is this correct?


Yes.


Total revolving limits 743700 (625200 reporting) FICO 8: EQ 705 TU 717 EX 687

Message 20 of 34
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