MVV - it IS a LOC, so I think that's it. Was hoping it wasn't, as that's a bigger Util. hump to get over than just the CCs. Thanks for the reply.
BTW - I love your sig line - I have shared it with a few people. 
@Anonymous wrote:MVV - it IS a LOC, so I think that's it. Was hoping it wasn't, as that's a bigger Util. hump to get over than just the CCs. Thanks for the reply.
BTW - I love your sig line - I have shared it with a few people.
With you paying that $1,600 the utilization went from 68% to 62% so you're moving in the right direction.
If you don't mind sharing by posting more information you will probably get suggestions on the best way to get that utilization down (and thus your scores up). Utilization is 30% of your total score so it's very important to get it under control.
What are the balances, credit limits, APR's, and minimum payments of each of those revolving accounts.
Only if you want to. And really if you're not looking to apply for any new credit in the foreseeable future scores are not something to fret about.
And thanks for the comment about the signature. I wish I could say I thought that up myself but I didn't.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Happy to post more info.
Credit Cards:
Target; $1000 CL - balance is $50 (usuallly zero) Think the APR is 10%, but not sure
Citibank: (secured) $1850 CL - balance is $120 (also usually zero) APR is 25% (ugh). Both Citi and Target I used last month just to keep them active. Will pay off both in next few days.
Andrews FCU: $5000 CL; Balance is ($1600). APR is 5%. I opened this card to pay off a Citi loan with super high interest (was getting my apartment renovated), and have been steadily paying it down.
Line of Credit:
Andrews FCU: $20,000 CL - Balance $15,960. APR is 10%. This LOC was taken out for apartment renovation as well.
BTW, the extortionist Citi loan was taken out because I could only get $20K from Andrews, whiiiiich happened because of debt collection on a disputed Verizon bill. (Paid off and GW letter sent last week after reading here how to do so:
) So let this be a lesson on taking care of your credit, boys n girls!
I'm not looking to buy a home right now (wife and I decided to keep renting), but I do want to get my score up from approx. 640 currently, because hers is great, and we both make good money, but we ARE looking to buy some land, but I don't want to be considered jointly until I can get my credit up a bit...
@Anonymous wrote:Happy to post more info.
Credit Cards:
Target; $1000 CL - balance is $50 (usuallly zero) Think the APR is 10%, but not sure
Citibank: (secured) $1850 CL - balance is $120 (also usually zero) APR is 25% (ugh). Both Citi and Target I used last month just to keep them active. Will pay off both in next few days.
Andrews FCU: $5000 CL; Balance is ($1600). APR is 5%. I opened this card to pay off a Citi loan with super high interest (was getting my apartment renovated), and have been steadily paying it down.
Line of Credit:
Andrews FCU: $20,000 CL - Balance $15,960. APR is 10%. This LOC was taken out for apartment renovation as well.
BTW, the extortionist Citi loan was taken out because I could only get $20K from Andrews, whiiiiich happened because of debt collection on a disputed Verizon bill. (Paid off and GW letter sent last week after reading here how to do so:
I'm not looking to buy a home right now (wife and I decided to keep renting), but I do want to get my score up from approx. 640 currently, because hers is great, and we both make good money, but we ARE looking to buy some land, but I don't want to be considered jointly until I can get my credit up a bit...
Except for the Citi card those aren't bad APR's at all considering the credit climate we've been in for several years.
I'l give a couple of suggestions how you can get your score up even with that high overall utilization. You may have read about them already and if so I apologize.
* FICO scores not only overall utilization but individual revolving account utilization as well. Plus you are scored on how many accounts have balances at any one time. Here is what I would start doing probably 6-12 months before you think you will apply for a mortgage. CAVEAT!! These are my opinions only. Take that for what it's worth. If you can figure out a better way or if someone else suggests something that you think will work better then by all means ignore everything I say.
* Pay off the Citi and Target cards as soon as possible and only use them every few months for something small just to show activity. As soon as the charge shows up pay it immediately. Don't wait for it to show up on the statement.
* Pay only the minimum (actually paying a little more than minimum would be better) on the LOC and put every extra dollar you can find towards paying off the $5,000 CU account. Once it is paid down use it like the Citi and Target. Use it every few months and pay any small balance before the statement posts. The reason I suggest paying any balances before the statements post is that for most cards whatever amount is on the statement is what is used to calculate utilization for that month. So the fewer accounts that report a balance the better it is for utilization.
* Once the LOC is the only revolving account left with a balance then from that point forward try as much as possible to have it be the only revolving account to report a balance each and every month. You can use the other cards as I said before but time the payments so that the desired zero balances on these other 3 accounts are achieved several days before their statements post.
(If you understand all that please explain it to me?) 
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
MVV - totally understand it, and it makes complete sense from a strategy standpoint.
I consider these my marching orders; if the wife questions the strategy, I'll ask her if she really wants to argue with a marine. (she's former AF)
Thanks so much - now that I've broken the ice I imagineI will post on other topics, I really enjoy this forum.
@Anonymous wrote:MVV - totally understand it, and it makes complete sense from a strategy standpoint.
I consider these my marching orders; if the wife questions the strategy, I'll ask her if she really wants to argue with a marine. (she's former AF)
Thanks so much - now that I've broken the ice I imagineI will post on other topics, I really enjoy this forum.
I realize that real life gets in the way and none of can always use every strategy to it's full potential and that's ok. There will be mistakes and backward steps along the journey. Just be prepared for those and know they will happen and keep focused and you'll be fine.
Tweaking your score like this is not something you need to do all the time and it can get tiresome but some people like to do it for fun or as a hobby and that's fine also. It's mainly for those who anticipate applying for new credit in the near future and want to raise their score as much and as fast as possible.
Tell your wife I appreciate her service to our country!
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".