Looking for advice - I need to reduce the util on some accounts to increase my score to get a decent rate for a car loan around Christmas, 2008. I'm not sure which accounts should I work on first. I've got several that need help. Any advice you have would be extremely helpful. Thanks in advance!
- CCCS DMP servicing two accounts as of 2/15 amt owed is $5050 (BofA and Juniper)
- HFC unsecured LOC - amt owed is $20400 - cl is $20000 (APR is 23.9% - I tried to get it reduced but they said the APR is set by the state we're located in - to make it worse, we don't get a 1098 for this interest either)
- Amex Optima card - amt owed is $603 - cl is $800
1 - Should I concentrate on graduating from the DMP then use the funds ($500 per month) to pay down the LOC?
2 - Should I get the Amex card down to 30% util (it would take about six weeks barring any bad things happening) then work on the LOC?
3 - Should I work on the LOC and pay down the Amex card and DMP normally?
4 - Should I start with the smallest (Amex card) then payoff the DMP then put all avaliable funds into the LOC?
I'm not a financial wiz, and we've had a lot of bad things to happen to us. I am recovering from a huge mess this decade. My ultimate goal is to refinance our $121,000 mortgage with HFC which is at 10.8% (I think). My Honda Accord (I commute 78 miles to and from work) is about six years old and has 172,000 miles on it. It will need replacing within 12 - 18 months.
Today I checked my FICOs and they are below.
TU - 642
EQ - 636
EX - 639
