@Quame15 wrote:
@KLEXH25 wrote:
@Quame15 wrote:Hey I just got approved for $52000 heloc will have funds in 2 weeksthru navy fed but i just have
navy federal flagship 33000 out of 34000 03/2016
navy cash 7900 out of 16200 06/2019
discover 18000 out of 21000 12/18
chase freedom unlimited 1000 out of 3300 12/2018
cap quick s 1500 of 4800 open 2015
cap 0 out of $750 open 2016
amex blue mag 0 of 1k 12/2018
huntington 1200 out of 4500 12/2018
trying to figure out which way I should go with things ? What should I pay down first? Want to get a mortgage in 6 months so gotta pay debt down trans 633 equi 620 exp 600
You want to get your mortgage scores up so I would pay as many down to zero as possible and lower utilization across the board, so:
Navy FF -$23,842 (26.9%)
Navy Cash -$6,458 (8.9%)
Discover -$18,000 (0%)
Chase FU -$1000 (0%)
Cap1 QS -$1500 (0%)
Cap1 $0 (0%)
AMEX Blue CM $0 (0%)
Huntington -$1200 (0%)Total: -$52,000
After paying all of this down what credit card or credit union do u think I should join or should which should I get a credit increase on?
I wouldn't apply for any new cards until after the mortgage. I would focus on paying everything down and make sure no one balance chases you. CLI should be ok as long as it's a SP.
Hard to Say without knowing what your new scores will be. You have plenty of cards at the moment. I would focus more on growing them and paying down your debts.
@Boragard wrote:No, NO, PLEASE NO!!!!!!!!
You should NEVER and I repeat NEVER use a HELOC or HEL which is secured debt to pay off unsecured debt (cars, credit cards, etc.). You will just be moving your unsecured debt to secured debt and if you fall behind on payments on the HELOC or HEL they could take your home. At least if you were to leave it as unsecured debt and you fall behind on payments, it will just be charged off as bad debt and your credit score will suffer but you will still have a home to live in. Please do not do this, find the best way to pay off your unsecured debt and leaving your secured debt alone.
I don't agree with this personally, carrying a bunch of debt at 15% or even 10%+ when you can do it at 5% or less makes little sense to me.
Sure may be able to get personal loans down now that 5% mark now but that isn't typical.
End of the day like any debt instrument if you use it badly (vis a vis using it to continue excessive consumption habits) it's not a good receipe for success, but used correctly it's a huge financial win.
@Boragard wrote:No, NO, PLEASE NO!!!!!!!!
You should NEVER and I repeat NEVER use a HELOC or HEL which is secured debt to pay off unsecured debt (cars, credit cards, etc.). You will just be moving your unsecured debt to secured debt and if you fall behind on payments on the HELOC or HEL they could take your home. At least if you were to leave it as unsecured debt and you fall behind on payments, it will just be charged off as bad debt and your credit score will suffer but you will still have a home to live in. Please do not do this, find the best way to pay off your unsecured debt and leaving your secured debt alone.
1000% agree, as OP has already asked which credit card he/she should get next.
