Need Advice about my credit

[saadmiraaj]

Guys got out of my small credit card debt

[NoMoreE46]

OP:

Welcome to myFICO and thanks for laying out some of the difficult details.  You will be getting advice from the forum on the different approaches to paydown- be it avalanche or snowball, etc.

You have zero missed payments which is great.   Do you have any savings or other secondary income to pay these debts?

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@saadmiraaj wrote:

Please do not disrespect me,

I work in the I.T industry, i got laid off and been looking for new jobs since october of 2022

within that time i racked up some debt, i am only 22 years old. I need advice, i have no derragatory, no collection, no missed payments,

my fico scores are 622EXP with 19 INQ........ 636EQ with 16 INQ...........625TU with 17 INQ

2 years 8 months AAOA, Oldest card 3 years 6 months 

I managed to pay down a few cards, but ultimately running out of money, I heard a lot about credit unions that offer high limits and 0% balance transfer, but ultimately getting denied (they ask for recent paystubs). Usually am responsible, always maintained a 15-20% UTI but my circumstances have changed. I bank primarily with Chase.

I firmly believe CHASE, Discover, AMEX have bucketed me

When i had great credit (8-10% UTI) and low inq (3-5) they always denied my cli applications and credit card applications. i had a 85k salary and still Never recieved CLI, or any offers. I do not know why! 

I am normally responsible, always pay in full, no late payments no bankruptcies, no collections

Finally getting some interviews (I.T jobs are scarce) 

Can someone explain a good payment plan on these cards ?

Can someone explain how to unbucket myself with Amex, Discover, and Chase.

How do i get higher limits in the future (when i pay my debt off)

Any reccommendations on CC that will approve me in my situation preferably 0% BT

here are my details 64% UTI at the moment

CC i have, and applied for in the past in order

08/19 AMEX BCP (AU)  $1600 limit>>>>>>>$0 balance----23% int

12/19 Chase Freedom 2000limit>>>>>>$1945 balance---27.9% int

01/20 Discover Chrome $1000limit>>>>>>$890 balance----17.7% int

01/20 AMEX BCE $1000limit>>>>>$918 balance----25.4% int

03/20 Apple Card $2000limit>>>>>$1840 balance----27.3% int

11/21 CAP1 QS $3500limit>>>>>$2900 balance ---28.74% int

01/22 DISOVER CASHBACK (AU) $7000limit>>>>>$2000 balance (balance by primary user not liable for it)

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[FireMedic1]

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@saadmiraaj wrote:

my fico scores are 622EXP with 19 INQ........ 636EQ with 16 INQ...........625TU with 17 INQ

2 years 8 months AAOA, Oldest card 3 years 6 months 

Finally getting some interviews (I.T jobs are scarce) 

Can someone explain a good payment plan on these cards ?

Keep paying the min payment to aviod any lates. Tackle the highest interest card and start paying it down. Once its paid. The $ you were putting towards that. Carry that over to the next one.

Any reccommendations on CC that will approve me in my situation preferably 0% BT

Without income at the moment. You wont get approved. Hope you get that job. And the amount of Inq's above. That looks like credit seeking to lenders. Another ding for now.

here are my details 64% UTI at the moment

Once you get the job and start working and the util goes down. You'll get back to the way it was before. That high util will also stop approvals.

08/19 AMEX BCP (AU)  $1600 limit>>>>>>>$0 balance----23% int

12/19 Chase Freedom 2000limit>>>>>>$1945 balance---27.9% int

01/20 Discover Chrome $1000limit>>>>>>$890 balance----17.7% int

01/20 AMEX BCE $1000limit>>>>>$918 balance----25.4% int

03/20 Apple Card $2000limit>>>>>$1840 balance----27.3% int

11/21 CAP1 QS $3500limit>>>>>$2900 balance ---28.74% int

01/22 DISOVER CASHBACK (AU) $7000limit>>>>>$2000 balance (balance by primary user not liable for it)

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You can see the order just from the interest rate to tackle first and move down the % list. Cap1, then Apple, and then AMEX. I cut out the things that arent important for now. With all thats being thrown at you unfortunately. CLI's and approvals isnt going to happen. Heres to getting that job and turn things around. Step one get that job and pay down the debt. The rest can wait until your back on track. Good Luck! And welcome to the forums!

[Citylights18]

I guess what does your housing situation look like? Can you break out of your lease?

You might want to consider a rewrite of your resume to attract more recruiters. Having the right buzzwords can get you in the door for an interview.

[ForwardLooking]

I am sorry you are going through this.  I had to go through it myself during covid, but I am now on the other side with a good job I love now.  I basically had to live off of savings for 18 months, but I was able to hustle when I could -- picking up odd jobs enough to keep up with the majority of my obligations (minimum payments) and still put food on the table for my kids.  I did have a few things that had to go into collections (a car which I surrendered and some new medical debt), but I was able to keep up with the majority of things.  I was able to work with my apartment and break the two year lease I had early with no penality to move into something I could afford-- I had lived there for 9 years and had a good relationship with them, and most important, I was 100% transparent with them.

One thing I would recomend is to stop living off of your credit cards.  You said you PIF, but the balances show that you have probably been living off of your cards for the past few months.  Keep up with minimums as much as possible, and at the same time, get yourself to a stable place.  While you are looking for a new IT job, go work where ever you can -- theres no shame finding a short-term job at a restaraunt or a retail store when you are unemployed.  It may even help give you a means to keep up on your payments and keep them from defaulting.

I wish you the best in your job search!  It is tough, I know.  I feel like I dodged a bullet this week myself because I now work for one of the Big Tech companies that had massive layoffs this week.