Thanks for taking the time to respond. I do want to point out that at no point did I say I could not afford to make those monthly payments. I also did not list my income to come to those conclusions.
I specifically said in my initial post that "My monthly payments will be in the same ballpark as if I was paying them separately, but I wanted the simplicity". I also wanted the set time frame to have it paid off so that I can set bigger goals to have it paid off before the 60 months which is more than possible with my excess in income.
I can and have been making those payments on an autopay at the minimum and no more thought to it. I also decided to open a statement one month for one of my cards a saw what I was being charged in interest was close to my monthly payment. I also had an increase in my income once again and saw that I continuously have an excess every month and maybe this is the time to seriously set a goal to get rid of the debt I put on cruise control.
2 months ago if I would have been approved for a higher limit on my Lowes card, this post would not exist. The financing options on the card are more than affordable with still meeting my CCs monthly obligations.
Like I said, I wanted to get serious with these goals. So I signed up for monitoring again. If the below doesn't show that it's truly my utilization hurting my score then I need to continue my research.
So to put more clarity on my dilemma...Do I throw everything at my debt and my put kitchen on hold again? Do I still get the kitchen and throw remainder at both debts? I know what I need to do. I also know what I can do (financially).
Thanks!
@Anonymous wrote:I am somewhat baffled as to the nature of your dilemma. Take a step back and look at the numbers you have posted. It's quite clear here that you're spending far in excess of your earning capability. The Cap1 and Amazon cards prove that, since those are reasonably small amounts and should be paid off monthly at the very least at those levels, if you're spending in accordance with income. The Disco card is also crazy high util.
The utilization isn't what's killing your FICO, it's your overspending. The utilization is a marker for that, not the cause. And now, you are trading all that utilization for a loan with interest on the high side, which as you have found will improve your score. Unfortunately, this solution has 3 major drawbacks. First, it looks and feels like a positive thing, but frankly, it isn't and even if it were, you haven't earned it. It's rarely a good idea to get new debt before retiring old debt. Second, it improves your FICO score enough to get you into some real trouble which you may not be able to solve, and lastly, it hides the truth and keeps you from making positive lifestyle adjustments that will serve you well over your lifetime.
Another way to look at it. You can't pay what you owe now, so you are seeking a consolidation loan, to improve your credit score so you can borrow more. What? Perhaps I've misunderstood. However, if I read this correctly, then it's time for you to review your situation thoroughly and see how you got here, and if those choices that put you here made sense.
There may be wonderful--hopefully short term--reasons why your finances are distressed. But there are also warning signs here, and the sooner you deal appropriately with them, the better the outcome for you and your creditors. Best of luck.