What should I do in this situation? A little help please <3

[Anonymous]

Hi guys!   I could really use some friendly help from the community.    <3

Credit SCORES:     Experian:  685    TransUnion: 591     Equifax: 612

**If I payoff debt, my credit scores is awesome, probably 750-800.

Analysis:   0 missed payments, 0 derogatory remarks, all good except 94% debt ratio

GOAL:  Get access to cash to survive and to consolidate debt.  At this moment, I haven't been able to get loans from SOFI (whom I currently have a good standing loan with)

1.  Should I apply for a credit card to lower debt ratio and if so, which one?   I'm thinking a card w/ a balance transfer option.

Then I could pull cash advance from cards that get transferred?

2. Which credit cards are the best options to apply for with these scores?  Ideally, I want a card that pulls from Experian!

After this month, I will no longer have the cash to pay the minimums to cover my debt even.

I need cash to survive + pay minimums  & ideally would like to lower my credit score to get access to debt consolidation loans.

I'm gearing up to get funding for my business in 2-3 months and need to figure out a short-term solution ASAP.   

Thank you so much!    <3 Gratitude <3

Bobby G.

[Pikaboo-icu]

Welcome to My Fico 

Is the 94% your CC uti?

If no, what is your cc uti?

I'm sorry but with that high of a uti or debt ratio it's gonna be tough to get approved for anything. 

Do you have a relationship with a local credit union?

Hopefully somebody else will have some suggestions for you.

Good Luck.. 

[Anonymous]

Welcome!
Some more details about your debts would be helpful. What's included in this 94%?
Can you list your credit lines with current balances so we can get a better picture of your situation?

[Anonymous]

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@Anonymous wrote:
Welcome!
Some more details about your debts would be helpful. What's included in this 94%?
Can you list your credit lines with current balances so we can get a better picture of your situation?

---

Hi,

Yes, of course, thank you for your help.   

Here is a breakdown:   ALL are in good standing (as of this moment...)

Personal Loan:

SOFI Lending Personal Loan:  $26,600 

Auto Loan:

Capital One Auto Loan - $13,800

Credit Cards:

Chase Sapphire Reserve - $32,500 

Capital One CC - $10,400

Capital One CC #2 - $10,000

Comenity Bank - $2,400

SyncB/Amazon - $550

[Pikaboo-icu]

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@Anonymous wrote:

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@Anonymous wrote:
Welcome!
Some more details about your debts would be helpful. What's included in this 94%?
Can you list your credit lines with current balances so we can get a better picture of your situation?

---

Hi,

Yes, of course, thank you for your help.   

Here is a breakdown:   ALL are in good standing (as of this moment...)

Personal Loan:

SOFI Lending Personal Loan:  $26,600 

Auto Loan:

Capital One Auto Loan - $13,800

Credit Cards:

Chase Sapphire Reserve - $32,500 

Capital One CC - $10,400

Capital One CC #2 - $10,000

Comenity Bank - $2,400

SyncB/Amazon - $550

---

Can you add the credit limits for each of those accounts, please..

[Anonymous]

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@Pikaboo-icu wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:
Welcome!
Some more details about your debts would be helpful. What's included in this 94%?
Can you list your credit lines with current balances so we can get a better picture of your situation?

---

Hi,

Yes, of course, thank you for your help.   

Here is a breakdown:   ALL are in good standing (as of this moment...)

Personal Loan:

SOFI Lending Personal Loan:  $26,600 

Auto Loan:

Capital One Auto Loan - $13,800

Credit Cards:

Chase Sapphire Reserve - $32,500 

Capital One CC - $10,400

Capital One CC #2 - $10,000

Comenity Bank - $2,400

SyncB/Amazon - $550

---

Can you add the credit limits for each of those accounts, please..

YEP.  It's pretty much all maxed.  I adjusted the numbers to reflect current balance as of this moment.    

Chase Sapphire Reserve - $31,880  of $32,200   

Capital One CC - $10,400 of $10,500

Capital One CC #2 - $10,420 of $10,500

Comenity Bank - $2,400 of $2500

SyncB/Amazon - $550 of $3500

---

[SouthJamaica]

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@Anonymous wrote:

Hi guys!   I could really use some friendly help from the community.    <3

Credit SCORES:     Experian:  685    TransUnion: 591     Equifax: 612

**If I payoff debt, my credit scores is awesome, probably 750-800.

Analysis:   0 missed payments, 0 derogatory remarks, all good except 94% debt ratio

GOAL:  Get access to cash to survive and to consolidate debt.  At this moment, I haven't been able to get loans from SOFI (whom I currently have a good standing loan with)

1.  Should I apply for a credit card to lower debt ratio and if so, which one?   I'm thinking a card w/ a balance transfer option.

Then I could pull cash advance from cards that get transferred?

2. Which credit cards are the best options to apply for with these scores?  Ideally, I want a card that pulls from Experian!

After this month, I will no longer have the cash to pay the minimums to cover my debt even.

I need cash to survive + pay minimums  & ideally would like to lower my credit score to get access to debt consolidation loans.

I'm gearing up to get funding for my business in 2-3 months and need to figure out a short-term solution ASAP.   

Thank you so much!    <3 Gratitude <3

Bobby G.

---

Sorry but you're not going to be able to borrow your way out of it.

You're going to need to spend less and earn more.

[Jnbmom]

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@Anonymous wrote:

Hi guys!   I could really use some friendly help from the community.    <3

Credit SCORES:     Experian:  685    TransUnion: 591     Equifax: 612

**If I payoff debt, my credit scores is awesome, probably 750-800.

Analysis:   0 missed payments, 0 derogatory remarks, all good except 94% debt ratio

GOAL:  Get access to cash to survive and to consolidate debt.  At this moment, I haven't been able to get loans from SOFI (whom I currently have a good standing loan with)

1.  Should I apply for a credit card to lower debt ratio and if so, which one?   I'm thinking a card w/ a balance transfer option.

Then I could pull cash advance from cards that get transferred?

2. Which credit cards are the best options to apply for with these scores?  Ideally, I want a card that pulls from Experian!

After this month, I will no longer have the cash to pay the minimums to cover my debt even.

I need cash to survive + pay minimums  & ideally would like to lower my credit score to get access to debt consolidation loans.

I'm gearing up to get funding for my business in 2-3 months and need to figure out a short-term solution ASAP.   

Thank you so much!    <3 Gratitude <3

Bobby G.

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Trying to get more lines when you state you won't be able to make the min payments is such a red flag.

With your already high utlization, you are going to have trouble getting a new lines.

I suggest you work on a budget and see where you can cut expenses and start tackling that debt.

[Anonymous]

First thing you need to do is to strip your budget to bare minimum and create a budget surplus (may require getting a second job), then start paying your debt down with the surplus. Continuing to move your debt around while accumulating more is a dead end street.

[Anonymous]

Yes, thank you.  That's already in the works friend.

I'm asking for help finding a short term repreve while I work on just that.