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Credit utilization

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Regular Contributor

Credit utilization

Good morning!
So I have a question but I don’t know how to really ask it correctly. So I will explain my situation.
Right now my credit utilization is showing 3% from 8% ( my score hasn’t increased Smiley Sad ) but anywho, I have a debt with capital 1, I had a credit card balance of 10,000 after everything was calculated I owed more. But right now I am showing Derogatory $10,815. I am currently paying them monthly. The rest of my credit cards are
Navy federal $92/1000
$314/10,000 (not reporting yet)
AMEX 110/500 but I recently paid this it will report on the 15th
Discover 0/1500
Citi 12/200 (not reporting yet)
Indigo 28/300 (just opened this card but thinking of closing it )
I have the myjewelers card 0/5000

My question is would it be beneficial for me to open an Ox Publishing, Chase Hutton, and a new coast direct ( all for the credit utilization ) will that help with the debt to ratio ? (Am I even asking this right) will my score go up?
I have a bunch of late payments on my credit report as well as 2 collections that I am working on.
Message 1 of 10
9 REPLIES 9
Regular Contributor

Re: Credit utilization

Holestly I would garden, and work on the collections at this point. Maybe try your luck on good will letters for the lates. As for your profile of cards I would leave all as is and let it grow. Keep making the payments on the Cap1 Just an opinion, I'm sure others will jump in with other opinions.

 

 








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Message 2 of 10
Regular Contributor

Re: Credit utilization

Thanks! Just spoke with Sprint, I’ll be making a payment with them this morning and they have pulled my account from the collection agency. So now I need to get in contact with ATT. They were beyond friendly and helpful.
Message 3 of 10
Community Leader
Mega Contributor

Re: Credit utilization


@Caitt wrote:
Good morning!
So I have a question but I don’t know how to really ask it correctly. So I will explain my situation.
Right now my credit utilization is showing 3% from 8% ( my score hasn’t increased Smiley Sad ) but anywho, I have a debt with capital 1, I had a credit card balance of 10,000 after everything was calculated I owed more. But right now I am showing Derogatory $10,815. I am currently paying them monthly. The rest of my credit cards are
Navy federal $92/1000
$314/10,000 (not reporting yet)
AMEX 110/500 but I recently paid this it will report on the 15th
Discover 0/1500
Citi 12/200 (not reporting yet)
Indigo 28/300 (just opened this card but thinking of closing it )
I have the myjewelers card 0/5000

My question is would it be beneficial for me to open an Ox Publishing, Chase Hutton, and a new coast direct ( all for the credit utilization ) will that help with the debt to ratio ? (Am I even asking this right) will my score go up?
I have a bunch of late payments on my credit report as well as 2 collections that I am working on.

 

I would stay away from opening any more accounts, especially the ones you're listing there. 

They would be ok if you had no other options, but you're past that. 

 

This account...$314/10,000 (not reporting yet) , is that also NFCU? 

Because if it is, you may want to consider doing a BT from closed maxed out account. Not sure how much that would help you scoring wise, as you'll still have derogs present, but it would save you money. 

 

EX 754 EQ 774 TU 752


Message 4 of 10
Valued Contributor

Re: Credit utilization

I think it would be a big help honestly - even if the gain in points was minimal it would end the reporting of a closed-with-balance, 100% UTI account, and that always looks good. BT it, pay it off, and then when able, BT another. Chip away at them that way and you’ll save money, help UTI, and allow some baddies to begin to age.


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Message 5 of 10
Regular Contributor

Re: Credit utilization

Yes it is NFCU. What is BT?
Message 6 of 10
Regular Contributor

Re: Credit utilization

So I should BT the whole 10,000 to my NFCU account ?
Message 7 of 10
Established Contributor

Re: Credit utilization


@Caitt wrote:
Yes it is NFCU. What is BT?

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Message 8 of 10
Community Leader
Mega Contributor

Re: Credit utilization


@Caitt wrote:
So I should BT the whole 10,000 to my NFCU account ?

 

As much as you can, yes. I am fairly certain that terms of your approval with NFCU are by far more favorable than what they are right now on that maxed card

 

You should still make every effort to pay this down as aggressively as you can without severely hurting cash flow. 

 

While the BT will help save you money, scoring wise  maxed card is a maxed card. Do a BT, then do your best to get out of the debt. 

EX 754 EQ 774 TU 752


Message 9 of 10
Regular Contributor

Re: Credit utilization

I’m sorry I should have stated. They card is “closed” and C1 was in the process of suing me. I’m paying them with no interest. As my NFCU has 18% interest.
Message 10 of 10
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