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Help with my credit. Data points included.

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Established Member

Help with my credit. Data points included.

Hello all,

 

FICO: 705

Personal income: 22k per year 

Household income: 75k per year


Credit card 1: $9,500 limit - $1,236 balance = 13% utilization. 0% APR until March 2020.

Credit card 2: $2,500 limit - $968 balance = 38.7% utilization. 0% APR until November 2020.

Credit card 3: $1,000 limit - $334 balance = 33.4% utilization. 0% APR until March 2020.

Other credit cards: $2,500 limit - 0 balance.

Total credit card limit: $15,500

Total credit card debt: $2,538

16.3% total utilization


Personal unsecured loan from LendingClub: $2,400 for 36 months @ 7.95%. First payment is due the 12th of this month, so it has not started to report anything yet.


0 derogatories

100% payment history

11 hard inquiries

1 year and 3 months AAoA

1 month AAoYA


What should I do to improve my credit? Yes, I know the hard inquiries are way too high, so that's an obvious place to start. But besides that, I've contemplated two different scenarios:

1) Pay off all my credit cards down to 0%, but then I wouldnt be using the promotional APR which is wasteful.

2) Pay off all my credit cards down to 8.9% and then adjust payments so they are all paid off by the time the promotional APR ends.

 

I won't be using those credit cards anymore since I'm using a charge card. No additional balances will be added to those accounts.

 

Thanks all for your help Smiley Happy

 

1 REPLY 1
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Community Leader
Valued Contributor

Re: Help with my credit. Data points included.


@Mordresh wrote:

Hello all,

 

FICO: 705

Personal income: 22k per year 

Household income: 75k per year


Credit card 1: $9,500 limit - $1,236 balance = 13% utilization. 0% APR until March 2020.

Credit card 2: $2,500 limit - $968 balance = 38.7% utilization. 0% APR until November 2020.

Credit card 3: $1,000 limit - $334 balance = 33.4% utilization. 0% APR until March 2020.

Other credit cards: $2,500 limit - 0 balance.

Total credit card limit: $15,500

Total credit card debt: $2,538

16.3% total utilization


Personal unsecured loan from LendingClub: $2,400 for 36 months @ 7.95%. First payment is due the 12th of this month, so it has not started to report anything yet.


0 derogatories

100% payment history

11 hard inquiries

1 year and 3 months AAoA

1 month AAoYA


What should I do to improve my credit? Yes, I know the hard inquiries are way too high, so that's an obvious place to start. But besides that, I've contemplated two different scenarios:

1) Pay off all my credit cards down to 0%, but then I wouldnt be using the promotional APR which is wasteful.

2) Pay off all my credit cards down to 8.9% and then adjust payments so they are all paid off by the time the promotional APR ends.

 

I won't be using those credit cards anymore since I'm using a charge card. No additional balances will be added to those accounts.

 

Thanks all for your help Smiley Happy

 


You need time IMO.  UTI can be fixed quickly but your accounts need some aging.

 FICO 8
Message 2 of 2
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