Are the CO's willing to PFD at anytime or are you on an offered schedule, so to speak?? If, you are not and they are willing to accept your PFD offer at anytime??
Is that an offer of 50% that you received or is it something you are hoping for? If it is? Then your plan is ideal. If it isn't though and the CO's are/or can be PFD at anytime? I would, IMHO, I would pay everything on the $4K and be done with it. The damage is done already and the UTL will be at 0% and your new accounts can start working for you. Meanwhile, you can then save again towards the PFD's. One way or another, your score will be held back by either. BUT, UTL is definitely what I would tackle, IF PFD's CAN be paid at anytime. You said there were 2 CO's(?) So, tackle one at a time, when funds permit. If you're going for a house? They'll need to be paid anyways, right?!
Be sure to leave a small balance on one of you open cards so that it reports that small balance below 8.9% and PIF immediately after. And do that every month for FICO increase, regardless of how small of an increase...it will keep you motivated. Once you take care of the rest of the baddies, you should see more of an increase over time and on time payments.
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That is the reason I suggested to pay the $4K FIRST...I just hit send and forgot to put that in there.
+1 @srob67
@Anonymous wrote:Sure, One chargeoff is offering PFD with no discount payable by Friday (according to them). The second chargeoff is offering a reduction to 3k (original amount was $2600 and $900 approx was paid) they are claiming interest for the entire length of the loan
With me having a balance of 2k on a closed account does this report as using 100% or would it reflect 50% as the credit line was 4k
WOW! You've got a small window and do not want to miss those golden opportunities. Your plan is fine then. GO FOR IT!
sorry i was confused myself about the "closed" cc.
Keep us posted on your progress.
