Unbelievable...

[Anonymous]

So as you may know im still on a credit journey. My current score is 607 EQ, 606 TU & 593 EX and this is AMAZING to me because just in March I was staring at 512!!!!
Anywho i was able to get a NFCU cash rewards card last month for ..... YOU READY FOR THIS ......
$5000!!!! I almost pee’d myself when they approved me and for that much!!! LoL
So fast forward to today. I paid a few wedding vendors with my new card and now my balance is sitting at $3100! NOW NOW before you shake your head I have $2400 of that sitting in my savings account! I also save $450 a week into my wedding fund so i can cover the expense no problem.
My current salary is $95k and my credit profile looks like so:
Cap 1 - 300 / 0 bal
Credit 1 - 450 / 0 bal
Indigo - 300 / 10.30 bal
Disco - 300 / 0 bal
One closed Cap 1 account with a $400 balance
5 collection accounts totaling $6400 (down from 9k originally) (800 to fall off in Nov)

My question is should i wait for the first bill to report and then pay the $2400!?! Or should i pay it now and let the other $700 report?!?!?

My goal is to get to 650 by my 1 year mark which is May.

Thanks for the help guys!

[FireMedic1]

You'll want it to report <8.99% so you dont get hit with the util so high on the card to start with. Dont spook the creditor on the first statement. So use it all you want. But let it report a low statement balance and PIF. Thats shows the creditor your responsible with your new card. Happy Wedding. If you can list those collection agencies. There may be a few that PFD. They have to be paid one way or another before next May so they quit updating and you can reach your score.

[RSX]

I see you have the plan for the 5 co. But why not use 1 weeks savings to knock that Cap1 off and have it zero reporting?

[Anonymous]

I will pay that with my regular check. Yea its gonna take a chunk but it will be gone! LoL that amount was $820 but got it down to $400. But you are correct get that mess outta here!! LoL

[Anonymous]

Thanks for the advice! Yea I dont wanna make think im crazy!! LOL
I have a checking with them also so im gonna take the $2400 and move it to the card and just make small weekly payments to knock the $700 down.
Once i pay that 2400 that will definitely get my util down <8.9%
I have a $5000 my jewelry account as well as a $1000 AU macys account. So 8.9% of 12350 wont be $700 so I should be good at that point

[Remedios]

@Anonymous   Congrats on your approval 

As  far as balance reporting, in my opinion let it post and long as you're paying it after statement. 

Your other creditors are not likely at all to take any AA and it shows your ability to repay debt which will be very important later on. That "High Balance" field on your CR will show that you racked up the bill and had no issues paying it off 

I was afraid for the longest time to let balances report, and still have some "balance anxiety" left. 

Just a few days ago, I allowed a card to report more than 49%. Big girl!

Anyway, sky did not fall. If you're not planning any important apps in the next 30 days, let it stay to show use. 

Of course other opinions are equally valid, so you do whatever you're comfortable with 

Again, congrats on hard work paying off