@Anonymous wrote:Im at the tail end of my rebuild and need advice on where to go from here. My score sat at around 550 a year ago and im finally starting to see the light at the end of the tunnel. Below is an outline of what i have going on
Score sits in the 660s. I had several cards reporting over 90% when this was pulled, they are all under 80 now and hoping to get them under 68.9 before they report. Heres a ton of points having such a high util.
Total revolving utilization is around 40% If aggregate is this high. Individual accounts like you said above are higher.
Roughly 8k in revolving debt (all cards are sock drawered except one which i use for rewards and PIF each week)
I have several 30 lates on a old mortgage that was transferred. these range from 1.5 years old to 6 years old. no other negatives reporting. Since the lates are so spread out. It will be difficult to ask which ones to use the GW letter tech on. This isnt helping.
I have a secured personal loan with about 9.5k as a balance with a horrible 25% interest rate (this was taken with a score in the 580s out of desperation)
My original plan was to try to get an unsecured personal loan at a better rate to eliminate the 25% loan. Then chip away at the CC debt until i could secure a card with a decent BT promotion and pay those off that way. You sure as heck dont need another loan with the one you have above. Dont take on more debt to pay debt. Remove this thought out of your mind.
In another thread it was recommended that i take a loan to pay off the revolving debt to increase my scores substantially, then try to refiance both loans at a later time. I will mention that the secured loan is secured with a boat that needs major repairs, the boat as is should sell for 3-4k but i obviously cant sell it until that loan is paid off. No dual loans. It will kill your credit and more than likely wont get approved with the balance of the other loan.
Anyone have any suggestions on where to go from here? Any guesses at what scores i will need for a decent personal loan or a BT card and any help on how to get to those scores?Ive made it this far and want to make sure i dont screw up at the end.
Thanks for your help
Basically you need to start paying all the cards down and get them to AZEO. You never take out a loan to pay debt with more debt. And considering a 2nd loan? Sorry. Dont even go there. Either way your making payments for a longer period of time with the loans. Just get extra income like donating your plasma for maybe 2-300 bucks a month. Whatever it takes and just make payments to get your debts down and paid. This will take less time and be over with. Just getting your util down will help a whole lot. And as the loan util lowers, theres more points. Opening 2 loans and the hits to your reports will kill what you would have paid off and gained. So really you'd come out even. Good Luck and welcome to the forums!
I only went by what was posted as a balance on the secured boat loan. The original loan amounts you didnt mention. So dont know how much has been paid off so far. Yes its hard with that APR. So you want to apply for a loan to pay off the high interest loan. Ok. You could if approved use that lower interest loan to pay all the cards down and that will do the most for your credit fle. Then that leaves the high interest loan. Your scores go up from dropping all that util on your cards. Then you'd have a better chance to qualify to get a lower interest loan and then pay the higher interest loan. make sense?
