Closed Account Scoring - Paydown plan

[Anonymous]

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@newmomnewme wrote:

Thank you all so much. Personally, I wanted to use the big snowflake to see balances zero out vs. piled into the closed black hole. 

As I said, I will use a combination approach after the snowflake...each month try to get one of the remaining balances below each threshold....example: right now 18/20= 90% UTIL, so if I pay $400 more this month, it will be 17.6/20= 88% (under the first threshold). 

I will keep you all posted. FYI - I am still in the dirty bucket (2 paid collections for 2017), so I am not sure how many points any of this will give me. 

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Honestly you never know how much these things can affect your score. I certainly never expected to have my TU at 706 with a chapter 7 still on there but its there. Also starting to pay down these debts will make you less likely to experience further AA from your creditors and that alone makes it worth it although at this point I would definitely be preparing myself for the possibility of some balance chasing for awhile.

[newmomnewme]

RIGHT, I am putting on my armor now (upped my investments and savings)....I thought Amazon, Macys, and VS (2nd oldest card opened 2003) would close as soon as I paid in full. Just hoping for the best at this point.

I got the 2nd job to pay off the debts and get in position to purchase a home...I was hoping I would only have to work 2 FT jobs for a year or so, but life happens and I will work them both until my cc debt is 0.

It didnt take long for me to max them out....but it could take up to 2 years to get them paid off.

[newmomnewme]

Mortgage scores improved by 7-9 points across ALL three...so my mid score is up from 619 to 629!!  

• Within 30 days, I paid off 4 of my smallest credit cards, paid 3 more under 88%, and got 1 of 3 collections deleted.
• I got my updated 3B Report (2/2) and only 2 of the 4 zero balances and 2 of 3 collections reported. 
• Hoping that I can get the mid score up to 640+ by 4/2 3B report. 

Interest rates and other revolving trade lines below: 

24.90% Target 1.3/2.1- plan to PIF 2/15 will report 3/2

25.24% Chase 2.9/3.5 - plan to PIF 2/28 will report 4/2

24.24% Amex Blue 4.3/5 - plan to PIF 2/28 will report 4/2

26.65% Cap1 QS 7.5/7.75 - PIF $7500 (PSECU Visa 2.9% BT deal) 2/28 will report 4/2

9.90% PSECU Visa 15/15 - Pay $8000 becomes 14.5/15 continue min. pymts.

15.90% NavCheck 14.5/15 - Pay $1300 becomes 13.3/15 continue min. pymts. 

17.65% NFCU Visa 18/20 - continue min. pymts.  

15.84% Pepco Visa 5.5/6 - continue min. pymts.

Others with zero balance as of 2/3

27.25% Macys 0/800 - PIF 1/15

26.90% Victorias Secret 0/900 - PIF 1/8

27.99% Amazon 0/540 - PIF 1/15

25.99% Mercury MC 0/1.5 - PIF 2/1