Well it's safe to say revolving balances REALLY make a difference. jeesh. I've been waiting the last few days for my last two %50+ balances to update under %50 and today it finally happened and what a change it made. Also had a surprise CLI on one of my quicksilver cards which helps. I think I'm going to do a little app spree and get a good BT card to save on the remaining balances I have to help pay things down quicker. Also going to try and snag a few rewards cards. I'm not doing any unnecessary spending (how we've been paying things down so much) but I'd like to get some rewards on things we have to buy. Gas, groceries, cell bill etc etc It's going to be nice to not pay interest anymore!
I was in a similar situation with higher utilization (about 75%). I lowered the overall cards debt to 48% and started looking at loans (lower %, consolidation, and increase the scores once you pay your cards off). Loans are calculated differently by Fico.
The above is my suggestion. I went with Marcus(by GS). You can request just enough to bring down your cards debt and your scores will rise, then apply for balance transfer cards. Your debt is too high right now to qualify for cards and if you do qualify, there won't be enough space to transfer the debt, making you need more cards... try the loan. It worked for me and I'm very sure It will work for you too.
feel free to message me if you need more information.
@JFox418 wrote:Well it's safe to say revolving balances REALLY make a difference. jeesh. I've been waiting the last few days for my last two %50+ balances to update under %50 and today it finally happened and what a change it made. Also had a surprise CLI on one of my quicksilver cards which helps. I think I'm going to do a little app spree and get a good BT card to save on the remaining balances I have to help pay things down quicker. Also going to try and snag a few rewards cards. I'm not doing any unnecessary spending (how we've been paying things down so much) but I'd like to get some rewards on things we have to buy. Gas, groceries, cell bill etc etc It's going to be nice to not pay interest anymore!
Congratulations on your success! You made it. Once you get your UTIL under 9% and are able to practice AZEO, you will be solidly in the 800s across the board, I would imagine.
Starting Score: 469
@Yasselife wrote:I was in a similar situation with higher utilization (about 75%). I lowered the overall cards debt to 48% and started looking at loans (lower %, consolidation, and increase the scores once you pay your cards off). Loans are calculated differently by Fico.
The above is my suggestion. I went with Marcus(by GS). You can request just enough to bring down your cards debt and your scores will rise, then apply for balance transfer cards. Your debt is too high right now to qualify for cards and if you do qualify, there won't be enough space to transfer the debt, making you need more cards... try the loan. It worked for me and I'm very sure It will work for you too.
feel free to message me if you need more information.
I really don't want to open another loan. I did that about 4 years ago when we got into the mess I'm just about out of. It helped but i'm not there yet. I think with another year I'll be out. I app'd for a couple new cards. Chase Freedom Flex I was approved for $5600. Was REALLY hoping for higher SL and I've read when some people sign into their chase account see that it's higher. Hope that's the case. Haha it's a %3 BT fee but not much limit to work with.
I was also approved for an FNBO Evergreen $15k SL @ %14.99. %5 transfer fee but %0 APR for a year so I may go that route. Higher BT fee than I like but no intetest is still great.
@Anonymous wrote:Congrats on meeting your goal of 800+ across two bureaus!
What are you doing now to get to 800+ on TU?
I assume keeping your utilization down, going off of your first post with more than 30% utilization in your first post in this thread. Are you doing anything different?
My only negatives are revolving balances. TU is the only one flagging that still. I think once I get all my accounts under %29 UTIL it should hit 800.
I just opened a few new accounts. I'm going to look at moving some balances around to save interest. I may take a temporary hit on scores but it'll save me interest.