@Anonymous wrote:
@NRB525 wrote:
The 75% utilization is due to come down soon with the bonus funds.Which further punctuates my point. That to me says that if the bonus funds weren't available, the OP would continue to roll with 5-figure revolving debt. Bonuses under most circumstances aren't gauranteed and shouldn't be relied on for paying off debt. Sure, this may get the OP out of this situation this time, but what about moving forward? Again the root cause and underlying issue here IMO is arriving at 5-figure revolving debt post-BK. To me, this is the most important theme to address.
OP is a new visitor. You have a few datapoints volunteered from the OP, and you take off with the too-detailed, not asked for financial lecture.
OP knows their situation, has noted they are fully cognizant of the BK.
You need to back off the lecture because you do not have all the information. You also do not take into account basic facts like the proportion of debt to income.
You are mot acting FSR.
@Anonymous wrote:
@NRB525 wrote:OP is a new visitor. You have a few datapoints volunteered from the OP, and you take off with the too-detailed, not asked for financial lecture.
OP knows their situation, has noted they are fully cognizant of the BK.
You need to back off the lecture because you do not have all the information. You also do not take into account basic facts like the proportion of debt to income.
You are mot acting FSR.
I don't need to know all the information. I'm offering an opinion based on the information provided, you know, basically something that people do in every thread on this forum an one of the main foundations of a message board. DTI was addressed back in Post 6 and the numbers overall are irrelevant, as when someone says they're strugging with expenses related to income it doesn't matter if their income is $10k, $100k or $1M.
My recommendation for anyone that has revolving debt that can't be easily paid off tomorrow with cash is to not put themselves in a position to possibly take on more debt. When asking about applying for a "big boy" CC, to me that's added risk and something that shouldn't be considered IMO. And, that's not even considering a past BK; I'd give that same advice to someone without any history at all of financial struggle. When the precedent is there however, further caution should be taken. The best indicator of the future is the past. The OP doesn't need to take my advice, but I don't think it's bad or unwarranted advice to simply look out for one's financial well-being.
I see you did not read post 12, even though it was posted 12 hours before your latest reply
BBS you get so personally worked up about criticism that you stop paying attention. Then you continue to talk, and try to defend your previous comments, including defending yourself as if it is your right to give too much advice, not relevant advice.
You are not the topic here. There is a choice of action called “not reply”. In these threads you do not have to reply to every comment.
Because of your distraction, we have not gotten the basic data about which cards the OP has. That is an area the MF forums can provide useful insight. It is also relevant for one of the OP’s original comments, related to how likely a successful Sapphire app might be.
@Anonymous wrote:Very long story- but 10 years ago I was bleeding money and deeply in debt. I had almost zero $ left after punishing interest rates and minimum payments. I know it was my fault, but things had just snowballed, and I was forced to declare bankruptcy. In the interim, I opened up 6 low level cc's to rebuild. Have 100% on time payments, and bankuptcy recently fell off!! (2 months early on experian, and one month on equifax and transunion!!) Experian is reporting at 685. I plan on lowering my overall utilization next month to about 20%. My question is that I want to get rid of my **bleep**ty Merrick and Mercury rebuild cards. Hoping to get my score up to 750 and pply for Saphire big boy card! Bad idea?..or should I just keep them?
Thanks
Welcome to the forums and thanks for sharing your story with us. Congratulations on your rebuilding and the BK falling off. I completely understand the feeling of frustration with having almost nothing left after minimum payments and crushing credit card interest. Fortunately that changed on my end about 3 years ago when I discovered these forums.
Getting the utilization down should be quite helpful to your scores. You mentioned you had a large bonus coming up. If you'd be willing to list your cards, the opening dates, the balances, limits, APR, and any annual/monthly fees attached to those cards, that would allow us to help you make very educated decisions on which cards you should and should not close, and also to create a good strategy for which cards to pay off in order to boost your scores the most (and possibly save you money).
