Lower Util % – Feels so good!

Feb 182011
 

I just had to share… after months of working on “baddies” (with great success), I just started paying down CC debt today to improve my util % (and simply pay it off, of course!).

 

My cards were over 100% and now they’re right around 80%… I know it’s not a huge progress and it’s won’t raise my scores much, but it’s a start!

 

Thanks myfico.com members for being so helpful along this journey… slowly but surely I’m getting there! 

Rebuilding my credit…

Nov 042010
 

I am in the process of rebuilding my credit to make two major purchases in 2011.

 

I started in October 2010 with $6500 of credit card debt. All accounts were current and were being paid on time.

 

I have been agressively paying down the debt:

 - Currently at $4500 (Current FICO EQ: 649)

 - Will be down to $2500 by end of this month, November 2010

 - $0 by end of December 2010

 

I am planning on financing a used car in January 2011 and purchase a home in December 2011 (hopefully on a 15 year FRM).

 

What actions can I take to continue to raise my FICO after my debt is at $0 at the end of December 2010?

 

Any advice is greatly appreciated.

 

Thanks!

Where should I start?

Oct 212010
 

Hi, I’ve been observing the forums here for a while now and am hoping to get some assistance on what steps I should take. My Experian score is 586, ewww – and I’m including a breakdown of what’s on my credit.

 

My husband and I are serious on buying a home. Our rent is $750, never late, and we could buy a home for 45,000-60,000 which would be half our rent even if it had a bad interest rate.

 

Sidenote – I am working on paying down my revolving accounts and get my utilization in better standing. I am not charging anything, and haven’t for the last 2 months.

 

I own my debt, and am working on not letting my debt own me.

 

Using forbearance status to pay off credit cards…

Oct 182010
 

Has anyone used forbearance as a means of holding off paying student loans so you could get ahead on paying down credit card debt?

 

I am considering this. I have about $6,000 in credit card debt that I want to eliminate, but with my student loans coming out of grace period soon I doubt I will be able to reach the goal of paying off my credit card debt as soon as I want to.

 

Just wondering if anyone has had experience with this in the past.

 

Thanks.

Will adding open credit reduce my util?

Oct 102010
 

This maybe a silly question but I just thought I would ask……I checked my TU score and its 618, better than it was….my Eq is 660….my problem is that my util is high at 79% but its because all my subprime cards have itty bitty limits from 200 to 500 and my interest rate on my auto loan is really high. Although I have had my car since Feb 2008 I still owe alot because the interest is killing me. Would adding more credit reduce my util while I am paying down? I mean something like a LOC that I want use, just have it report as available? TIA!

700+ Credit score with a past repo possible?

Sep 092010
 

my FICO is at a 680 right now, I have 10 positive tradlines and 3 negatives. I am paying down my credit cards to get a extra boost in my score but i am curious has anyone here past 700 with a repo? it seems very possible, in my case…  Thanks… Also will getting my score to 700+ help me with new loans?

 

Positive lines:

6 credit cards open credit cards: 

  •   Credit: 36% ($1,609)
  •   Debt: 64% ($2,951)

 

2 unsecured loans

1 closed credit card

1 closed unsecured loan

 

Negative lines:

1 Auto Repo “2008″ Falls off in 2013

2 collections $2000 total.

 

 

 

Related Blogs

GW a closed account

Aug 202010
 

I am enrolled in a legit DMP. My score has already gone up 40+ points because of paying down debt. I’m getting to the point where two of the accounts are about to be completely paid off. Those two accounts are showing a couple 30s and 60s from over a year ago. They are not old accounts. Would it be worth it to ask the creditor to remove the TL completely so the baddies will go away? Has anyone done this?

Related Blogs

Slowly digging my way out…score has gone up almost 100pts in 6mos.

May 182010
 

My score was HORRIBLE when I first posted here back in November.  I had just gotten a collection notice from an AWFUL company ~ don’t get me wrong, I know these companies have a job to do, but this one…oy. 

 

Anyway, since November I have been absolutely, positively double sure I paid my bills before their due dates and I’ve been able to pay one bill off entirely.

 

My score has gone up from the hideous 511 to the still really bad 603…but it’s progress.  I’m hoping to be at 700+ a year from now ~ I think from now on it’s going to be not just paying on time, but rather paying down balances.  Even if I don’t make the score goal, I won’t allow myself to be disappointed ~ it’s so easy to fall into debt and so hard to climb out…but I tell you, it’s a lesson I won’t soon forget.

 

 

IFeeling very discouraged

Mar 152010
 

I’ve spent years rebuilding my credit, but apparently it still stinks.  It took a lot of effort to get a car loan, and i was recently declined for a capital one card.   I feel like i’m lost and don’t know what to do.

 

I have a current student loan and auto loan with no lates (though the auto loan is fairly new)

 

I have 3 collections listed, all older and 2 paid off, the other paying down and thats 4.5 years old.

 

I have no revolving credit which i know kills me but i can’t seem to get any.

 

What can I do to help myself.  I mean i’m not trying to make any extravagant purchases.  And i won’t go in to debt to buy anything.  But i’m afraid for apartment hunting.

 

Where can I go to get a card that will report…do stores work, are they easier to get…like a jewelry store card, and will they report?

 

Please help, i’m just so worried i feel like i’ll never get on the right track even though I am not being irresponsible

High CC utilization and which do I tackle NOW!

Mar 132010
 

You can see  my ultimate goals this year, short and long term for the year below in my siggy. 

 

I have 6 of 12 cc reporting balances, they are listed below starting from least amount owed:

 

1.  Capital One – $670 (89% util)

2.  Meijer – $792 (88%)

3.  Macy’s – $1,134 (76%)

4.  Restoration Hardware – $2,109 (94%)

5.  The Room Place – $3,522 (37%)

6.  Pottery Barn – $3,665 (69%)

 

I have always been a fan of the Suzy Orman Snowball repayment plan by paying down the smallest balances first, that has been working great for me until now with these very large balances and high utility.  In order to achieve my goal by June 30th, tackling which debt first and by how much will give me the boost I need by my June goal date?  Thanks!! 

 Older Entries