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LJS37

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  1. Harry Quick update for you, This is still a longer term project/Goal for me. Today my blended scores sit @ 711. That's made up of 725 Experian // 711 Equifax and 698 Transunion. I still show a couple of balances that are not quite correct on the Equifax and Transunion reports, Once they are up to date i would assume it will push the score up for the the 720 you mentioned or close to it. Looking a lot more attractive today vs 30-45 days ago. More work to do. But this score increase looks like it will allow me to refinance the Mortgage and at a better rate than before - 3.5%......... Just allows more available cash to pay down the consumer debt quicker. Thanks again for your help Harry Quick update for you, This is still a longer term project/Goal for me. Today my blended scores sit @ 711. That's made up of 725 Experian // 711 Equifax and 698 Transunion. I still show a couple of balances that are not quite correct on the Equifax and Transunion reports, Once they are up to date i would assume it will push the score up for the the 720 you mentioned or close to it. Looking a lot more attractive today vs 30-45 days ago. More work to do. But this score increase looks like it will allow me to refinance the Mortgage and at a better rate than before - 3.5%......... Just allows more available cash to pay down the consumer debt quicker. Thanks again for your help
  2. This is very comprehensive, Thanks for taking the time to go through this and summarize everything. This is a completely workable plan. I can pay these small ones off quickly as you suggested but I will have to make some adjustments to my debt elimination efforts as i would prefer not to hold a balance against the house so i would likely prioritize repayment of the HELOC and then work on the higher balances on the revolving credit lines (Credit Cards) Then focus on the Car. Hopefully these steps will be enough to raise the score above 680. For anyone out there reading this.... Don't max you credit lines out like above or its going to hurt you in situations like these. Control the spending and keep the utilization's low and avoid rolling multiple balances from cards into another via Balance transfer. Thank You Again. I will let you know how this goes in the next 30/60 days
  3. Thank you and yes this information is very helpful indeed. Each single revolver i have with high balances is driving the scores down i am sure. I do have around $3500 in usable cash to offset some of this. I was also considering clearing all the cards to zero balance still maintaining $47K credit line and putting $22K into the HELOC, That would bring me to just under 50% Utilization on a single credit line. This would definitely be the clean way to do it but only if it jumps my Fico above 680. Either way the HELOC credit balance will improve my over utilization ratio which should jump the score a little. I hope
  4. Just so i am clear on the goals. The aim is not to shift the debt around into different lines for long term. I have already started hammering down these with highest interest 1st. CC1 & CC2 being the largest interest rates. Snowballing this lot will take 18 Months to clear based on available income. then the cars to be left with only the mortgage. The HELOC line is 5.75%. If using it to spread the utilization of the balances of the credit cards will not raise my score will likely end up in me not using it. The only reason i would do this is to raise the score to get the better rate mortgage with PMI elimination.
  5. For complete clarity, Here is an outlook of the Revolving Lines. This may paint a better picture of what i am trying to do here, I do have a $3300 budget to attack some of these, Name Credit Line Balance % to Line CC1 $3,500.00 $2,525.00 72.14 CC2 $9,000.00 $5,800.00 64.44 CC3 $4,500.00 $0.00 0.00 CC4 $5,000.00 $4,500.00 90.00 CC5 $2,000.00 $1,475.00 73.75 CC6 $3,500.00 $3,400.00 97.14 CC7 $5,000.00 $4,400.00 88.00 STORE 1 $1,000.00 $800.00 80.00 CC8 $700.00 $0.00 0.00 CC9 $1,200.00 $375.00 31.25 STORE 2 $6,900.00 $1,200.00 17.39 CC10 $4,000.00 $1,670.00 41.75 Totals $47,500.00 $26,845.00 56.52
  6. Local CU, But in general i have been told i can refi into a 4.25% Conventional with my current score.
  7. There is multiple lines of revolving of credit, Sorry i should have made that clear, The 6 i mentioned above are balances with over 60% Utilization. I have outlined each below in separate comment for a clear picture. Not all Lines have a balance. The cards with very High balances resulted in balance transfers from previous cards that have no balance currently. Reckless and yes basically i have been shifting balances. Its Half point on S375k while dropping over $250 a month in PMI, Its considerable. Infact its so considerable it will help pay the debt of faster.
  8. Need some advice here please folks I have a credit score of 659, No late payments in 7 years+ and no collections/Judgements but I have several lines of credit that are utilized above 60%. I have been told it is holding my score back. 6 Credits cards with a total utilization rate of 60.8% or $45k in credit lines and $27K used. Two car loans at 73% but these are not a traditional revolving line. I have a HELOC with a credit line of $46k. I would like to refi my Mortgage from a current rate of 4.25% to 3.75% but need a 680 score to do so. The potential savings on the Half point interest is significant plus I also drop PMI due to the 30% equity stake. Would using the HELOC to pay the credit cards down to 25% Utilization raise the score enough in the next two months to bring my FICO to 680 or above? If I paid $16k on the credit cards that would bring all balances down to 25% utilization, that’s for all the cards plus the HELOC. Or do I pay all of them off for $27k with the HELOC? That would bring my HELOC Utilization to 59% - Not Good, Or pay a couple off too zero to reduce the lines being used and then pay some of the others down to 35-40% Utilization ? Still keeping the $16k of used HELOC funds? My calculations on snowballing this debt including the cars ....I am done in just under 3 years, But I want to take advantage of the rates on the mortgage now while I can. I guess in simple terms I am asking what’s the best position to take to jump the score quickly so I can get the REFI done. The debt reduction planning is already done but it will take 2 years 9 months. Thanks

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