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TravelNut

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Everything posted by TravelNut

  1. Long story short I'm maxed out on high interest CC's right now but have a solid plan to get all of them to 48% Utilization by 10/2021. (I have a thread in Credit Forum if you want more details.) Getting them to 48% utilization should get me to about 750-760 Mortgage FICO middle score. My plan is then to Refi my home to lower rate (current is 4.6%) and take out the $45k in Equity to pay off all CC cards to $0 balance. Current owed is $350,000, home worth $500,000. My sticking point might be my DTI because with the CC payments amounts with all car
  2. Question on the different utilization buckets there are like over 89% you are considered maxed and in a bucket and between 69-89% you are in a lower (but better score) bucket. What would the rest of the buckets be that you would see a decent score boost on? I've read that if you get under 50% utilization would be a good score boost so is that the next one after the 69-89% bucket with a decent score bump up? After that would it be under 30%? Then after that I would imagine the only way to get good size score bump would be to have $0 across the board on all cards and only report one each mon
  3. Yes you are right, I'm now considering this possibility but this would only come into play until I get all cards to about 50% utilization to get my scores up enough to qualify for one but yes even if it's a 6-8% HEL that is better than paying 18-25% on the rest of my balance on my cards at that time. I ruled it out initially because I didn't think homes in my area have gone up as much as they have and now after looking into it I think I could have about at least 65k-90k of equity depending on how favorable the appraisal would come back. Going to seriously look into this once my Mo
  4. Yep good point, this would get me out of a high risk bucket if I'm in one and keep me out till the end. Thanks for the feedback!
  5. Yeah I don't think I will be trying this because I don't want to rattle any cages and have them close one of my cards. Bofa decided to do that all on their own and closed my account with them and Barclay took my Max limit on their card from $20k down to $3050 and I don't need that happening to the others at all.
  6. Is there any negative reporting for reducing a rate on a card if they agree? Worth a try if no negative reporting
  7. Yes all great suggestions! Already down to bare minimum now on monthly expenses and forecasting about an extra $5k a month from here forward so i should be able to make quick work of the debt but just trying to see what the smartest way to go about it to save some money in the long run. No BT offers on the $0 cards and haven't shopped for any consolidation loans yet but might be worth checking since they can take into account that the loan will be fully to pay for CC debt and will then lower my monthly liability increasing the chances of paying the consol loan off. M
  8. Ok everyone, my first post here and I NEED help! 🙂 I have $90,048 of CC debt across 10 cards with interest rates ranging from 11.9%-24.9% Card Balance Limit Rate 1 $23000 $23500 24.9 2 $8388 $9000 23.9 3 $4044 $4300 22.9 4 $2493 $2600 22.2 5 $6700 $7500 20.9 6 $8200 $8200 20.7 7 $6785 $9500 20.2 8
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