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Hi everyone, just looking for some advice...
I'm in the last year of my 20s and have a very high debt in general. I blame my past self since after getting my first job, I was blinded by approvals of several credit cards and used them like cash. I would like to start my journey to a better credit score, especially since my 30s will probably consist of buying a home and having children with my fiance.
Not really sure where to start... I'd like to start bringing down my debt but I feel so overwhelmed with everything that I have to pay for. I currently keep track of my money using a spreadsheet, but that doesn't mean anything if I don't actually try to pay off the debt I have... I recently paid off my Chase CC balance (that's why it's 0 right now) and an installment loan around $2,500.
Would it be better to pay the closed accounts first (at least the ones accruing interest), or pay off the balance in my open accounts? Any advice would be helpful, thank you!
With that being said, here are my stats:
Experian - 565 | Equifax - 582 | Transunion - 587
Current monthly bills - ~$1240, including payments below
Monthly salary - min $2,500
*New job that just started this month; previously, I was earning around $1,200 a month
Current savings - $3,000
OPEN CC ACCOUNTS
Chase - 0 (balance) / 500 (limit) @ (23.15%) min payment: $25
Capital One Quicksilver - 1,519/1,500 @(22.90%) min payment: $44
Capital One Platinum - 2,230/2,250 @ (22.90%) min payment: $70
CLOSED CC ACCOUNTS
Bank of America - $2,110 @ (21.24%) min payment: $70
Barclays - $920 @ (21.24%) min payment: $30
CareCredit - $1,200 (under hardship assistance, interest no longer accruing) min payment: $22
Nordstrom - $1,915 (under hardship assistance, interest no longer accruing) min payment: $22
PayPal - $1,083 (under hardship assistance, interest no longer accruing) min payment: $25
Sallie Mae - $25,000 (deferred payment, only paying $25 a month)
Fed Loans - $16,000 (forbearance due to COVID19)
In reviewing my Equifax report, I noticed 4 accounts that have comments saying "Payment is payroll deductible." 3 of the accounts are closed and charged off credit cards. The 4th is open and being paid as agreed with never any lates. It is clearly not an error in reporting by the creditors because it shows like this on each account (with different dates):
04/2016 Payment is payroll deductible
08/2016 Payment is payroll deductible
02/2017 Payment is payroll deductible
I am 100% Positive I have no judgements against me that would enable a credit card debt to be payroll deductible. Is this an effort on behalf of the creditors to further damage my credit by making it appear that an there has been a judgement against me for a particular debt when that has never actually occurred? I've done extensive searching online and haven't found any answer as to why this comment appears.
Long time lurker, now ready to participate! Just paid off 25k of 120k debt. 11k stupid installment loan from penfed, and 14k credit card debt. CC debt utilization down to 62%. No other debt except mortgage. (Just paid off only auto loan) have 5 student loans 5k balance.
I'm hoping to have CC debt paid in under 4 yrs I'm going after highest int rate cards first. Any other wisdom or ideas about how to handle my credit profile ?
Is my utilization too high to start requesting no inquiry CLI's? Thanks