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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
Hello everyone. I've been working diligently during this pandemic to focus on improving my credit. I've been following the guidelines and often cross-referencing to be sure it's the right information. I found out recently, that although my debt is low, my credit score is suffering because I haven't had credit cards in the past 15 years. I very carefully researched, compared, and finally chose two secured cards that are supposed to improve my scores with all 3 major bureaus, with timely payments. About 6-8 months they say. I received the Discover It Chrome Secure card earlier in the week and didn't waste any time putting a small purchase of $12.99 out of the $300 limit, so that I could pay it off a few days after it posts, in order to get that on-time payment track record started as quickly as possible. Well, this morning, being a person who has checked their credit daily, since setting out on this path to dramatically improve it, woke up to a staggering 154 point drop in my VantageScore 3.0! The credit reports clearly state that it's due to the addition of the new Discover card and for no other reason. By the way, since I have been without credit cards for so long, a FICO score does not even register for me. So I literally am not on the FICO radar at the moment to see what damage has occurred there. So anyway, the 2nd new card hasn't shown up on my credit reports yet and honestly, I'm terrified to see what will happen when it does. Other than this, there were no other "negative" changes in my credit history that caused this avalanche of WTH??? And I was so excited about being on the path to a better credit future filled with no-sweat approved financing and lower interest rates. Maybe even zero someday. It's like I just got karate chopped in the dang throat. I felt like I couldn't breathe when seeing this first thing this morning. Nowhere out there, have I read that opening a new credit card that is advertised by the card issuer and promoted by the credit bureaus and others, as a catalyst for improving credit scores, to also be a credit score obliterator! What has happened? Losing a few points, like up to 10 perhaps, I can see, just because of the inquiry. But a loss of 154 points is devastating! And for what? Have I not done what the Powers of the Credit Scoring Universe told me to do??? Ugh, I wanna cry right now.
Got a huge 133 pt increase today on TU via myFICO, 110+ on the TU page.The other day I disputed an old trade line that was about $620 on a $600 limit. It was a charge off that had been reporting for a long time. I put a dispute in online and within a half an hour later it was removed..Happy as hell as I was hoping for maybe 20 point increase. I’m in the solid mid 700’s now. The only negative thing I have on that report currently is the same type of charge off from First Premier. Also 6 1/2 years old also the same type of balance. I should add that these weren’t mine, they belonged to an ex and I didn’t know the credit cards had been taken out in my name. I’m reluctant to go ahead and dispute that one because it hasn’t reported in about three years. I’m afraid if I dispute it it’s going to start reporting all the sudden and lower my score. I’m also weighing the of applying for a credit card..I haven’t had one in about eight years due to that same break up. It would be nice to have a back up now. As thinking about disputing with the other two Credit bureaus on the one that was deleted