Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

Working on paying off debt

Recommended Posts

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 

Share this post


Link to post
Share on other sites

Welcome! 
 

Good job on paying down the debt! 
 

Given the current situation I’d suggest waiting until your overall and individual utilization is less than 50% or even lower before requesting limit increases. You don’t want to attract too much undue attention right now or you might risk getting balance chased.

Share this post


Link to post
Share on other sites
13 hours ago, DebtFreeIn04 said:

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 

Utilization matters both per card and overall. So if you have 20% util on one card, but 95% on another, your FICO scores will be lower than if the balances were spread out more evenly. 

Wothout knowing your credit profile it’s difficult to give a good answer to your questions. 


For instance, if you have a perfect payment history on all tradelines reporting, you may want to plan to reduce balances in a way that increases your scores. That’ll give you the opportunity to get a card with a 0% BT option. Then you’ll pay the debt down even faster. 
On the other hand, if you have a bunch of late payments and/or charged off accounts it’ll be significantly more difficult to get the 0% card. 

Share this post


Link to post
Share on other sites

Thank you for the responses.  

Credit profile:

No lates, exception 1- 6 year old collection.

No other adverse items in credit profile except high utilization and that collection which should drop off over the next 6 to 9 months. All accounts are over 4 years old, oldest 5 accounts active 19 years each.

 

I'll take both advices and at least get everything below 50%, then consider 0% bal txr. Card

 

Share this post


Link to post
Share on other sites
5 hours ago, DebtFreeIn04 said:

Thank you for the responses.  

Credit profile:

No lates, exception 1- 6 year old collection.

No other adverse items in credit profile except high utilization and that collection which should drop off over the next 6 to 9 months. All accounts are over 4 years old, oldest 5 accounts active 19 years each.

 

I'll take both advices and at least get everything below 50%, then consider 0% bal txr. Card

 

You should read up some on early exclusion for the one derogatory mark. There’s a thread in this forum with info. If you can have it removed early that would help. 

Do you know your FICO scores? Not the fake scores from places like credit karma, but actual FICO. 

 

If your scores are decent, then receiving CLIs will lower your util. If you’re worried about a HP for a CLI, just freeze your reports before making the request. I’d go that route and then once the higher limits are reporting, look into a 0% BT. Just make sure the transferred balance is paid off before the 0% period ends so that you don’t get hit with accrued interest. 

Share this post


Link to post
Share on other sites

👍

TU fico8 = 676

EX FICO 8 = 670

not sure EQ

Scores have been frozen for about a year.

 

Scores might improve a little after next statement cuts reflect what I paid a week ago.

Edited by DebtFreeIn04

Share this post


Link to post
Share on other sites
15 hours ago, kaylee34 said:

Welcome! 
 

Good job on paying down the debt! 
 

Given the current situation I’d suggest waiting until your overall and individual utilization is less than 50% or even lower before requesting limit increases. You don’t want to attract too much undue attention right now or you might risk getting balance chased.

What does balance chased refer to? I haven't heard that term.

Share this post


Link to post
Share on other sites
Quote

Balance chasing is the practice by some banks of reducing a customer's available line of credit as they pay down their credit card balance.

 

Share this post


Link to post
Share on other sites

Question! I'm eligible to join NFCU, should I join now, to leverage possible future credit products, or wait for the following which I should be able to accomplish over the next 6 months:

 

1.) All cards (5 of 12) under 90% utilization, 5 zero balance. 

2.) Overall CC utilization under 50%

 

Within 12 months should be able to accomplish the following:

 

1.) All cards (12) 35% to 40% utilization,  with about 8 to10 cards zero balance.  

 

So in short get foot in the door now with NFCU or wait a year+? 

 

 

Share this post


Link to post
Share on other sites
On 5/31/2020 at 9:31 AM, DebtFreeIn04 said:

Question! I'm eligible to join NFCU, should I join now, to leverage possible future credit products, or wait for the following which I should be able to accomplish over the next 6 months:

 

1.) All cards (5 of 12) under 90% utilization, 5 zero balance. 

2.) Overall CC utilization under 50%

 

Within 12 months should be able to accomplish the following:

 

1.) All cards (12) 35% to 40% utilization,  with about 8 to10 cards zero balance.  

 

So in short get foot in the door now with NFCU or wait a year+? 

 

 

What are you trying to accomplish?  

 

You already have 12 cards.  You must already have at least one that's better than every turd issued by NFCU.

Share this post


Link to post
Share on other sites
12 hours ago, cv91915 said:

What are you trying to accomplish?  

 

You already have 12 cards.  You must already have at least one that's better than every turd issued by NFCU.

I guess I was thinking by January or so they might ave decent bal txr offer.  Quick update: all cards are below 88% utilization, most are below 68%, many are below 49$ and 4 have zero balances. Overall utilization down to 58%. Waiting for the last card to report below 89%. 

 

Thinking of requesting cli on one of amex cards. 2 of 3 amex are zero balance 1 amex at 48%. Any downside to amex cli request at this point?

Share this post


Link to post
Share on other sites
46 minutes ago, DebtFreeIn04 said:

I guess I was thinking by January or so they might ave decent bal txr offer.  Quick update: all cards are below 88% utilization, most are below 68%, many are below 49$ and 4 have zero balances. Overall utilization down to 58%. Waiting for the last card to report below 89%. 

 

Thinking of requesting cli on one of amex cards. 2 of 3 amex are zero balance 1 amex at 48%. Any downside to amex cli request at this point?

Congratulations on your progress on getting everything paid off!

 

There isn't much harm in asking for a CLI from Amex, although your chances go up as your utilization continues to go down. 

 

They may base the decision on the last soft they pulled, which probably won't coincide neatly with the update on the card that's currently > 90%.  At minimum I'd wait for that account to update, and then the next Amex soft.

 

Right now you can get 1 free report from www.annualcreditreport.com weekly, so it's pretty easy to check for softs.

 

As for BT opportunities, I think that's anyone's guess.  The credit markets are odd right now, and many other issuers have limited or suspended BT offers, the same way that many companies (Enneffseeyou included) have temporarily stopped doing HELOCs.

 

I personally would not join any CU or open any new banking relationship unless I knew there would be an immediate tangible benefit.  

 

 

Edited by cv91915

Share this post


Link to post
Share on other sites
1 hour ago, cv91915 said:

Congratulations on your progress on getting everything paid off!

 

There isn't much harm in asking for a CLI from Amex, although your chances go up as your utilization continues to go down. 

 

They may base the decision on the last soft they pulled, which probably won't coincide neatly with the update on the card that's currently > 90%.  At minimum I'd wait for that account to update, and then the next Amex soft.

 

Right now you can get 1 free report from www.annualcreditreport.com weekly, so it's pretty easy to check for softs.

 

As for BT opportunities, I think that's anyone's guess.  The credit markets are odd right now, and many other issuers have limited or suspended BT offers, the same way that many companies (Enneffseeyou included) have temporarily stopped doing HELOCs.

 

I personally would not join any CU or open any new banking relationship unless I knew there would be an immediate tangible benefit.  

 

 

👍

Share this post


Link to post
Share on other sites
1 hour ago, DebtFreeIn04 said:

👍

Oh and I might have been thinking that nfcu might be easy way to increase overall credit limit thus decrease utilization.  Maybe just slamming my debt would be better option. 🤔

Share this post


Link to post
Share on other sites
47 minutes ago, DebtFreeIn04 said:

Oh and I might have been thinking that nfcu might be easy way to increase overall credit limit thus decrease utilization.  Maybe just slamming my debt would be better option. 🤔

It's a valid line of thinking. 

 

In theory (or more accurately, in normal times), lower utilization would make you a more appealing candidate for various low/0% APR BT offers from your current issuers, and/or for a new BT card.

 

There aren't many offers out there in general right now.  Someone else may have recent experience with this particular issuer.

 

Either way, keep crushing those balances while you decide what to do!  :)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Similar Content

    • By LadyMadeline1943
      Early during 2019 I stopped paying all of my credit debt which consisted of credit cards and loans.  I started off in 2017 with good credit-- scores in the 700s.  I helped my boyfriend and got very much overwhelmed.  Now in addition to working with a company named Peace of Mind whose brand is about forcing a creditor to prove that the creditor owns the debt in question, I want to do some of my own cleanups. I'm familiar with the Universal Data Form relative to how it is utilized.  Question:  Can I use the form to submit credit challenges to the three credit bureaus.  I'm so ready to achieve that 850 middle credit score!
    • By MarvBear
      A "backdoor number" is one that gets you past frontline CSR's directly to Credit Analysts / Credit Departments / Account Managers / Account Specialists (different lenders call 'em different things) - these people/departments have decision-making abilities far beyond frontline CSR's; they can take and review requests for reconsideration of denied CC apps or CLI requests, APR reductions, etc. and implement their decisions.
       
      I can continuously update this first post with the latest information if everyone will post to this thread.  I'll make the change and acknowledge.  We deeply appreciate your participation.
       
      Amazon (store card): see Synchrony (GE)
      AMEX:                      (Oasis Program)
      AMEX: 866-314-0237 (new app status)
      AMEX: 800-582-6471 (recon with frozen EX for pin)
      AMEX Business charge cards - (877) 399-3083
      AMEX Credit Bureau Unit: 800-874-2717 (Must have a current credit report before calling. They will ask for the account number from the credit report, which is different from your card number)

      Barclays: 888-232-0780 (Customer Care)
      Barclays: 866-408-4064 (Credit Analyst)
      BBVA Compass Bank: (American Express Card issues only) 866-246-2924
      Best Buy: 877-420-0001
      Best Buy: 888-908-9890 (Credit Analyst, existing accounts only)
      BofA: 888-260-4696 (secured accts.)
      BofA: 800-824-5895 (secured & partially secured accts.)
      BofA: 704-386-5687 (Office of the CEO)
      BofA: 888-500-6270 (Credit Dept. Fax)
      BofA Business: 877-665-5023 (Analyst/UW)
      BofA Business: 877-665-5023 (New applications)
      BofA Business: 800-442-1043

      Cap1: 800-625-7866 (Account Specialist)
      Cap1: 800-951-6951 (cust. relations)
      Cap1: 800-548-4593 (application department; status)
      Cap1: 800-889-9939, 800-625-7866 (Account Specialist)
      Cap1: 877-513-9959 (Account Retention?)
      Cap1: 800-258-9319 (Debt Recovery)
      Cap1: 866-280-0118, 800-955-1455 (EO) (Nerfed in general)
      Cap1 Secured Platinum: 800-219-7931 (deposit taker, can speak to credit analyst)
      Chase: 800-432-3117 (App status)

      Chase Personal CC Recon 888-270-2127
      Chase Business CC Recon 800-453-9719
      Chase: 800-453-9719 (Business card lending)
      Chase: 888-622-7547 (Chase Executive Ofc. in IL)
      Chase: 800-955-9900 (Product change status questions)
      Chase: 888-298-5623 (Consolidation - M-F 8am-10pm EST)
      Chevron/Texaco Biz Card App Status: 888-243-8358
      Citi: 800-645-7240, 800-288-4653 (Citi Business)
      Citi: 800-750-7453 (Business)
      Citi 888-201-4523 (Personal)
      Citi: 718-248-0847 (EO)
      Citi: 800-695-5171 (New Accounts UW)
      Citi: 605-331-1698 (EO - CC division)
      Citi Credit Bureau Dispute Fax: 866-713-5028
      Comenity: 800-303-1368 (Consumer Relations - Recon)

      Discover: 888-676-3695 (New Accounts)
      Discover: 866-305-7691 (Direct Line TO CS)
      Discover: 866-222-0536 (EO)

      Elan: 800-364-9648 (CC underwriting, business and personal)
      Equifax: 800-846-5279 (Direct to Rep)
      Equifax Executive Office 404-885-8000
      Experian: 800-493-1058, 800-208-9232 (9AM-5PM ET, need report number from EX)
      ExxonMobil Biz Card: 800-903-9966

      FIA: See Elan
      FNBO: 800-444-6220

      GEMB: 877-294-7541 (escalated help desk)

      Haverty's/Sync: 800-333-1082
      Home Depot Store Card: 800-677-0232 (Credit Analyst)
      Home Depot Store Card: 423 467 6957 (App Status/Recon)
      Home Depot MC (Commercial): 800-720-0649
      Home Depot: 800-685-6691 (Commercial)
      Hooters: 801-545-6705, 800-850-4668
      HSBC: 866-574-4421 (App Status)
      HSBC: 866-719-3897 (Credit Analyst)

      JC Penney: 800-542-0800
      Juniper: 866-408-4064 (Credit Analyst)
      Juniper/Barclays: 866-750-6031 (Corp. Offices)

      Key Bank: 888-201-4523 (App status)
      Key Bank: 800-254-2737
      Key Bank MC: 800-288-4653
      Key Bank Credit Research Fax: 216-357-6400

      Lowes: see Synchrony (GE)

      Macy's: 800-627-2909 (Credit Dept. - new credit, inquiries on upgrade to Visa, credit reporting issues)
      Macy's: 800-543-9617 (Recovery Services)
      Marvel: see Synchrony (GE)
      Meijers MC: 801-517-5560

      National City: 800-762-0974 (Credit Dept.)
      Nationwide Visa: 866-757-2720 (App. status)
      Nordstrom: 800-964-1800 (CLI)

      Orchard: 800-395-6090 (May get answered in Spanish by bilingual CSR's. If this happens and you don't speak Spanish, either try again later or try saying "Habla ingles?" or "Ingles, por favor" to let them know you're an English-speaker)

      Philips 66: 866-289-5630, 800-610-1961
      PNC Bank: 800-762-2117 (Business CC)
      PNC Bank: 877-562-0150 (Business UW)

      Sam's Club: 800-301-5546 (Underwriting)
      Sears: 800-599-9710 (App status)
      Shell Fleet Card: 800-223-3296 (App status)
      Shell: 800-223-3296, 866-438-7435
      Shell: 800-377-5150
      Staples: 800-767-1291, 800-282-5316
      Sunoco Corp. Card: 800-935-3387, 800-278-6626
      Sunoco: 800-310-4773
      Synchrony (GE): 800-240-0512, 800-480-0205 (Biz)
      Synchrony (GE): 800-588-4290 (Consumer)
      Synchrony (GE): 877-379-8175 (Sr UW)
      Synchrony (GE): 888-885-6937 (Verification)
      Synchrony (GE): 800-333-1082 (Haverty's)
      Synchrony (GE): 866-519-6441 (Marvel CC, Sr UW)

      Target Biz Card: 800-440-5317
      Tiffany: 800-770-0800
      Transunion: (312) 466-7719 (Corporate Office Resolution Team Voicemail)
      Transunion: (610) 546-4600 (Corporate Office, need extension or last name to search directory)

      USAA Bank Secured Platinum: 800-344-5696 ext 38763 (secured product specialist)
      US Bank: 800-685-7680 (Underwriting)
      US Bank Secured Platinum: 800-344-5696 (underwriters for secured product)

      Valero: 877-882-5376

      Walmart (Sync): 877-379-8175 (Sr UW)
      Walmart (Sync): 877-969-5302 (Verification)
      Wells Fargo: 866-677-1128 (CC Executive Office)
      Wells Fargo: 844-576-6424 (Executive Office)
      Wells Fargo: 877-514-3717 (Amex Propel Credit Svcs)
      Wells Fargo: 844-879-4824 (Direct # for Product Change Credit Svcs)
      Wright Express: 888-743-3893   
       
    • By ON-MY_way
      I had a NFCU cc of $25,xxx (25k) charged off in Dec. 2018.   During my small business startup and struggles I tried my best to stay afloat.  I managed to keep my  NFCU auto loan ($31k, balance $5,000, never miss/late payment) and NFCU cc ( $3000 never miss/late payment) current.  
       
      My Equifax lists:
      12/2018 Charged off account
      Date of Last Payment Aug 01, 2020 (I made NO PAYMENTS or arrangements since CO.  I keep little money (under $100 in my checking savings.  Low and behold In August 2020 I see a 'DR Adjustment' of $1000 from my checking.  After investigating I learned that a commercial account deposit I had in 2016 was credited back to me and the acct they had on file was NFCU and they snatched the grand and sent me a letter 'thanking me' for my payment of $1000.  
      My state is NC, does this now effect my SOL?   Is this legal for NFCU to take money from your checking account and update the CRA as you've made a payment when I did not initiate it?
       
      After this eye-opening moment, I did some research and it's my guess that NFCU loan terms have 'cross-collateralization' verbiage.  
      When my NFCU auto loan is paid in full, will they send me the title or 'hold' it until the CO is paid off or settled for agreed amount?  If I settle at a percentage of CO before auto loan is paid, will I get the title once auto loan is zero balance?
       
      I reached out to NFCU collections and got an offer to settle the co acct for $4000, so including the $1000 they already debited, that 20% of the charged off amount to stop the collection process.  I'm assuming even with all the lawsuits NFCU has been a part of since 2016 to present, PFD is not an option on the table as a counter offer.  I have the means to pay $4,000 to them within 10 days, besides my CRA showing 'paid, settled for less', how will this effect my credit and score?

      I know the general opinion on CB is that NFCU is GREAT and one should try to stay in their good graces, but it seems things there have changed for the downhill since 2017 and with a recent whistleblower lawsuit concerning their mortgage underwriting practices... their home loans advantage could also suffer in the near future.  Personally at this stage, I'm not '$25k-in-love' with NFCU, but if you can offer reasons to sway my judgment, it will be enlightening.   
      All in all, I'm seeking advice to get my title once the vehicle is paid off and maintaining the 'most amicable' relationship with NFCU going forward holding a single credit card, checking, and saving accts.  
       



  • Member Statistics

    • Total Members
      179,917
    • Most Online
      2,046

    Newest Member
    Diamond0430
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines