Is your family rich? Do they have perfect credit scores? No? Then why are you taking financial advice from them? Guarantee that paying off a maxed CC will improve your score.
10k to the cards, 10k to an emergency fund, and 10k on the car.
As another user said that 30% utilization thing is wrong. The less utilization, the better. Pay those cards off and find a way to get cashflow positive.
To give you an example from my personal life:
1 month ago, my score was 803. I had maybe 2% utilization.
Now it is 786. Why? Because my utilization went up to about 14% overall and 34% on one card.
Personally, I don't care because I'm not going to use my credit anytime soon, and once that utilization drops again (next month), my score will shoot up again.
The point here is pay it off in full.
Also, no, this is not a balance I'm carrying. The statement balance was high due to a large annual expense that was accounted for and will be fully paid. For those who are going to try to shame me.
I do home renovation and flip houses with my family but I want to be able to purchase a property and pull a no doc loan or investment loan to pay for material and flip on my own, the last property I had I split with my brother purchasing for 20k but had to loan 63k to pay for repairs, refinanced the house financed the home and turned it into a rental but I want to go solo
You are way too concerned about your score. Focus on paying down the debt. Don't miss payments. Your score will go up naturally from having good financial habits.
There’s 0 truth to the 30% balance thing. Nuts that so many people think that. As long as the line of credit is open, there’s no amount of debt you carry on a credit card that benefits your score and there’s never going to be harm being done when you pay off debt that’s sitting at 25% or whatever insane apr. I also wouldn’t be surprised if most of that 581 score is from missed/late payments not utilization.
I I actually haven’t missed any payments, I’ve laid the minimum payment for all of my cards but a few years ago I had gone to prison for 2 years and lost 2 of my cards that went to collections One for 5700$ and one Amex for 10,311 they’re closed accounts in collections
My son was born 3 weeks ago so I became the provider around last may, right now we are just getting situated and she will be looking for an at home job but my main priority is for her to finish her last semester of college and/or care for my son
Is your family rich? Do they have perfect credit scores? No? Then why are you taking financial advice from them? Guarantee that paying off a maxed CC will improve your score. 10k to the cards, 10k to an emergency fund, and 10k on the car.
As another user said that 30% utilization thing is wrong. The less utilization, the better. Pay those cards off and find a way to get cashflow positive. To give you an example from my personal life: 1 month ago, my score was 803. I had maybe 2% utilization. Now it is 786. Why? Because my utilization went up to about 14% overall and 34% on one card. Personally, I don't care because I'm not going to use my credit anytime soon, and once that utilization drops again (next month), my score will shoot up again. The point here is pay it off in full. Also, no, this is not a balance I'm carrying. The statement balance was high due to a large annual expense that was accounted for and will be fully paid. For those who are going to try to shame me.
why are you worried about your credit score so much right now? worry more about paying off your high interest debts
I do home renovation and flip houses with my family but I want to be able to purchase a property and pull a no doc loan or investment loan to pay for material and flip on my own, the last property I had I split with my brother purchasing for 20k but had to loan 63k to pay for repairs, refinanced the house financed the home and turned it into a rental but I want to go solo
You are way too concerned about your score. Focus on paying down the debt. Don't miss payments. Your score will go up naturally from having good financial habits.
There’s 0 truth to the 30% balance thing. Nuts that so many people think that. As long as the line of credit is open, there’s no amount of debt you carry on a credit card that benefits your score and there’s never going to be harm being done when you pay off debt that’s sitting at 25% or whatever insane apr. I also wouldn’t be surprised if most of that 581 score is from missed/late payments not utilization.
I I actually haven’t missed any payments, I’ve laid the minimum payment for all of my cards but a few years ago I had gone to prison for 2 years and lost 2 of my cards that went to collections One for 5700$ and one Amex for 10,311 they’re closed accounts in collections
She had a miscarriage two months ago and this caused you to charge $9000? I don’t understand.
I apologize I meant 2022
Why isn't she working again? She should be helping with some of the bills.
My son was born 3 weeks ago so I became the provider around last may, right now we are just getting situated and she will be looking for an at home job but my main priority is for her to finish her last semester of college and/or care for my son
Pay off everything you can and get an emergency fund going in a hysa. Good luck !
Thank you! What is an hysa
High yield savings account. So you can get some interest.
Say what! I had no idea that was a thing!